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Logistically, in July 2007, a consortium including Electro-Norte, a Brazilian para-statal
company commenced construction of a 261 megawatt (MW) Hydro-electric power
station at the Dardanelos Falls, located 13 kilometres from the potential mine site. The
project is being advanced with a construction team of over 1,000 people, and a budget
exceeding US$700 million, and is scheduled for completion in 2010. In addition, much
of the existing gravel road to the state capital Cuiaba has been replaced by an asphalt road
to within 230 kilometres of Aripuana, and the full connection is being considered in the
future. Both the road and Hydro electric plant are considered positive attributes to the
potential for mine development.
Karmin’s 100% owned oxide resources
The oxide portion did not receive any exploration expenditures in 2011. In 2004, a report
written by the then operator, Anglo American, outlined a non-compliant mineral resource
of gold mineralization. Karmin is considering carrying out further work in the future on
the oxide portion of the deposit. Since it is located between 0 and 50 metres from surface,
it is easily accessible. Past exploration suggests that gold and possibly silver have been
concentrated in this weathered layer, while base metals have been depleted. This would
lead to potentially a different extraction method if a processing facility were to be located
at Aripuana. Karmin is planning to more clearly define any gold/silver bearing oxide
resource once Votorantim, the sulphide operator, issues the results to the Company of an
advanced study outlining eventual sulphide production, and the Company will plan a
phased program of exploration on the oxides based on the relevant elements of the
advanced study. This would allow any development of oxide ores to take advantage of an
infrastructure developed for the sulphide processing facilities.
In 2007, Karmin paid $20,000 to Ste. Genevieve Resources to purchase their 1.5% interest in the Aripuana project, thus increasing ownership from 28.5% to 30%.
Votorantim has reported to the Company that they had spent the following sums on the
Aripuana project to date (C$ = 1.71 Reis)
Brazilian Real C$
(millions) (millions)
2004 2.75 1.6
2005 6.64 3.9
2006 7.81 4.6
2007 16.94 9.9
2008 8.04 4.7
2009 2.10 1.2
2010 2.01 1.2
Inside Roster
Older numbers from 2007
Karr Securities: 17,058,834 44.36%
Robert Ciccarelli: 13,730,677 35.71%
John Iannozzi: 1,965,943
Douglas McCallum: 1,517,522
AGF Can Res Fund: 343,333
Bill Fisher: 104,633
Matthew Manson: 40,000
Power Plant has now been completed...
Link back for that news...
New 260 MW hydro-electric plant under construction - The Dardanelos power plant, located on the Dardanelos waterfall besides Aripuanã township has commenced construction with power generation slated to begin in 2010. This plant will have an installed capacity of 260 MW and would be the logical electrical power source for the project. The project belongs to the Brazilian National and Mato Grosso State water departments, and will be built and operated by a consortium of companies. A 12 kilometre power line from the power plant to the project site will be needed, if the project is to be advanced to implementation stage.
http://www.karmin.com/?page=aripuanaLocation&pageTitle=Karmin´s Aripuana Project - Location
2 Next door neighbors...
http://www.rnovogold.com/
International Goldfields
http://www.corvetteresources.com.au/irm/ShowStaticCategory.aspx?CategoryID=222&HideTopLine=True&masterpage=4
Older insider Rooster, which I imagine has not changed much over the years...
naterey2
10/25/2007 6:45:59 PM | | 91 reads | Post #16605559
Fibbsy you ain't just whistling about how tightly held this thing is: Karr Securities: 17,058,834 44.36%
Robert Ciccarelli: 13,730,677 35.71%
John Iannozzi: 1,965,943
Douglas McCallum: 1,517,522
AGF Can Res Fund: 343,333
Bill Fisher: 104,633
Matthew Manson: 40,000
Current O/S: 38,453,591
This leaves a float of 3,692,649 !!!
2011 O/S is only 41 million...
Now this is interesting, old post I just dug up...
Talks about how Karmin still owns 100% of the top oxide layer, the CFO who I spoke with today mentioned that there has been some surface gold samples, so would that mean that the gold would be 100% theres, now that is very very interesting!
fibonnaci2
2/21/2008 7:52:55 PM | | 134 reads | Post #20366033
ok, well karmin is the one the best small cap mining plays out there right now imho; valuation is rediculously cheap; the fact that it is so closely held is the reason that more people dont get involved; karmin's partner, votorantim, is one of the world largest zinc processors; they purchase most of their product on the open mkt for their mills and have wanted to mine their own for some time; they have already committed big money to aripuana project for years and are planning an underground shaft 2008 to further define the resourse; brazil is a very mining friendly country; karmin has a free ride until a bankable feasability; the aripuana deposit is made up of several bodies but the latest 43-101 report only focused on the first two discovered bodies; check latest news releases for the recent results from the newer areas, but the drill results have been phenomenal; while the 43-101 only indicated 27.7mt, i am sure that the whole area is at least 40mm and probably 45mm; this would make aripuana just below world class size; good lead content as well; the resource report calls for both open pit and underground mining; 6% zinc with significant gold and silver and lead are very good grades for larger sized deposits; also, something that people dont often talk about, is that when karmin sold 70% to votorantim, they only sold the massive sulfides to them, not the overlying oxides; there has never been any decent drilling done on the gold in the oxide layer (first 100m or so) so this could be huge as well; i guess the bottomline for me is that karmin has got one of the best risk/return scenarios out there and will imho be bot out at some point by votorantim; when you look at the carnage in the small cap markets and the steep falls for the price of zinc and zinc shares, i find it quite curious how well karmin has held up in the face of a total lack of news and volume; this relative strength imho is our clue that the company presents some real value; glty;
I bought more today, If Votorantim decides to put this into production I think we might have $5 or $10 stock here...
