Two
separate stories about two very different commodities that in theory could boost
Portugal ’s
export trade and thus help its beleaguered economy appeared in overseas
newspapers this week.
The first story -
indicating just how desperate the situation is - was about Portuguese custard
tarts. Papers as diverse as the Daily Star in the Lebanon and the Straits Times in Singapore published an AFP report from Lisbon about those tasty
little pastries known as pastéis de nata.
The report quoted
the Portuguese economy minister, Alvaro Santos Pereira, as saying earlier this
year: “Pastel de nata is one of Portugal ’s most emblematic products
and despite its success, why have we never managed to export it?”
The minister was
addressing a meeting of Portuguese businessmen at the time. He urged them to
“think international.” If the Americans
were able to exploit hamburgers and doughnuts globally, surely the Portuguese
could do the same with pastéis de nata. It seemed like a masterpiece of
wishful thinking.
Unbeknown to the
minister, a Lisbon company was already
planning to open a franchise chain of pastéis de nata cafes, starting
soon in Paris .
AFP reported that the franchise is to operate under the slogan, “The world
needs nata.”
The trouble is
that since the early days of nata production in Portuguese monasteries in the
18th century, various versions of the pastries have been baked in Brazil , Angola ,
Goa and other Lusophone areas around the world - as well as in places with
significant Portuguese immigrant populations such as Australia
and France .
Pastéis de nata have long been rolled out in quantity in China and southeast Asian countries, thanks to their
introduction via the former Portuguese territory of Macau .
Recipes galore exist on the Internet. So Portugal may have missed the boat
on that one.
The second rather
more serious commodity story this week was about gold. The Gazette in Montreal revealed interesting details of a project by the
Canadian company, Colt Resources Inc., which believes it has found a future
high-grade gold mine near Lisbon .
People have been
digging for gold in Portugal
at least since Roman times, but it is the timing of the latest project that is
interesting. The CEO of Colt Resources, Nikolas Perreault, said he was drawn to
Portugal
and its underdeveloped mineral resource sector by a well-known Portuguese
geologist in 2006.
“Later, after a
three-year negotiating marathon, we bought the 30-kilometre-long Boa Fé-Montemor
gold corridor containing several potential producers from the liquidator of a
bankrupt Australian exploration firm,” Perreault said.
Colt bought 30
years of historical data when it finally got its hands on Boa Fé-Montemor, 95
kilometres east of Lisbon ,
in 2010. “That would have cost us more than $20 million and several years’ work
to replicate, and it has speeded up exploration,” Perreault said.
The Rio Tinto
Group had worked some of the properties from 1991 to 1995, finally walking away
because of low gold prices. Others looked them over until the Australians came
and then were hit by the 2008 global financial crisis. But no one had drilled
below 100 metres.
Colt is beefing up its drilling programs to
improve productivity and test the deeper levels. Mine and plant studies are
under way and an updated resource estimate is expected early in 2013 along with
feasibility studies - “but we believe we have a world-class project,” Perreault
said.
He added: “Portugal ’s new
government accepts that mining can help it expand revenues and reduce the
public debt burden. They are pro-business and will keep corporate tax rates and
mining royalties low. Their infrastructure is first-rate … a key cost factor
for mining projects. ”
It will be ironic
if Portugal turns full
circle and becomes a major exporter of
gold having started the gold rush from the Algarve
down the West African coast under Henry the Navigator in the 15th century, and
imported shiploads of the stuff from Brazil to enrich palaces and
cathedrals in the 18th.