Mineração Vale Verde (MVV) and Appian Capital Advisory have secured $140mn to finalize the development of the Serrote copper-gold project in Alagoas, eastern Brazil.
The financing will fund all development costs through production, MVV said in a statement on Feb 4, adding that the project’s construction is 94pc completed.
The Serrote project, which will be able to produce 20,000mt of copper per year, remains on track for the first output in the second half of this year, MVV noted. The mine’s life is estimated at around 14 years.
Brazil exported $2.4bn worth of copper ore and concentrates in 2020, up by 4.3pc from $2.3bn shipped in the prior year, according to figures from the country’s ministry of economy.