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Brazil Minerals Completes Purchase of Mineração Duas Barras

Diamond and gold explorer wraps up acquisition early.
Oct 7, 2014 1:28 PM   By Jeff Miller
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RAPAPORT... Brazil Minerals Inc.  purchased and formally received title to the remainder of Mineração Duas Barras Ltda., an alluvial diamond and gold concession.

Marc Fogassa, the chairman and CEO of Brazil Minerals, said,  "Our original goal had been to finish the acquisition of 100 percent of Duas Barras by the end of 2014. I am delighted that we were able to expedite this plan and beat it by three months. Duas Barras,  under our management team supervision, has gone from a distressed asset to a producer of polished and rough diamonds, gold bars and sand in the course of about a year and half. Duas Barras is the core basis for our expanding diamond and gold center in northern Minas Gerais in Brazil."

Duas Barras operates  mineral rights on approximately  1,404 acres. To complete the acquisition Brazil Minerals disbursed $200,000 in cash and issued 2,142,857 shares of its restricted common stock to a private individual. 

Tags: brazil, diamonds, gold, Jeff Miller, minerals, mining
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