Company:Aethel Mining

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Aethel Mining
IndustryMetals and Mining
London, United Kingdom
Torre de Moncorvo, Portugal
Key people
Ricardo Santos Silva
Aba Schubert

Aethel Mining is a British mining company headquartered in London and owned by Ricardo Santos Silva and Aba Schubert.[1] Aethel Mining is the operator of the Torre de Moncorvo mines in Portugal, the largest private iron ore deposit in Europe.[2]

Operations and production

The mine currently produces iron ore.[3]

Proven reserves and production expansion

The Torre de Moncorvo mines have proven and probable reserves of 558 million tons, with an additional 254 million tons of possible reserves.[3]

Economic impact

The reserves of the Moncorvo mines are currently valued at approximately 58.2 billion euros. This valuation corresponds to about one-third of the wealth in Portugal, highlighting the potential economic impact of the mine's development and operation on the local and national economies.[4]

Rio Tinto negotiations

In 2011, Rio Tinto made an offer of over 1 billion euros for the Torre de Moncorvo mines.[5][6] However, Rio Tinto later decided to withdraw from the project, opting to focus on a narrower range of mine developments, such as iron ore projects in Western Australia and Guinea, and the Oyu Tolgoi copper project in Mongolia.[7]

See also

  • Iron Ore
  • Torre de Moncorvo
  • Rio Tinto
  • LKAB