Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
US miner Brazil Minerals (OTCQB: BMIX) has reported an 84% quarter-over-quarter increase in rough diamond sales from its processing plant in the state of Minas Gerais.
The company’s diamond subsidiary, Mineração Duas Barras, sold 1,662 carats of rough diamonds this past quarter, compared with 902 carats in the preceding reporting period.
“This announced result is excellent, and underscores the quality of our mining concession and processing plant,” Marc Fogassa, CEO of BMIX said in a statement on Tuesday.
Fogassa also noted that over 95% of the company’s diamond production was of “gem quality and destined for jewelry.”
BMIX holds a 55% stake in Duas Barras. The US miner is also developing a vanadium, titanium and iron ore project in Brazil.