The first National Instrument 43-101 compliant indicated resource at Aripuana was reported on
20th October 2007 as 27.7 million tonnes grading 3.53% zinc, 1.34% lead and 35.25 g/t silver
There is gold there too, if you read the 2008 Investor presentation...
Even more insider buys reported today, WOW is all I can say...
http://www.investorpoint.com/stock/KAR%3ACA-Karmin+Exploration+Inc./insider/All%20Insiders/All%20Types/
With only a 40 million O/S, I can't help to think this is one of the best lotto tickets I can find. We are talking about a multi billion dollar project, Karmin could be a $5 to $10 stock if Votorantim decides to go into production...
Post from Stockhouse
fibonnaci2
8/29/2011 9:10:53 PM | | 13 reads | Post #30130756 Rate this
who knows what karmin worth but imho we are going to find out soon enough; something has to be going on here and the shares have to be worth more than 35c, hopefully it is worth more than 50c; it would make sense, if the deposit is economic and is given the go ahead by votorantim, that they would acquire our 30% interest for a nice cash payout;
there is billion of dollars worth of rock in aripuana and lots of exploration upside.... also, dont forget that the aripuana deposit owned 70/30 does not include the oxide rock that exists above the aripuana sulfide deposit.... these oxides are owned 100% by karmin and could be valuable... while there has never been and testing on them, it has always been intimated by mgmnt that they were 100% owned.... in any event, implied valuation of the deposit is 70million which is too cheap imho;
anyway, lets see if we hear anything this week or next.... if the project is given the go ahead, with or without an offer from votorantim, the share price has to be higher than what it is now;
with mgmnt buying up shares so far at 35c and below, we know we have to be worth at least that much; if they knew we were worth 50c, i doubt they would be as aggresive buying shares as they have;
glta;
So Karr Securities is run by Karmin's Chairman of the board and they have been buying up shares for months, hmmm...
http://www.karmin.com/?page=management&pageTitle=Karmin Exploration Management
Management
Officers
Chief Executive Officer: William Fisher (Toronto, Ontario)
Chief Financial Officer: John Iannozzi (Sarnia, Ontario)Chairman of the Board: Robert Ciccarelli (Sarnia, Ontario)
Directors
Robert Ciccarelli, Director
Sarnia, Ontario
President and Chief Executive Officer of Karr Securities Inc. - 1989 to present
John A. Iannozzi, CFO & Director
Sarnia, Ontario
CFO and Director of Globestar Mining - 2001-2006
CFO of Karmin Exploration Inc. - June 1998 to present
Chartered Accountant since 1986
President of Joranco Corporation (private investment company)
1994 to present CFO of Karr Securities Inc.
Guess I never checked the Insider Buying on this little guy before, looks like Karr Securites is very active...
http://www.investorpoint.com/stock/KAR%3ACA-Karmin+Exploration+Inc./insider/All%20Insiders/All%20Types/
8/23/11
Ciccarelli, Larry,
Director or Senior Officer of 10% Security Holder
22,500
Acquisition or disposition in the public market at $0.35 - $0.35 per share.
$7,875
8/19/11
Karr Securities Inc.,
10% Security Holder of Issuer
78,000
Acquisition or disposition in the public market at $0.30 - $0.30 per share.
$23,400
8/10/11
Karr Securities Inc.,
10% Security Holder of Issuer
108,000
Acquisition or disposition in the public market at $0.30 - $0.30 per share.
$32,400
7/19/11
Karr Securities Inc.,
10% Security Holder of Issuer
27,000
Acquisition or disposition in the public market at $0.30 - $0.30 per share.
$8,100
7/18/11
Karr Securities Inc.,
10% Security Holder of Issuer
3,000
Acquisition or disposition in the public market at $0.30 - $0.30 per share.
$900
7/14/11
Karr Securities Inc.,
10% Security Holder of Issuer
10,000
Acquisition or disposition in the public market at $0.31 - $0.31 per share.
$3,050
7/14/11
Karr Securities Inc.,
10% Security Holder of Issuer
15,000
Acquisition or disposition in the public market at $0.30 - $0.30 per share.
