09 Aug 2020
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Brazil Minerals acquires 100% of Mineração Duas Barras
Says MDB is the core basis for its expanding diamond and gold center in northern Minas Gerais in Brazil
By: Diamond World News Service
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Oct 13 2014 3:16AM
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Reference: 9703  

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Brazil Minerals, Inc. ("BMIX"), a U.S. holding company has purchased and formally received title to the remainder of Mineração Duas Barras Ltda. BMX delves in sales of rough and polished diamonds and gold bars, from its own production. MDB is the first operational, revenue-generating business owned fully by BMIX. Aside from regular payables for operations, there is no debt in MDB.

Marc Fogassa, Chairman and CEO, commented: “Our original goal had been to finish the acquisition of 100 percent of MDB by the end of 2014. I am delighted that we were able to expedite this plan and beat it by three months. MDB 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. MDB is the core basis for our expanding diamond and gold center in northern Minas Gerais in Brazil.”

For the final payment for completing its ownership in MDB, BMIX disbursed $200,000 in cash and issued 2,142,857 shares of its restricted common stock to a private individual. MDB now fully owned, BMIX will no longer have to expend capital or issue stock for additional ownership interest in MDB.

MDB owns mineral rights encompassing approximately 1,404 acres, including a fully operational mining concession with the largest alluvial processing plant for diamonds and gold in Latin America. MDB has NI 43-101 geological reports and a bankable feasibility study on file with the local mining authority. It also has the permit to export its production of rough diamonds and its own cut and polished diamonds.

All of MDB’s mined diamonds qualify for Kimberley Certification.

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