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RAPAPORT...
Brazil Minerals Inc. completed the purchase and received title to another 13.13 percent of Mineração Duas Barras Ltda. (MDB) in Brazil, thereby increasing its current ownership to 86.88 percent. MDB mines diamonds and gold across 1,404 acres of mineral rights, which includes a mining concession and alluvial processing plant.
Marc Fogassa, Brazil Minerals' CEO, 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 we 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." Brazil Minerals posted revenue of $791,780 in 2013, comprised of 69 percent in rough diamond sales and 31 percent in gold sales. The company began polishing some of its rough diamonds this year to further grow its revenue channel. To further expand its ability to process diamond production, the company recently built a diamond cutting and polishing facility in Brazil.
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