Diamonds found in Brazil
A mining company has found new diamond resources in Brazil.
Sao Luis Mining reported the findings from its latest project in the Brazilian Joint Venture test mining scheme, Property 117.
Jack Lake, president and board chairman of Sao Luis Mining, said that the company expected similar results for Property 117 to a previous project the company undertook in the same area, Property 231.
"A geological report submitted to the department of national mineral production in 2005 defined a surface resource of 12,695,000 carats," he said.
Mr Lake added that the estimates of the potential of Property 117 only account for ten per cent of the area and do not take into account material in three primary sources at lower levels.
The findings highlight Brazil’s wealth of natural resources which, combined with a growing tourist industry and developments in biofuel, are enabling Latin America’s largest economy to expand further.
Goldman and Sachs Global Economics has forecasted that Brazil, together with the other BRIC economies – Russia, India and China – could become larger than the G6 in terms of US dollars in less than forty years time.
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