Mar 26 2019
Brazil Minerals, Inc. announced on March 25th, 2019 that the local mining authority had issued the Exploration Permit for its nickel, cobalt, and copper project that covers two mineral rights in an area of around 5000 acres in the state of Goiás, Brazil.
The Company’s project is located in an area famous for lateritic nickel deposits, with the potential for associated copper and cobalt. Goiás hosts 98% of Brazil’s cobalt reserves as estimated by the local mining department.
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 has a gold area elsewhere in this state.
Marc Fogassa, CEO, Brazil Minerals, Inc.
Cobalt is employed in rechargeable batteries (with increasing demand promoted by the electric vehicle industry) and high-temperature alloys for aircraft parts. The exceptional properties of cobalt make this metal inimitable from other substances; by 2020, total cobalt demand is expected to increase by 30%. Copper is a widely used metal because of its thermal and electrical conductivity. Nickel is a vital ingredient to stainless steel alloys.