Companies wanting strong tungsten projects in their portfolios are looking to Portugal as a jurisdiction to achieve that goal. A mong the group of junior miners exploring Portugal's mineral wealth is Colt Resources (TSXV:GTP,OTCQX:COLTF), which stated in a corporate presentation that Portugal remains largely overlooked and underexplored despite mining history that dates back 2,000 years.
Echoing Colt's sentiments is Jim Robertson, Director, President and CEO of Blackheath Resources (TSXV:BHR, FWB:04B) who told Tungsten Investing News (TIN) that Portugal's tungsten mining history dates back to the end of the 19th century.
Robertson points out that the nation's Panasaqueira mine is one of the few continuously operating tungsten mines outside of China and it has produced high grade wolframite for over 100 years. By 2008 when Primary Metals was acquired by the Japanese metal firm Sojitz, Panasaqueira was a turnaround story that was central in a deal worth roughly 20 times earnings and that resulted in a 30-fold return on investment in 3 years.
Robertson says there are numerous historic tungsten mines in the country. Blackheath just added two—Borralha and Bejanca—to its portfolio which also contains its flagship Covas project, also a past-producing tungsten mine.“Geologically, the environment is conducive to tungsten deposits and Portugal is politically attractive for exploration and development of tungsten mines,” he says. Miners working in Portugal declare excellent support from all levels of government. “We find Portugal to be an easy country to work in because of the economy. The government understands mining is a great way to bring investment into the country,” Paul Kuhn, CEO and Director of Avrupa Minerals (TSXV:AVU,FWB:8AM) told Investing News Network (INN) (see video below). The company which is a joint venture partner for the Covas project, also obtained several new exploration licenses in December.