$4,500
7/7/11
Karr Securities Inc.,
10% Security Holder of Issuer
13,000
Acquisition or disposition in the public market at $0.30 - $0.30 per share.
$3,900
7/7/11
Karr Securities Inc.,
10% Security Holder of Issuer
2,000
Acquisition or disposition in the public market at $0.30 - $0.30 per share.
$600
7/5/11
Karr Securities Inc.,
10% Security Holder of Issuer
129,000
Acquisition or disposition in the public market at $0.30 - $0.30 per share.
$38,700
7/4/11
Karr Securities Inc.,
10% Security Holder of Issuer
15,000
Acquisition or disposition in the public market at $0.30 - $0.30 per share.
$4,500
6/14/11
Karr Securities Inc.,
10% Security Holder of Issuer
20,000
Acquisition or disposition in the public market at $0.28 - $0.28 per share.
$5,600
5/20/11
Karr Securities Inc.,
10% Security Holder of Issuer
12,500
Acquisition or disposition in the public market at $0.25 - $0.25 per share.
$3,125
5/19/11
Karr Securities Inc.,
10% Security Holder of Issuer
58,500
Acquisition or disposition in the public market at $0.25 - $0.25 per share.
$14,625
5/4/11
Karr Securities Inc.,
10% Security Holder of Issuer
46,500
Acquisition or disposition in the public market at $0.25 - $0.25 per share.
5/4/11
Karr Securities Inc.,
10% Security Holder of Issuer
29,000
Acquisition or disposition in the public market at $0.25 - $0.25 per share.
$7,105
5/2/11
Karr Securities Inc.,
10% Security Holder of Issuer
17,500
Acquisition or disposition in the public market at $0.25 - $0.25 per share.
$4,288
4/21/11
Karr Securities Inc.,
10% Security Holder of Issuer
17,500
Acquisition or disposition in the public market at $0.25 - $0.25 per share.
$4,288
4/21/11
Karr Securities Inc.,
10% Security Holder of Issuer
17,500
Acquisition or disposition in the public market at $0.25 - $0.25 per share.
$4,288
3/31/11
Karr Securities Inc.,
10% Security Holder of Issuer
667
Acquisition or disposition in the public market at $0.25 - $0.25 per share.
$163
3/30/11
Karr Securities Inc.,
10% Security Holder of Issuer
5,000
Acquisition or disposition in the public market at $0.25 - $0.25 per share.
$1,225
3/9/11
Karr Securities Inc.,
10% Security Holder of Issuer
49,500
Acquisition or disposition in the public market at $0.25 - $0.25 per share.
$12,128
2/25/11
Karr Securities Inc.,
10% Security Holder of Issuer
77,000
Acquisition or disposition in the public market at $0.17 - $0.17 per share.
$13,475
2/25/11
Karr Securities Inc.,
10% Security Holder of Issuer
37,500
Acquisition or disposition in the public market at $0.20 - $0.20 per share.
$7,500
2/24/11
Karr Securities Inc.,
10% Security Holder of Issuer
12,000
Acquisition or disposition in the public market at $0.18 - $0.18 per share.
$2,160
2/24/11
Karr Securities Inc.,
10% Security Holder of Issuer
12,000
Acquisition or disposition in the public market at $0.18 - $0.18 per share.
$2,160
2/24/11
Karr Securities Inc.,
10% Security Holder of Issuer
65,500
Acquisition or disposition in the public market at $0.15 - $0.15 per share.
$9,825
We've got insiders Buying!
Last Updated: August 25, 2011 Learn more about the TSX Insider Trade Marker Report
Top 10 Stocks By Net Buys Volume
Symbol Company Name Insider Buys Volume Insider Sells Volume Net Buys Volume
GME Geomark Exploration Ltd. 378,600 0 378,600
NQE NQ Exploration Inc. 339,000 0 339,000
SEW Seaway Energy Services Inc. 145,000 0 145,000
ELO Eloro Resources Ltd. 97,500 0 97,500
JBZ JBZ Capital Inc. 86,500 0 86,500
CVB Compass Gold Corporation 76,000 0 76,000
GWC Groupworks Financial Corp. 71,000 0 71,000
KAR Karmin Exploration Inc. 56,000 0 56,000
NKL Prophecy Platinum Corp. 60,000 4,000 56,000
CBE Cabo Drilling Corp. 50,000 0 50,000
http://www.tmxmoney.com/HttpController?GetPage=InsiderTradeMarker&Market=V&Language=en
VM plans to add 216,000 tpy of zinc with two new mines in Peru
April 13, 2011 - 16:53 GMT Location: São Paulo
KEYWORDS: Votorantim Metais , zinc , Peru , Milpo , Cajamarquilla
Brazil’s Votorantim Metais (VM) plans to commission two new zinc mines in Peru early in 2015 through its local subsidiary Compañía Minera Milpo, the country’s third-largest zinc miner
Brazil’s Votorantim Metais (VM) plans to commission two new zinc mines in Peru early in 2015 through its local subsidiary Compañía Minera Milpo, the country’s third-largest zinc miner. The future mines, Bongará and Shalipayco, are undergoing feasibility studies, which the company expects to conclude in 2013. Initial capacity at the new operations...
