It's reported that Rio Tinto decided to abandon € 1 billion Moncorvo iron ore project after talks with the Portuguese government on July 11st. According to information sources, the Rio Tinto Group is not interested in small-scale mines like Moncorvo project.
Rio Tinto was once optimistic about the Moncorvo mining area in northern Portugal, because it is the Europe's largest iron ore enrichment.
The Portuguese government is trying to attract large-scale mining companies to exploit the region. Large-scale mining enterprises from China, Brazil, South Korea and Canada are very interested in this mining area