The Company’s diamond and gold operations and properties in the Jequitinhonha Valley area of the state of Minas Gerais in Brazil are in two subsidiaries, Mineração Duas Barras Ltda. (“MDB”) and RST Recursos Minerais Ltda. (“RST”).
MDB owns a large alluvial diamond and gold processing and recovery plant, capable of processing upwards of 45 tons of gravel per hour of operation. The best information that this plant was built by South African mining engineers hired for the task and cost $2.5 million to construct. It is regarded as the largest such plant in Latin America.
MDB has title to two mineral rights. One is a mining concession for diamond, gold, and sand (discussed below). The other, physically separated, is an area for which we have submitted the application to mine. Both of the MDB mineral rights are located on the left margin of the Jequitinhonha River in the State of Minas Gerais in Brazil. The Jequitinhonha River valley is a well-known area for diamond and gold production; it has hosted alluvial production since the 18th century.
MDB’s mining concession (“Concessão de Lavra”) covers an area of 422 acres. It allows for the exploration and commercialization of diamonds, gold, and sand. Concessão de Lavra” is the highest level of mineral right in Brazil.
**BMIX owns 100% of MDB, a Brazilian producer and seller of polished and rough diamonds, gold bars, and industrial-use sand. MDB operates a fully-operational mining concession with the largest alluvial processing plant for diamonds and gold in Latin America, and has the Brazilian permit to export its production.
BMIX also owns 25% of RST Recursos Minerais, Ltda. (“RST”), a Brazilian company with 10 mining concessions and 12 other mineral rights for diamond and gold. The RST areas are located near MDB’s plant, in the Jequitinhonha River valley, a well-known area for diamonds and gold for over two centuries.
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