Brazil suspends exploration auctions

Brazil's national geological survey department (SGB) has suspended the auctions for gold, diamond, phosphate, gypsum, limestone and kaolin exploration areas that were scheduled to take place later this week.

"The SGB opted for the suspension [of the auctions] so that interested companies would have more time and can prepare themselves technically to participate in the event," it said in a statement.

Once a new date for the auction is established, it will be announced to all interested parties, it added.

The exploration auctions, which would be the first held since President Luiz Inácio Lula da Silva assumed office in January, were originally expected to take place on October 20, but the government pushed the process back to November 23.

Auctions of such assets were common during the administration of Jair Bolsonaro.

All areas were expected to be offered in separate auctions comprising multiple projects, such as the Aveiro project in Pará state, which includes limestone and gypsum deposits; the Rio Capim kaolin initiative, also in Pará state; the Natividade gold project in Tocantins state; the Santo Inácio diamond development in Bahia state; and the Miriri phosphate project, including areas in Paraíba and Pernambuco states.