Brazil Minerals (BMIX), announced, the Brazilian government gazette features the publication of its long-awaited permit to begin mining a promising new diamond and gold area. BMIX intends to begin today the process of excavation and removal of diamondiferous and auriferous gravel from this new area.
All operations are open-sky. It may take approximately ten days to safely reach the level of between 12 to 15 meters below ground where such gravel is found. Thereafter, it should take approximately five days for removal and transport of enough material to our large processing plant to begin the recovery of diamonds and gold. Therefore, the Company expects to have its first production from this new area by early May, and generate cash from sales shortly thereafter.
Last week, BMIX filed its 2015 Annual Report on Form 10-K with the Securities and Exchange Commission. The Company believes that it has made substantial progress in decreasing both costs and debt. It is a goal of BMIX to eliminate all convertible debt as soon as possible and thereafter to remain as close to debt free as possible.