Brazil’s Mining Code: Under Discussion The Future of Brazil’s Rare Earth Metals Q&A: Gustavo de Lima, Furriela Advogados Exploration & Corporate News
BRAZIL EXPLORATION BRIEFING Vol 4 • June 2013
GRINDING INTO MOTION Recent history reminds us to approach reports of a reform in Brazil’s mining code in June with healthy skepticism. However, there have been positive signs: a number of new mining licenses were granted for the first time since the end of 2011, and Brazil’s congress passed the equally controversial ports bill. “A galinha do vizinho é sempre mais gorda” (“the neighbor’s hen is always fatter”) is the Brazilian equivalent to “the grass is always greener.” For the Brazilian mining industry, the recent successful auction of oil and gas exploration blocks in the country only serves to reinforce the inefficiencies and uncertainties affecting their own sector. On May 14, participants in the 11th auction round of the National Petroleum Agency (ANP) gathered at the Royal Tulip hotel in Rio de Janeiro. 64 local and international companies bid for 289 exploration blocks spread over eleven of Brazil’s onshore and offshore sedimentary basins. The auctions raised $1.3 billion for the government, with a minimum $3.2 billion investment expected on the blocks in coming years. State owned firm Petrobras won the most bids, but local firms such as Eike Batista´s OGX and international majors including BG Group and ExxonMobil also picked up properties. Edison Lobão, Minister of Mines and Energy, hailed the round as the most successful in the ACP´s history and forecast that Brazil would be self-sufficient in oil within two years. Mining companies generally resist the idea that successful reforms made in the hydrocarbons sector–and the auctioning of blocks in particular–can be easily transposed to the minerals realm. However, the efficiency, transparency and clear investment framework embedded in Brazil´s hydrocarbons industry highlights the current uncertainties and doubts that cripple investment in the mining sector. A
/mining.leaders
reform of the mining code, under discussion since 2009, was delayed once again this May–as senators debated reform of the nation´s ports–another controversial issue. IBRAM, the national mining association, estimates that $20 billion worth of mining investment has been postponed while the exact form of the mining bill remains unknown. Following the passing of the ports legislation, it was widely anticipated that the mining bill would be next on the agenda for Brazilian congress, with a draft expected to go to the vote in June. However,
The passing of the ports bill is cause for celebration for Brazilian iron ore and bulk commodity producers.
@miningleaders
intense debate over the ports bill led to a split in President Dilma Rousseff´s 18-party coalition, and in the weeks since media reports have suggested that she may wait until 2014– the first year of her potential second term–before addressing mining reform to avoid further fractures in the coalition before her reelection campaign. This would be a disastrous outcome for the country´s miners. PORTS IN THE STORM: Despite its potential effect on the timing of the mining bill, the passing of the ports bill is cause for celebration for Brazil´s iron ore and bulk commodity producers. With mineral and agricultural exports forecast to quadruple to nearly one billion tons by 2013, the country´s 34 major ports are in need of investment, expansion, and an overhaul in procedures. Individual aspects of the bill could yet be subject to a presidential veto;
BRAZIL EXPLORATION BRIEFING Vol 4 • June 2013
1
LEAD ARTICLE
The efficiency, transparency and clear investment framework embedded in Brazil´s hydrocarbons industry highlights the current uncertainties and doubts that cripples investment in mining. but the central reforms will allow private investments in state-owned ports, a lifting of a ban on private companies handling third-party goods and allow port owners to hire non-union labor during strikes. A further change, which would centralize port control under federal government rather than individual states, is expected to be overturned by Rousseff. Representatives of the Brazilian Association of Infrastructure and Basic Industries said the reforms could attract up to $25 billion in private investment to the country’s major ports. TURNING ON THE TAPS: There was further positive news for the mining sector in the National Department of Mineral Production´s (DNPM) decision to grant a total of 