SLR.TO (Solitaro) Bongará, Peru- Zinc Project:
With four years of outstanding drilling results at the Bongará project in Peru, Solitario’s partner and project manager, Votorantim Metais (“Votorantim”), made a major decision to significantly expand exploration and development activities for 2010. Highlights include road construction to the project area, initiation of underground access to the San Jorge mineralized zone, metallurgical testing and an aggressive continuation of surface drilling to further define mineralization. The proposed work plan is a major milestone in the advancement of the project. These activities are critical to the potential development of the project and will form a significant component of the detailed feasibility study currently scheduled to begin in 2011.
The planned road construction encompasses approximately 23 kilometers of new road alignment to the deposit. To date, access to the deposit has occurred via helicopter and foot trails. The initiation of underground access to mineralization is also scheduled for this field season, with approximately 700 meters of planned underground workings. Initially, the underground work will be supported by helicopter transportation of personnel and materials until road access is completed. Construction of additional infrastructure near the underground portal site is planned for personnel and underground operations.
Advanced metallurgical testing will also be conducted on mineralized rock to further evaluate metallurgical recovery and ore characterization. Completion of this work is anticipated in the first half of 2010. Finally, Votorantim has scheduled a 10,000-meter, helicopter-assisted core drilling program to further define and extend mineralization.
Timing of many of the aforementioned activities is substantially contingent upon obtaining permits required by the Peruvian government. In order to fast-track the project, Votorantim is updating its social impact study in parallel with archeological clearance activities, as well as other permit requirements. Approvals are expected sometime in the second quarter of 2010, coinciding with the cessation of the rainy season.
Drilling conducted in 2009 once again did not disappoint – producing some of the best drilling results we have ever generated on the project. These results continue to validate our belief that the Bongará zinc project could ultimately be developed into one of the world’s most important new zinc mines, with significant silver and lead credits. Thirteen core holes totaling 3,611 meters were completed, eleven in the San Jorge Zone and two in the Karen-Milagros zone. The program was managed and entirely funded by Votorantim Metais. All 13 holes intersected significant mineralization.
All mineralization discovered to date on our Bongará project is referred to as the Florida Canyon zinc deposit. High-grade zinc mineralization has now been intersected over a four-square kilometer area. The deposit remains open to expansion in all directions. 2009 drilling results continued to demonstrate excellent zinc grades and thicknesses with good internal continuity of mineralization. Within the south-central part of Florida Canyon deposit (San Jorge zone), mineralization has been extended a further 400 meters north towards the Karen-Milagros zone, indicating that the two may be interconnected.
In mid-September, Solitario announced that environmental permits were received for the underground development and the core drilling programs. Permits for the access road are expected within two weeks. The initiation of underground access to mineralization will accelerate underground development of the high-grade zinc deposit and allow for a greater understanding of orebody geometry.† Initially the underground work will be supported by helicopter transportation of personnel and materials, until road access is completed. Construction of additional infrastructure near the underground portal site is planned for personnel and underground operations. The 10,000 meter core drilling program will test for new extensions of mineralization, as well as filling in some areas where there is insufficient drill hole density. The planned road construction is a major improvement for project development as access to the deposit has previously occurred via helicopter and foot-trails.
On December 21, 2010 and January 31, 2011, Solitario announced solid progress on development and exploration activities on its high-grade Bongará zinc project in Peru. Included in these activities are access road construction, underground tunneling to further define mineralization and surface exploration drilling. The program is being managed and entirely funded by Solitario's joint venture partner Votorantim Metais. The Bongará project hosts the high-grade Florida Canyon zinc deposit where zinc mineralization has been intersected over a four square kilometer area.
Road Construction
Road construction to access the Bongará project area began in late-October of this year. Approximately 60% of the alignment to the eastern portion of the property adjacent to the La Union target has now been completed. Previously, access to the deposit has occurred via helicopter and foot-trails. As of January 31, 2011, Votorantim has completed 8.5 kilometers of road construction representing completion of 75% of Phase I alignment to the eastern portion of the property adjacent to the La Union target area. Road construction is planned to continue throughout 2011, until it is completed. Upon completion, access to the property will be greatly improved and provide for more efficient development of the project.
Underground Tunneling
Underground tunneling to more effectively access mineralization began in late-September of 2010. Approximately 270 meters of tunnel advancement has been completed of an initial 700 meter program. Tunneling is planned to continue throughout 2011. This tunneling will allow for improved deposit definition and at much lower costs than helicopter assisted deep surface drilling.
Exploration Drilling
Results from thirty-eight core holes have been received from three different zones: the San Jorge, San Jorge North and Karen-Milagros. The 2010 drilling program is just now coming to a close and some holes remain to be assayed.
