Aethel Mining

Type| Private
Industry| Metals and Mining
Founded| 2015
Headquarters|

London, United Kingdom
Torre de Moncorvo, Portugal

Key people

| Ricardo Santos Silva
Aba Schubert
Website| www.aethelmining.com

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]

## Contents

* 1 Operations and production
* 2 Proven reserves and production expansion
* 3 Economic impact
* 4 Rio Tinto negotiations
* 5 See also
* 6 References

## 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

## References

1. ↑ "Governo confirma inglesa Aethel Mining ao leme das Minas de Moncorvo" (in pt-PT). 2019-11-05. https://www.dinheirovivo.pt/empresas/governo-confirma-inglesa-aethel-mining-ao-leme-das-minas-de-moncorvo-12775746.html.
2. ↑ Lusa, Agência. "Minas de ferro de Moncorvo entram em atividade após 37 anos ao abandono" (in pt-PT). https://observador.pt/2020/03/13/minas-de-ferro-de-moncorvo-entram-em-atividade-apos-37-anos-ao-abandono/.
3. ↑ 3.0 3.1 Donn, Natasha (2022-07-05). "Torre de Moncorvo mines see business boom as result of Ukraine war" (in en-GB). https://www.portugalresident.com/torre-de-moncorvo-mines-see-business-boom-as-result-of-ukraine-war/.
4. ↑ "Reservas das minas de Moncorvo valem €58,2 mil milhões" (in pt-PT). https://expresso.pt/economia/reservas-das-minas-de-moncorvo-valem-8364582-mil-milhoes=f682355.
5. ↑ "Portugal negoceia investimento mais de 1.000 ME Rio Tinto -Fontes" (in en). Reuters. 2011-10-21. https://www.reuters.com/article/idUSL5E7LL22M20111021.
6. ↑ MarketWatch. "Rio Tinto may invest €1 billion in Portugual mines" (in EN-US). https://www.marketwatch.com/story/rio-tinto-may-invest-1-billion-in-portugual-mines-2011-10-21.
7. ↑ "Rio Tinto to drop 1 billion euro Portugal project: sources" (in en). Reuters. 2012-07-11. https://www.reuters.com/article/uk-portugal-mining-riotinto-idUKBRE86A1HK20120711.

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