Fully Funded to Production
RIO DE JANEIRO, Nov. 18, 2021 /CNW/ - 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...
Read Full Story: https://finance.yahoo.com/news/4b-mining-participa-es-ltda-160000249.html
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