The deposit is open to expansion in all directions. A complete listing of all assay results from the 2010 drilling program can be accessed here. And a drill hole map can be accessed here.
About Votorantim Metais
Votorantim Metais belongs to a privately held Brazilian business conglomerate that is a leader in every market segment in which it operates, including cement, pulp and paper, metals, chemicals, orange juice, and finance. The metals business division accounted for 29% of revenues from production of zinc, nickel, steel and aluminum. Votorantim Metais is the world's fifth largest primary zinc producer with three operating zinc smelters and two operating zinc mines. It owns the Cajamarquilla zinc smelter and is the majority shareholder of Milpo, both located in Peru. Votorantim Metais also has operations in the United States and China.
http://www.solitarioxr.com/
Votorantim resumes polymetallics project; holds nickel, aluminium plans
April 13, 2011 - 13:36 GMT Location: São Paulo
KEYWORDS: Votorantim Metais , Brazil , zinc , nickel , aluminium , Latin America , polymetallics
Votorantim Metais (VM) has resumed its polymetallics plant project in Brazil, the first of this kind in the Latin American country, which is expected to be commissioned in August
Votorantim Metais (VM) has resumed development of its polymetallics plant project in Brazil, the first of this kind in the Latin American country, which is expected to be commissioned in August. But the company is keeping two major projects in nickel and aluminium on hold as it waits for better signs of a market recovery for the first metal and needs cheap energy prices for the latter. The polymetallics project was suspended in the beginning of 2009 because of the global economic downturn. At that time, it was 90% complete (MB May 15 2009). The plant will be integrated to a 98,000 tpy zinc unit operated by VM in Juiz de Fora city, Minas Gerais state, and will add some 15,000 tpy of zinc, as well as a few tonnes of indium, Ruben Marcus...
Copper Gains for Third Day as Rio Fuels Speculation on China Demand's Pace
By Agnieszka Troszkiewicz - Apr 7, 2011 8:28 AM ET
Copper rose for a third day in New York as Rio Tinto Group became the latest producer to stoke speculation that demand will maintain its pace in China, the world’s largest consumer of the metal.
Copper usage in China and other emerging markets will gain more quickly than output, prompting a global deficit, according to Rio, which mines for the metal in places from the U.S. to South Africa. Freeport-McMoRan Copper & Gold Inc. said this week it’s “very confident” about Chinese demand, even as the country raises interest rates to curb inflation.
“The Chinese have put aside the benchmark interest-rate hike the other day,” said Steve Hardcastle, head of client services for industrial commodities at Sucden Financial Ltd. in London. “The market is still anticipating the Chinese physical activity picking up a little bit.”
Copper for May delivery advanced 5.8 cents, or 1.3 percent, to $4.428 a pound at 8:06 a.m. on the Comex in New York. Prices reached $4.437, the highest level since March 25. Copper for three-month delivery climbed 1.4 percent to $9,736 a metric ton on the London Metal Exchange. Nickel led gains as all of the six main metals traded on the LME rose.
The copper shortage this year may rise to between 400,000 and 500,000 tons, Andrew Harding, head of Rio’s copper business, said yesterday in an interview. The global market is set for an 800,000-ton deficit, Paul Horsnell, head of commodities research at Barclays Capital, said last month.
Inflation in China
China’s central bank on April 5 raised lending and deposit rates by a quarter point, the fourth increase in less than six months. It acted before a report forecast to show consumer prices climbed 5.2 percent last month from a year before, the fastest pace since 2008.
The European Central Bank today lifted interest rates for the first time in almost three years to quell inflation, even as Portugal became the third nation to succumb to the region’s sovereign debt crisis. The ECB raised its benchmark interest rate by a quarter-point to 1.25 percent
“Given broad expectations of a hike already, the market would look at signs whether this is a one-off increase, or the start of a broader rate hike cycle,” analysts at Standard Bank Plc said in a report before the ECB announcement. “If there are signs of the latter, possible dollar weakness, vis-a-vis the euro may provide some downside support to commodities.”
Stockpiles Increase
LME copper inventories rose 1,500 tons to 442,375 tons, daily exchange figures showed. They’re up 27 percent from the 2010 low on Dec. 10. Orders to draw metal from stockpiles, or canceled warrants, gained for the first time in 10 days to 9,775 tons.
Nickel for three-month delivery on the LME climbed 2.9 percent to $27,198 a ton after reaching $27,450, the highest price since March 8. Cash metal traded at a premium of as much as $10 a ton to the three-month contract today, the highest level since Oct. 1. The so-called backwardation, which was last at $6, may signal supply concern.
A single party held 50 percent to 79 percent of LME nickel stocks as of April 5, exchange figures showed.
Lead, zinc, tin and aluminum also rose in London.