13 mining licenses in the last two weeks of May. Since the end of 2011, the regulatory body had placed a moratorium on new mining licenses using the impending new legislation as justification. Following the bill´s most recent delay, however, pressure from the private sector and state governments has forced the DNPM to compromise. Amongst the permits granted are an AngloGold Ashanti gold project in Minas Gerais and Bahia Mineração´s Caetité project in Bahia, which is forecast to produce 33 million tons of iron ore annually. The granting of the mining permits came with one important caveat: firms were made to sign a waiver allowing the government to change the terms of the licenses following
the passing of the new mining code. A number of law firms have expressed doubts about the legality of such a measure and it is perhaps a mark of fatigue on the part of the mining firms that they were prepared to accept such terms rather than face further delay. The goalposts are going to move, but for now the companies are just happy to take to the field. A further development involved an Australian junior, Cleveland Mining. In May, the Federal Court of Goías ruled that the DNPM was obliged to grant
Mining Licenses Granted by DNPM in May 2013 Company
Mineral
State
Junqueira & Fonseca
Bauxite
Sao Paulo
Mineração Serra Grande
Gold
Goias
Vale
Iron Ore
Minas Gerais
Mineração Curimbaba
Bauxite
Minas Gerais
AngloGold Ashanti
Gold
Minas Gerais
Companhia Brasileira de Alumíno
Bauxite
Minas Gerais & Sao Paulo
Bahia Mineração
Iron Ore
Bahia
Mineração Forquilha
Coal
Santa Catalina
Mineração Caraíba
Copper
Bahia
Companhia Brasileira de Equipamento
Iron Ore
Sergipe
Companhia Geral de Minas
Bauxite
Minas Gerais
Ferlig Ferro Liga
Manganese
Mato Grosso
Mineradora Santo Expedito
Bauxite
Goias
an exploration permit to the firm for its O Capitão gold project, on which drilling had stopped more than 18 months ago due to the moratorium. Such cases could become more common if the mining reform process faces further delay. Numerous Mining Leaders sources speak positively about the prospect of the mining bill going before congress in June. However, repeated delays suggest that there are serious reasons to be wary, especially if Rousseff deems the debate could further split her coalition. For junior companies, protracted deliberations over the code arrive at the worst possible time: when raising funds on the markets is next to impossible and the gold price is shaky. Explorers such as Rio Novo Gold have been forced to drastically trim their workforce, while potential new entrants to the sector have been put-off by what they see as an increasingly risky jurisdiction. Of course introducing new legislation won´t solve all of the juniors´ problems, but its continued delay might just push some off the edge.
Source: DNPM
/mining.leaders
@miningleaders
BRAZIL EXPLORATION BRIEFING Vol 4 • June 2013
2
TSX:HZM AIM:HZM
Developing the next major nickel project in Brazil www.horizonteminerals.com • Teck Resources 42.8% shareholder and AngloGold Ashanti as strategic JV partner advancing gold portfolio • Araguaia Nickel Project - Indicated Resource of 39.3 million tonnes grading 1.39% nickel - Inferred mineral resource of 60.9 million tonnes averaging 1.22% nickel - High grade zones - Pre-feasibility planned mid 2012 - Excellent infrastructure
• Falcao Gold Project - Falcao Gold Project JV fully funded by AngloGold Ashanti to US$4.5M
Tangara Falcao
Pantone 873c
80% black
CMYK 30,30,60,10
CMYK 0,0,0,80
Araguaia
ARTICLE
A RARE THING
Debate over the mining code has drawn attention to the future of exploration and development of Brazil’s rare earth metals. On May 13, a governmental debate over the forthcoming mining code shed light on Brazil’s approach to exploration and development of its deposits of rare earth elements. Brazil´s endowment of “rare earths”- a group of 17 metals used in high-tech industries like the manufacture of batteries and smartphones– has been known for decades. However, at present Brazil produces less than 1% of global supply, while China dominates with
enabled government and private sector representatives to propose future strategies for the rare earth sector. The subcommittee´s rapporteur, senator Aníbal Diniz, stated the objective of future policy should be development of all rare earth market sectors, from exploration to processing. Diniz noted that Brazil must avoid a similar scenario to the 1950s when Brazil exported uranium but failed to develop its own nuclear power sector.
