RapNet


Rapaport News

 

Mining

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

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
Print Print Facebook Facebook Twitter Twitter Share Share

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
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us