The Conversation (0)
Brazil Minerals, Inc. (OTCQB:BMIX) commented on its results for Q1 of 2014. Highlights included the generation of positive cash flows of $255,877 from operating activities and the purchase of $244,000 in vital mining equipment for the Duas Barras revenue generating gold and diamond mine.
As quoted in the press release:
During the first quarter of 2014, BMIX focused on improvements to the operations in Duas Barras which included the acquisition of capital equipment for production (excavator, bulldozer, truck, portable generator and motor) that replaced expensive monthly rentals. Furthermore, as discussed in past public filings, given that the first quarter is the rainy season in the region where Duas Barras is located, local miners generally diminish or cease productive alluvial operations. We used the time to conduct planned maintenance of our plant and equipment and took steps to reserve production for processing into polished diamonds, which have higher margins.
Brazil Minerals CEO, Marc Fogassa, said:
We are very pleased with the results and particularly the net cash flow generated by our operating activities. We have dramatically enhanced our capabilities at Duas Barras with the machinery purchased in the quarter and placed in operations. In parallel, we are taking other necessary steps in the verticalization of our business model to allow a greater percentage of revenues from sales of higher margin polished diamonds. We know what needs to be done and my team is advancing daily to expand our business.
Click here to read the Brazil Minerals (OTC:BMIX) press release
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