Brazil Minerals, Inc. (OTC: BMIX) (the "Company" or "Brazil Minerals") announced today that it had been granted by the local mining authority the Exploration Permit for its nickel, cobalt and copper project that encompasses two mineral rights in an area of approximately 5,000 acres in the state of Goiás, Brazil.
The Company’s project is in a well-known area for lateritic nickel deposits, with the potential for associated cobalt and copper. Goiás is home to 98% of Brazil’s cobalt reserves as determined by the local mining department.
Marc Fogassa, CEO of the Company, commented, “Today’s announcement is an important milestone in enabling Brazil Minerals to advance this potentially high-return project. Goiás has an extremely rich geology; in fact, our affiliated company Jupiter Gold (OTC: JUPGF) has a gold area elsewhere in this state.”
Cobalt is used in rechargeable batteries (with high growth in demand fueled by the electric vehicle industry) and high-temperature alloys for aircraft parts. The unique properties of Cobalt make this metal irreplaceable by other substances; total Cobalt demand is expected to grow 30% by 2020. Copper is a broadly used metal due to its electrical and thermal conductivity. Nickel is a critical component to stainless steel alloys.
Source: Company Press Release