Brazil Banco Votorantim Raises $500 Million From Bonds Issue Reopen
First Published Wednesday, 6 April 2011 12:31 pm - © 2011 Dow Jones
SAO PAULO -(Dow Jones)- Brazil's Banco Votorantim raised $500 million from the reopen of an overseas bonds issue due Feb. 2016, a person close to the operation told Dow Jones Newswires on Wednesday.
The original operation took place in February, when the bank raised $750 million through the issue that carried a coupon of 5.25%.
The demand for the issue reached $1.5 billion, according to the person, whom declined to be named.
BNP Paribas, BB Securities, Bradesco BBI, HSBC, RBS and Banco Votorantim coordinated the operation.
Banco Votorantim is controlled by Grupo Votorantim, a family-owned company with operations in cement and concrete, mining and metallurgy, pulp and paper, concentrated orange juice, chemicals, electric power and finance.
Brazil's Votorantim Cimentos Raises $750M From Overseas Bonds
APRIL 6, 2011, 7:29 A.M. ET.
SAO PAULO (Dow Jones)--Brazilian cement company Votorantim Cimentos SA raised $750 million from an overseas bonds issue due in 2041, a person close to the transaction told Dow Jones Newswires Wednesday.
The company will pay an annual yield of 7.3%.
Banco Itau BBA, Bank of America Merrill Lynch and J.P. Morgan Chase & Co. coordinated the operation.
Votorantim Cimentos will use the proceeds to refinance existing debt.
The issue was rated at "Baa3" by Moody's Investors Service and at "BBB-" by Fitch Ratings.
The company is part of the industrial conglomerate Grupo Votorantim, which has operations in cement and concrete, mining and metallurgy, pulp and paper, concentrated orange juice, chemicals, electric power, and finance.
-By Rogerio Jelmayer, Dow Jones Newswires; 5511-3544-7071; rogerio.jelmayer@dowjones.com
Mining attracts investors, but lack infrastructure in Mato Grosso
March 2011
Source: The Gazette
The discovery of the mineral potential in Mato Grosso is attracting investors to the state. The company IMS mineral Mineral Engineering, Belo Horizonge, will contribute $ 300 million in the exploration of iron in the soil of Mato Grosso and has good prospects. The company's president, Félix Juvenile Tiburcio says that mining in the state is expanding.
It reveals that a prospective study initiated in northwestern Mato Grosso found iron deposits estimated at 5 billion tons. As the entrepreneur, in Juína protrudes a potential 2 billion tons of ore, and the other 3 billion tons of iron are located at Juara. "In the first city in the studies are still in the first phase. We did surveys and collect samples of the territory. The expectation is that the beginning of the operation is in two years. In Juara, research is early and therefore will require more time , about three years. "
He says that through the company's Mato Grosso Geominas, IMS has worked in exploration in Mato Grosso since 2004. Another investment company is also scheduled for the study of prospecting for gold and copper in the municipality of Rio Branco (at 356 km from Cuiabá). Despite the initiative, Felix notes that the lack of logistics is an impasse for the sector. The expectation, he said, is the conclusion that the railroad should cross the state.
Economist Vivaldo Lopes also recognizes that lack infrastructure in Mato Grosso. For him, the modal system more suitable for the activity is certainly the railroad. Moreover, he points out that there is still a major concern of large Brazilian companies such as Vale do Rio Doce and Petrobras. "Missing create interest groups for the exploration of minerals in Mato Grosso."
Besides iron, the head of the National Department of Mineral Production (ANP), Jocy Gonçalo de Miranda said that the state has been targeted by companies seeking to exploit zinc, manganese, nickel and especially gold. "In Tabaporã study was initiated to explore for manganese. And nickel deposits were found in Commodore." He notes that GME4, Opportunity Group, holds the concession to explore the area where they found deposits of phosphate and iron in Mirassol D West. Another company, Votorantim is that he began studies in the region of exploration for zinc Aripuanã
http://www.topnews.com.br/noticias_ver.php?id=3814
From that 2008 Corporate Presentation
What’s next?
? Opportunities
1. Participate in financing the mine at Aripuanã
? Finance estimated US$65 million capital requirement through
debt/equity/derivative instruments
2. Sell company:
? To Votorantim
? To third party miner
? To third party offtaker
http://www.karmin.com/assets/pdf/karmin_exploration_corporate_presentation_2008.pdf
Karmin “free-carried” with no investment required
until 12 months after production decision – highly
levered to zinc (and lead) markets
Aripuanã Joint Venture Agreement
-Karmin has a 30% interest
-Fully carried to an independent bankable feasibility study
-Upon production decision, Karmin has 12 months to raise its pro-rata
share of construction funding (30% of approx US$196 million)
-If Karmin does not raise funds, Votorantim can buy out Karmin’s JV interest
-Karmin and Votorantim holds mutual Right of First Refusal on any sale of
Aripuanã Joint Venture Agreement
-Karmin has a 30% interest
-Fully carried to an independent bankable feasibility study
-Upon production decision, Karmin has 12 months to raise its pro-rata
share of construction funding (30% of approx US$196 million)
-If Karmin does not raise funds, Votorantim can buy out Karmin’s JV
interest
-Karmin and Votorantim holds mutual Right of First Refusal on any sale of
This old but a great read on the possibilities for this project...
