Overall, the contained gold in the indicated category has increased by 72.4% to 4.3 million oz.

The deal expands a similar one signed by Lula and former French President Nicolas Sarkozy in 2008.

Operations were halted in 2017 when a claim brought by a human rights group alleged local Indigenous people’s right of consultation were violated in advance of granting the mining license.

The environmental secretary of Para state suspended environmental licenses for Onça Puma and Sossego mines.

The miner also announced a pay out to shareholders of about 2.74 reais ($0.5520) per share.

Commercial production expected towards the end of Q2 2024.

Salares Norte is expected to produce 250,000 ounces of gold this year, before ramping up to 580,000 ounces in 2025.

The miners have signed an agreement to integrate the Serra da Serpentina deposit into the Minas-Rio iron ore complex.