The Canadian mining Largo Resources should start exploring , next March, a vanadium mine located in an area of 92,549 square miles in the municipality of Maracas , Bahia State , that with this investment of R $ 555 will become the largest producing province of this mineral in the world . The official estimate is that first 5100 tonnes of vanadium pentoxide per year will be produced . The mineral is used in the production of aircraft components , space rockets and railroad tracks .
The investiment of the Canadian group was considered, in 2013 , the mining business of the year in Latin America and won ‘ Project Finance Deal of the Year ‘ prize, awarded by Euromoney in New York . The company has announced that from next year the production should increase to 7500 tonnes per year.
The state of Bahia has also authorized on Wednesday , 22 , the exploitation of gold mines in Santa Luz , the company Yamana Gold , and iron and Pindaí Caetité by Bamin , a subsidiary of Eurasian Natural Resources Corporation (ENRC) , Kazakhstan.
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