Mining companies crazy about Brazil

Brazil is a big player on the world mining scene and its iron ore giant CVRD is up there on the global stage with Rio Tinto and Anglo American. But, for all that, the country derives only 1 per cent of its GDP from extracting minerals.
Large parts of the vast nation remain lightly explored, especially for gold, but also across many mineral types. That is the lure that has drawn so many Australian companies in recent times.
Carnavale Resources has been talking up its molybdenum project there; Crusader Holdings has picked up the Posse iron ore target and is also returning good tin and indium samples from Brazil; Troy Resources is producing gold; Elkedra Diamonds is another producer; and Mirabela Nickel has completed the feasibility study on its Santa Rita nickel project. Then there's Mundo Minerals, which last week raised $18 million to complete financing for its Engenho gold development in Minas Gerais state.
Now there's Gold Aura. Although its main priority is its Croydon base metals discovery in northern Queensland, and it is concurrently exploring in Papua New Guinea (where, while wide, the gold intersections are so far on the low side in terms of grade), Gold Aura can move to 60per cent of the Sao Chico property in the Amazon region.
Grab sampling from a small shaft has returned some pretty mouth-watering grades: 304 grams/tonne gold, 283g/t silver, 52.8 per cent lead, 15.9 per cent zinc and 1.81 per cent copper. Sao Chico lies within what is known as the Tapajos gold province where, between 1958 and 1993, an estimated 18 million ounces of gold were extracted.
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