Highland Gold expects 450,000 tonnes of production from new mine by 2011

The iron oxide-copper-gold project is located near Vale's Salobo operations and Ero’s Tucumã project.

The resource totalled 909 million tonnes grading 0.53% copper equivalent in the measured and indicated categories.

Industry leaders have pushed for two pricing structures for several years.

Amplats also said it had cut some 3,700 jobs to reduce spending ahead of the demerger.