http://www.kaiserbottomfish.com/s/Excerpt.asp?ReportID=135043
Interesting post...
http://translate.google.com/translate?hl=en&sl=pt&u=http://tvaripuana.blogspot.com/2010/05/votorantim-pesquisa-zinco-ou-calcario.html&ei=hTiKTYR3h-PSAd3-8YkO&sa=X&oi=translate&ct=result&resnum=4&ved=0CDAQ7gEwAzgK&prev=/search%3Fq%3DMato%2BGrosso%2Baripuana%2Bvotorantim%26start%3D10%26hl%3Den%26sa%3DN%26rlz%3D1T4ADFA_enUS353US354%26prmd%3Divns
Aripuanã From Wikipedia
Not to be confused with Novo Aripuanã.
Aripuanã
— Municipality and town —
Country Brazil
Region Center-West
State Mato Grosso
Mesoregion Norte Mato-Grossense
Time zone UTC -3
Aripuanã is a town and municipality in the state of Mato Grosso in the Central-West Region of Brazil. It is the seventh largest city in the world by land area. As of the 2000 census it had 26,547 people.
Looks like a lot of Silver
Although not the main mineral mentioned in the deposit most of this testing was done when Silver was cheaper, well it's not so cheap anymore and those are some nice grades if I'm readuing this right.
Bottom of the page...
http://www.karmin.com/?page=aripuanaGeology&pageTitle=Karmin´s Aripuana Project - Geology and Mineralization
Sounds like the power plant that the site needs is nearing completion...
Progress continues to be made at the Dardanelos Hydropower Plant
IMPSA International, Inc. - 11.03.2010
IMPSA keeps moving forward at the Dardanelos Hydropower Plant with 85% of the power plant completed and three turbines ready for operation.
Located on the Aripuanã River (Municipality of Aripuanã, State of Mato Grosso, Brazil), the power plant will harness the energy from the flow of the river to generate electricity and thus add some 266.7 MW to Brazil’s power grid.
This project, which sits on a 67-hectare site, involves an investment of R$ 589,802,340. Scheduled to begin commercial operation by the end of 2010, Dardanelos will supply electricity to some 600,000 people daily.
Businessmen in the mineral sector present demands to the governor
25/02/2011 - 17h14
The newsroom
The state of Mato Grosso will become the most important mineral hub of Brazil. Today Mato Grosso is the third largest producer of gold, with 8 tons per year, the first lime in limestone soil, with 5 million tons / year and fourth in other minerals. These are some numbers that were passed to the governor Silval Barbosa received in audience on Friday (25/02), representatives of major mining and mineral industry researchers during the seminar "Mining in the State of Mato Grosso" a realization of Metamatica in partnership with the Association of Geologists Mato Grosso (Agemat).
"We have businessmen who are investing in Mato Grosso and are already producing or researching in several segments. The mineral potential of Mato Grosso is extraordinary in all regions. Today we are the fourth largest producer of ore in the country and, indeed, when the state is viable logistics, especially in the modal rail, we will become the largest producer of ore from Brazil, "Barbosa said the governor after the hearings with the business.
Silval Barbosa said that the entrepreneurs exhibited their demands, mainly in logistics, which is also the priority of the government. The governor looks to consolidate the project so Ferrovia Centro Oeste other modes, as the waterway will also be pushed through. The ore production requires a large-scale logistics for production in waterway and railroad on account of costs.
The businessman Carlos Bertoni, CEO of Apoena Mining, the largest gold producer in Mato Grosso, with an output of 3 tons / year, and one of the largest employers with a formal contract, with 1,200 direct jobs, is responsible for operation two mines, one in Vila Bela and another of the Holy Trinity in New Lacerda. The businessman narrated the governor that the company Apoena is the guardian of tradition mineral from Mato Grosso, for these two mines were discovered in the 18th century by the Portuguese.
Carlos Bertoni prompted the governor to the issue of border strip of 150 km. Brazilian law provides that companies that set up within that range - beyond the normal licensing sector agencies together to the National Department of Mineral Production - where miners depend on authorization from the National Defense Council (NDC), a body linked to president. To name - for example - a director on the board of directors of the company must have authorization from the CDN. He said that bureaucracy held investments in the area today and if you have to invest in the region, he will think twice.
The other point was passed to the governor about the issue of manpower. Mato Grosso is today facing a competition of large civil works that are being built in Rondonia. As the region where the mines are installed agricultural tradition there is a difficulty in finding skilled labor to the industrial sector. According to the businessman Governor Silval Barbosa was sensitive to the demands.