Brazil produces less than 1% of global supply, while China dominates with 87%.
87% of the market. Prices of many rare earths soared in mid-2011 and despite falling since then, demand from the technology sector is expected to make them a sought-after commodity in years to come. Also recently: the Brazilian congress’s public hearing of the temporary subcommittee charged with drafting the new mining code,
/mining.leaders
In response, Alvaro Plata of the Ministry of Science, Technology and Innovation (MCT) proposed plans for US$5 million of state funding for research into rare earths by 2016. Both instances above raise questions about the private sector’s role in the exploration and development of rare earths in Brazil. In recent years, a number of companies have
@miningleaders
seized the opportunities presented by China´s dominance of the market and the rising prices of rare earths. In April 2012, Brazilian firm World Mineral Resources, owned by João Carlos Cavalcanti, one of the country’s richest men, discovered a 28 million ton deposit of neodymium–used in high-performance magnets–in Bahia. Rare earths have also been identified as by-products of existing mines and development projects. Vale has discovered significant rare earth deposits near its Salobo copper mine in Pará and niobium is also a major by-product of MBAC Fertilizer´s Araxá phosphate project. However, according to financial daily Valor Economico, the recent growth of the Geological Survey of Brazil (CPRM) suggests the state may look to play a far more active role in the exploration of strategic minerals. According to the report, CPRM has expanded its budget from R$307 million to R$468 million in the last four years and plans to hire over 200 geological exploration specialists from August. With Brazil´s uranium industry controlled by stateowned Indústrias Nucleares do Brasil–will rare earths head in the same direction?
BRAZIL EXPLORATION BRIEFING Vol 4 • June 2013
3
Q&A
NAVIGATING
THE LABYRINTH
Forming a new company in a country as bureaucratic as Brazil poses a myriad of legal challenges. Corporate law specialists, Furriela Advogados, Gustavo de Lima Palhares bridges the gap by advising clients on the most effective ways to negotiate Associate Furriela Advogados the country’s legal system and anticipated changes to the mining code. What is the main challenge to setting a difficult-to-obtain national decree. up a company in Brazil? Instead, the subsidiary, while having Everyone recognizes that Brazil has a highly bureaucratic system in terms of working in the country or creating a new company. It varies in each state, but in São Paulo–one of the most efficient Brazilian states for investors to setup new companies– it takes around 10 days, while other states could take longer. Compare this to some European countries where you can do it in 4 hours, and it’s obvious that Brazil is far too bureaucratic. But that’s part of a developing economy: as you grow, you must modernize and put in place structures enabling the country to constantly update its legal frameworks. Things are progressing gradually; today in São Paulo the majority of the process is online, whereas eight years ago you had to do it all by hand, and recently the Receita Federal do Brasil (Brazilian IRS) integrated its systems with the Boards of Trade, speeding up the whole process. It shows the government’s concern to streamline and simplify this process–they’re on the right path.
How can international mitigate these challenges?
investors
Seventy percent of our clients are international, mainly from the USA and Europe and accustomed to more efficient legal systems. At Furriela, our domestic law expertise and local understanding means we know how to avoid delays and we offer clients several options to setup a company quickly. An option for our international clients is to create a subsidiary, much simpler than registering a foreign company here–which requires
/mining.leaders
international partners and shareholders, is still recognized as a Brazilian company. The international capital invested in the company must then be registered with the Central Bank and there’s an added advantage whereby international shareholders do not have to pay any tax on distributed profit. In Brazil it helps to have established relationships with the government, which is often difficult for international investors. But one solution is to partner with a Brazilian firm which already has local knowledge and strong community ties by means of a joint venture agreement, service agreement or specific purpose company–depending on the objective of the investors.
