The Conversation (0)
Brazil Minerals, Inc. (OTCQB:BMIX) has completed the purchase and received title free and clear to another 13.13 percent of Mineração Duas Barras Ltda. in Brazil. With that purchase, Brazil Minerals has increased its current ownership in MDB to 86.88 percent.
As quoted in the press release:
Through its stake in MDB, BMIX posted revenues of $791,780 in 2013. Of this revenue, approximately 69% was derived from rough diamond sales and 31% from gold sales. In 2014, the revenue mix also includes sales of polished diamonds, which on a per-carat basis sell for a multiple of the revenues of rough diamonds. To further expand its ability to process a small part of its production into polished diamonds, BMIX recently built a diamond cutting and polishing facility in Brazil.
Brazil Minerals chairman and CEO, Marc Fogassa, said:
Expanding our ownership of a producing gold and diamond mine that we understand extremely well is a great use of capital. MDB is a premier property in Brazil, as evidenced by the Gemological Institute of America’s visit this week, and the numerous unsolicited contacts we get from buyers worldwide for our production. Additionally, and most importantly, from the initial time that BMIX became involved in MDB, we have taken great care to upgrade multiple aspects of MDB and to embark on certain strategic initiatives that will increase the value of MDB. We are proud of the transformation of MDB undertaken with our help and guidance in the last 15 months.
Click here to read the Brazil Minerals (OTC:BMIX) press release
Click here to see the Brazil Minerals (OTC:BMIX) profile.