Brazil Minerals Inc Reports Jump in Diamond Output

(IDEX Online News) – Brazil Minerals, Inc., a diamond and gold producer with resources and assets in Brazil, announced that its 55-percent owned subsidiary, Mineração Duas Barras Ltda. (Duas Barras), sold 155 percent more rough diamonds in the second quarter ended June 30 than in the first quarter of 2013.

In addition, the average price realized on rough diamonds sold from Duas Barras was within a few percentage points of the average price realized for sales in the first quarter of 2013.

Brazil Minerals will report its second quarter 2013 financial results on or before August 15, 2013.

Chairman and CEO Marc Fogassa commented, "We expect the positive trend in production growth to continue. The Duas Barras barge operation began in June and is being optimized; we expect such dredging efforts to retrieve diamondiferous gravel, at times from under 50 feet of water, to contribute meaningfully to our production in the coming quarters. On the revenue side, it should be noted that the Duas Barras mining concession has indicated and inferred carats and alluvial gold for years of production ahead.

"Very recently, the Duas Barras team has been able to reach a lower depth of diamondiferous gravel extraction in one location allowing for an average daily diamond production rate significantly higher than the daily average to date," Fogassa concluded.

While the company will continue to focus on selling rough gems for most of its production, BMIX's plan is to begin sales of some cut and polished diamonds from Duas Barras by the end of the third quarter.