Are you optimistic about updates to the mining code? In January, I was skeptical that the mining code in Brazil would be updated even by 2014 due to the laborious nature of implementing new laws here and likely opposition over several issues, from royalties to environmental sustainability. However, it’s become clear Rousseff’s government has prioritized updating mining regulations, as we see from the President’s attempt to enforce change through a ‘provisionary measure’, which enables the government to implement a new piece of legislation within a few months. It will need to be passed through the Chamber of Deputies and the Senate. The Congress then has 60 days to pass it into law. Without the Provisionary Measure, or under normal federal law, implementation could take years.
@miningleaders
How will this impact your clients in the mining sector? We have plenty of clients related to the mining field. We are interested in changes, on the one hand, in terms of rights to explore and on the other, in terms of rights to start exploring. In the old mining code, there was no provision limiting the time in which you had to start exploring. Companies bought mining rights but would not actually invest in mining, and then use it as leverage in negotiations. They were effectively speculators. The government wants to change this, and a 30-year limit on permits to explore is being suggested. In some important areas, like land containing rare metals, there will be public tender bids to see who is most suitable to explore certain mines. Previously there were no such bids. Soon, if you bid and obtain a permit, you will be given a specific timeframe in which to present your project. If it is approved, exploration must be executed by a certain date. In less regulated regions, you will simply be able to ask for the mining rights and start exploring straight away.
BRAZIL EXPLORATION BRIEFING Vol 4 • June 2013
4
EXPLORATION NEWS
Cleveland Mining (ASX: CDG) already producing gold from its Premier mine in Goias state, is expected to release a JORC compliant resource estimate at its nearby O Capitão project in the coming months following a court ruling that allowed the firm to proceed with exploration. The Federal Court of the State of Goiás ruled that the Brazilian Mining Authority approve exploration licenses to the project, following a memorandum on the granting of new licenses. The O Capitão project was the focus of major artisanal mining in the 1980s. Belo Sun Mining (TSX: BSX) released its prefeasibility study for the Volta Grande project in Para. The study outlines an average gold production of 313,100oz/year at cash costs of $711.50/oz over a mine life of ten years. The initial capital investment is estimated at just under $750 million. However, the study only allows for mining of 2.8Moz from a resource estimate of 4.7Moz measured and indicated and 2.2Moz inferred resources. The firm’s share price dropped 37% on the news and several brokerages downgraded the stock. Amarillo Gold Corp (TSX-V: AGC) has announced the geotechnical study results for its Mara Rosa project, as part of its feasibility study. The study indicates that the footwall slope can be safely increased. Consequently, strip ratios will be decreased from 8:1 in the PFS to approximately 6.5:1. President and CEO, Buddy Doyle, stated that the smaller strip ratio will result in “less cost and a smaller mine footprint.” Amarillo expects a new resource estimate for the mine within the next few weeks. Brazil Minerals (OTCQB: BMIX) announced it had acquired a 55% controlling stake in Mineração Duas Barras, a Brazilian diamond producer, in exchange for 1 million shares in BMIX stock. The Duas Barras mine has Latin America’s largest physical plant for processing alluvial diamonds. Horizonte Minerals (TSX: HZM; AIM: HZM) announced promising results from a metallurgical test program for its Araguaia nickel project in the Carajas mining district of
northern Brazil: the rotary kiln electric furnace process (RKEF) can be used on the extracted nickel ore to produce ferronickel. The company now intends to proceed with a PFS based on the use of the proven RKEF technology.
8,852oz. The additional production at Sao Francisco was a result of the additional staged heap-leach process. Cash costs at the mine also dropped to $1,322/oz from $2,424/oz the previous year.
Lara Exploration (TSX: LRA) announced that its joint venture partner, Codelco, has resumed drilling at the firm’s Liberdade copper project in northern Brazil’s Carajas district. Codelco has a diamond drilling and reverse circulation rig operating at the site. Magnetometry geochemical surveys are also underway throughout the Liberdade project, which spans 8,491 hectares.
