28/03/2012 - 12:29

Brazilian Metals acquires new project

28/03/2012 - 12:29

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Perth-based miner Brazilian Metals Group has acquired the Carrapato iron deposit in Brazil’s Minas Gerais state in a deal worth $US38 million.

The Carrapato deposit is adjacent to Vale’s Corrego de Feijao mine, which produced direct shipping ore at a grade of 66.6 per cent Ferrous.

The project is also an extension of Itaminas’ Sarzedo mine, which has a reported resource of 1.3 billon tonnes of iron ore.

Brazilian Metals called the acquisition a significant step as it attempts to complement its existing large-scale iron projects in Minas Gerais with smaller scale, higher grade developments.

The $US38 million transaction price is payable over four years, subject to a four-month evaluation period.

At 12:15PM WST, Brazilian Metals shares were down 6 per cent, trading at 4.7 cents. 

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