Sept 16 (Reuters) - Canada’s Carpathian Gold Inc said it received government approval to start construction of its Riacho dos Machados Gold Project, in Minas Gerais State, Brazil.
Carpathian, which is focused on gold-copper exploration in Romania and Brazil, said it aims to start gold production at the project by late 2012 or early 2013.
The company expects an initial production rate averaging above 94,000 ounces per annum for an eight-year period, it said in a statement.
Carpathian, in which Canada’s Barrick Gold Corp holds a 9 percent stake, said it will use Caterpillar Inc equipment for mine operation.
Shares of the Toronto, Ontario-based company closed at C$0.65 on Thursday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Sayantani Ghosh)