Thursday, 20th May 2004 (3026 views)

Canadian mining firm Yamana Resources has announced plans to open a new mine in Brazil.

The firm hopes that this will boost annual gold output by 40 per cent and plans to expand reserves and production further.

Evandro Cintra, exploration and technical services director of the company's Brazilian subsidiary Yamana Desenvolvimento Mineral told Reuters: "Our Fazenda Nova mine in Goias state is under construction and will start up in August 2004 to produce 40,000 ounces of gold (per year).

"This (project) should have a nine-year mine life, producing 90,000 ounces per year of gold on a $25-30 million investment," he added.

The company also plans a study on the Sao Francisco gold project in Mato Grosso and is hoping for a decision in September.

At present Yamana produces 100,000 ounces of gold each year in the Brazilian state of Bahia.

 

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