Fully Funded to Production
RIO DE JANEIRO, Nov. 18, 2021 /PRNewswire/ -- 4B Mining Participações Ltda. ("4B MINING" or the "Company"), a privately held company, is pleased to announce it has acquired 51% ownership and operational control of MPP – Mineração Pirâmide Participações Ltda. ("MPP"), which owns the Corumba iron ore and manganese project (the "'Corumba Project" or the "Project") in the City of Corumba, State of Mato Grosso do Sul, Brazil (the "Acquisition of Control of MPP").
4B MINING is fully funded to develop the Corumba Project. In addition, 4B MINING group has entered into a long-term contract with one of the largest iron ore traders in the world for the sale and purchase of 100% of the iron ore to be produced from the Corumba Project during the first five (5) years (the "Fe Sales Strategy").
Patrick Panero, President and CEO commented: "We at 4B MINING are extremely excited to have closed this transaction and are looking forward to finalizing the restructuring of MPP and starting production of high-grade low impurities iron ore lump in 2022. Our Fe Sales Strategy provides the basis for a quick ramp up of our production, while pursuing resource definition of a potential high-grade, low impurities, manganese deposit, and to further define and confirm the resources and reserves of our iron ore project."
4B MINING is fully committed to operating under rigorous ESG policies and expects to greatly and positively impact the lives of the surrounding communities and of those with whom we will work.
Paulo Gouvêa, Chairman, concluded: "This is the first transaction led by a team that has been working together for over two years now. Brazil has a long list of high-quality mid-sized projects and operating mines that are ready to take part in a past-due consolidation."
4B MINING was founded by a team of seasoned Brazilian mining executives with diverse backgrounds and expertise in financing, developing and/or operating iron ore and manganese projects in Brazil and abroad.
4B MINING is developing a pipeline of high-grade and high-quality iron ore and manganese assets and operations in Brazil. The Corumba Project is a past iron ore producer located in Corumbá, Mato Grosso do Sul, Brazil.
4B MINING's short-term plan is to bring the Corumba Project into commercial production for the supply of a high-grade low impurities iron ore lump product (Direct Shipping Ore DSO, +65Fe%), while conducting further exploration activities for the delineation of a high grade, high-quality and low impurities manganese deposit, which is located in an area that was previously mined for manganese in the past.
4B MINING's development strategy consists of achieving production in 2022 and producing up to 600,000 dmt of iron ore in the first year, using existent "Guia de Utilizacao" ("GU" or the "Trial Mining License") and environmental permits already granted to begin operations.
The Company expects to ramp up production to 1.2Mt/year in the second year of operations upon granting of its iron ore mining concession, potentially reaching up to 2.1Mt /year in the third year. The Corumba Project is a straightforward high grade DSO project with no need for drilling and blasting.
4B MINING's project development strategy goes hand-in-hand with economic development which leads to development of local communities and available infrastructure; training and employment; regional capacity building and long-term regional sustainability; each of which also contributes to 4B MINING's ability to grow and thrive. The Company values will be driven by focusing on improving the lives of the surrounding communities and of those with whom we work with and with deep respect for the environment.
About 4B Mining Participações Ltda.
4B Mining Participações Ltda. is a Brazilian privately held company focused on the acquisition, exploration and development of high-quality iron ore and manganese projects in Brazil.
The Company's short-term goal is to become a producer of iron ore by bringing the Corumba Project, located in the State of Mato Grosso do Sul, into production in 2022.
Forward Looking Statements
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
For further information on 4B Mining please contact: Patrick Panero, Founder, Director and President & CEO, email@example.com; Alex Penha, Founder, Director and EVP Corporate Development, firstname.lastname@example.org
SOURCE 4B Mining Corp.