The Agua Rica mineral reserve is estimated to contain 4.5 million tonnes of copper and 6.5 million ounces of gold contained in approximately 910 million tonnes of ore.
Physical gold demand picked up pace in major Asian hubs this week, with bullion being sold at a premium for the first time in more than three months in India.
Brazil’s new right-wing government is going ahead with announced changes to current mining regulations, which include a controversial plan to open up indigenous reserves to mining.