COLT RESOURCES
Managers inspect the Boa Fé site
“ I want to have both of our mines producing so we can then generate cash flow and invest in our other projects . We want to spread our activities through Europe and the Middle East , and other locations all over the world ”
– Luis Martins , Business Development Manager
Colt Resources has already invested € 60 million in its plan to begin gold and tungsten mining at two sites in Portugal which once under construction will deliver hundreds of jobs for local people , thus helping to boost the country ’ s economic recovery .
The exploration expert expects to spend another € 100-130 million to get both projects off the ground which will ultimately require 150 permanent staff when production is underway .
Once the flagship exploration projects at Boa Fé and Tabuaço are in production , the incoming cash flow will allow Colt to upscale activity at other Portuguese gold and tungsten sites , as well as abroad .
Business Development Manager Luis Martins said : “ I want to have both of our mines producing so we can then generate cash flow and invest in our other projects . We want to spread our activities through Europe and the Middle East , and other locations all over the world .”
This includes a venture in Pakistan currently being explored by Colt Middle East , where copper mining could also bring in money to boost funds for the projects in Portugal .
Founded in Canada in 2007 , Colt quickly moved to the Iberian nation on receipt of data from previous operators and the Portuguese government , with whom it shares a highly constructive relationship and vision to turn around economic fortunes .
62 July 2014