Brazil Minerals Inc (OTCMKTS:BMIX) Announced Successful Start of Operations

0
320

Brazil Minerals Inc (OTCMKTS:BMIX) shares were flat on Monday at $0.00020 and unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $1.97 million at 9.87 billion shares outstanding.

Brazil Minerals Inc is a company that is engaged in the business of acquiring controlling positions or significant positions with roles in companies in Brazil in the minerals area or in industries related to minerals. Through its subsidiaries, the company outright or jointly owns approximately 11 mining concessions and over 15 other mineral rights in Brazil, for diamonds and gold and owns an alluvial diamond and gold processing and recovery plant, a sand processing and mortar plant, and several pieces of earth-moving capital equipment used for mining, as well as machines for sand processing and preparation of mortar.

In a press release at the start of the week, Brazil Minerals Inc announced that the initial gold retrieval unit installed in one of its mining concessions for gold in the Jequitinhonha River valley in Brazil has begun operations. This unit was built to specifications at a metalworking facility located in northern Minas Gerais state in Brazil and after transport, the company took over two weeks to configure, test, and optimize several aspects of its operation.

In the same press release, Brazil Minerals Inc announced that the portable diamond and gold plant of an unrelated third-party enterprise that signed a previously announced royalty deal also started operations. Under this royalty agreement, Brazil Minerals Inc  will receive 25% of this third party’s production of gold and diamond at virtually no cost to the company.

The company also aims to keep operation costs low in its Jequitinhonha River valley gold retrieval unit, with diesel and direct labor averaging at $150 per day, although this is subject to change on a longer period of operations.

DISCLAIMER: There is a substantial risk of loss with any speculative asset, especially small cap stocks. The opinions expressed are those of the author, and do not constitute recommendations to buy or sell a stock. Do your own research before committing capital.