The businessman Tiburcio Juvenile Felix, IMS Mineral Engineering - develops the project Iron and manganese in the municipalities of Juína - Juara - said the main claim presented to the governor Silval Barbosa was the matter of logistics. He said he suggested the logistic model railroad and waterway beyond oreduct - although the latter has the disadvantage of serving only for the ore. "The governor is extremely sensitive issue," he said. The iron and manganese project is in research phase and needs to start producing such logistics.
Director of Mineral Exploration of Votorantim Metais, Belther Jones spoke Aripuanã Nickel Project developed by the company in the northern state. Votorantim took over the project in 2004 and, according Belther, the project is viable but lacks infrastructure in transport, read railroad to transport large volumes of ore. One of the alternatives mentioned during the hearing was to build an extension to the Transoceanic. Silval Barbosa was sensitive and willing to work with the federal government to facilitate these works. Votorantim made itself available to the government. This mine when in operation - along the lines Brazilians - should generate around 800 direct jobs and around 2,500 indirect jobs. "That amount of jobs will provide a leap in quality of life and development of manpower."
Besides the seminar, the Association of Geologists Mato Grosso (Agemat) swore in the new board of the entity that has the front as the new chairman Andrew Molina. Geologist Andrew Molina said the intent is an even closer relationship with the government of Mato Grosso in order to give continuity to the organization's projects.
He said the Agemat commissioned studies in relation to GDP and per capita income and shows that Ontario has now producing 30 billion tons of grain and the mineral sector can produce something like 45 billion tons per year, generating more than 50 000 direct jobs and promote a 10% increase in GDP of Mato Grosso and in the space of 15 years to double per capita income of Mato Grosso.
http://www.odocumento.com.br/materia.php?id=356278
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http://www.karmin.com/
Corporate Presentation 2008
http://www.karmin.com/assets/pdf/karmin_exploration_corporate_presentation_2008.pdf
Ownership and Agreements
Karmin's involvement at Aripuanã began in 1995, when the Company optioned the Exedito properties from Ourominas Mining. Karmin explored alone, and with the Canadian Major base metals mining company, Noranda, who dropped their option in 1999. In 2000, a "contract of association" was signed between Mineração Rio Aripuanã Ltda. ("MRA") now a 100% owned subsidiary of Karmin, and Anglo American Brasil Ltda ("Anglo American") to unitize the district and explore for base and precious metals in areas adjacent to the town of Aripuanã. To reflect this , Anglo American and MRA hold 70% and 30%, respectively of the shares of a Brazilian company, Mineração Dardanelos Ltda (Dardanelos) representing this JV.
The contract was amended in May 2004 to allow Votorantim Metais (a division of the privately-held Votorantim Group) to earn into Anglo American´s 70% participation in Dardanelos, but not into Karamin's interest. According to Karmin´s attourney, Votorantim has already effectively completed their earn-in to the Anglo American interest. Votorantim is fully funding the project to bankable feasibility phase. Karmin is not required to contribute until a bankable feasibility study is completed, at which time Karmin must contribute, on a pro-rata basis, towards bringing Aripuanã into production.
Aripuanã Property
Aripuanã is a polymetallic mining district owned 30% by Karmin, in Mato Grosso state Brazil. Karmin discovered the large Ambrex deposit, and a numbere of smaller deposits in the area. The majority partner and operator is the Brazilian metals giant, Votorantim Metais, the world's 5th largest zinc producer who are required to fund the project to a bankable feasibility study before Karmin has to contribute.
SYMBOL/ EXCHANGE: | TSXV:KAR BVLIMA: KAR |
---|---|
*As at October 2, 2017 Karmin is currently traded in Canada on the TSX Venture Exchange and in Peru on the Bolsa de Valores de Lima. | |
Shares Outstanding: | 76,607,283 |
Options Outstanding: | 4,951,657 |
Warrants Outstanding: | 7,600,00 |
Shares Outstanding (Fully Diluted): | 89,158,940 |
Share Price: | $0.85 |
Market Capitalization: | $75M |
Major Shareholder Ownership | |
Karr Securities Inc. & Directors | 30% |
Alberto Arias Davila | 25% |
Dutch Investors | 7% |
Other Peruvian Investors | 5% |
Tonnage (kt) | Zn (%) | Pb (%) | Cu (%) | Au (g/t) | Ag (g/t) | |
---|---|---|---|---|---|---|
Resources reported for Ambrex are contained in the underground stope shapes defined using a NSR cutoff of US$ 20/t | ||||||
Indicated | 18,322 | 4.03 | 1.52 | 0.09 | 0.18 | 35.55 |
Inferred | 3,528 | 4.29 | 1.51 | 0.07 | 0.25 | 41.89 |
Tonnage (kt) | Zn (%) | Pb (%) | Cu (%) | Au (g/t) | Ag (g/t) | |
---|---|---|---|---|---|---|
Indicated | 9,380 | 2.54 | 1.00 | 0.58 | 0.45 | 34.65 |
Inferred | 2,245 | 2.54 | 1.02 | 0.51 | 0.60 | 20.37 |
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