Brazil Resources (TSX-V: BRI; OTCQX:BRIZF) announced the granting of incentive stock options to purchase 25,000 shares of the company to its previously appointed investor relations provider. The Options have an exercise price of $0.95 per common share, representing the market price for the common shares on May 8, 2013, are valid for a period of five years and will vest over a period of eighteen months.
Crusader Resources (ASX: CAS) announced that Brazil’s Minas Gerais state environmental council has granted a full environmental license for the firm’s Posse iron ore mine. The mine began operating in March under a trial license that limits production to 300,000tpa. The environmental license allows the company to apply for full mining rights and expanded production. Crusader also acquired the mineral rights for the tenement to the south of its Borborema gold project. The firm will begin exploration of the newly acquired land upon receiving state approval. Orinoco Gold (ASX: OGX) announced the discovery of a high-grade silver assay of 40oz per ton over 17.6 meters, at its Faina Goldfields project. Copper and tungsten credits were also found in the assay. The discovery was made between two recently discovered gold bearing horizons. The news follows the announcement of the first assay of the area, which resulted in an intersection of 17.6 meters at 1,263 grams per ton Ag from a 101m down-hole.
CORPORATE NEWS Aura Minerals (TSX: ORA) announced its highest ever quarterly production figures for the first three months of 2013. Production from the Sao Francisco mine in Mato Grosso reached 25,652oz compared to 15,349 for the same period last year. Production at the Sao Vicente mine also grew to 9,048oz from
Brazilian Gold (TSX-V:BGC) announced that it had signed a non-binding letter of intent with Kingwell Group, whereby the latter will offer to buy not less than 50.95% of outstanding BCG shares at a price of C$0.27 per share. The deal is subject to a due diligence review by Kingwell Group. Carpathian Gold (TSX: CPN) announced the reelection of each of the firm’s directors at their 2013 Annual and Special Meeting for Shareholders, which was held on May 7th. Furthermore, Peter Lehner stepped down as chairman of the board, but will still remain with the company as a non-executive director. Carpathian’s previous president and CEO, Dino Titaro, was named as chairman and CEO, while John Hick was promoted from director to lead director of the company. Cleveland Mining (ASX: CDG) and BC Iron (ASX:BCI ) on May 4th announced the signing of a memorandum of understanding to acquire stakes of up to 80% in three ironore projects in Brazil. The deal proposes an earn-in process following assessments of the developments at each project and is conditional on the completion of long-term option to purchase agreement. $4 million in exploration capital, split evenly between the two companies, has been earmarked for the projects, which are located in the states of Bahia and Minas Gerais.
BRAZIL EXPLORATION BRIEFING Vol 4 • June 2013
5
CORPORATE NEWS Colossus Minerals (TSX: CSI; OTCQX: COLUF) announced the signing of an agreement on behalf of itself, Dundee Securities Ltd, and a syndicate of underwriters, wherein the latter will purchase¬– on a bought deal basis–15,625,000 common shares at a price of CDN$1.60 per share. The sale will bring in $25 million for the firm. The underwriters also have an over-allotment option to purchase an additional 2,343,750 shares at the aforementioned offering price. Cosigo Resources (TSX-V: CSG) announced its intention to complete a non-brokered private placement of as many as 4,000,000 units at a price of CDN$0.25 per unit. Each unit includes one share and one share purchase warrant that entitles the holder to purchase an additional share for CDN$0.50 within a period of 12 months. The proceeds could bring the company as much as CDN$1,000,000, which will fund a reverse-circulation drilling program at its Machado project. Eagle Mountain Gold (TSX-V: Z; Frankfurt: E9X; OTCQX: EMGCF) announced that, as of May 1st, Geoff Watson has replaced Albert Wu as CFO. Watson will remain on the company’s board of directors. In addition, the company announced a non-brokered private placement of up to 4,000,000 units at per unit price of CDN$0.12, which may bring the company a gross total of CDN$480,000. Each unit consists of one share, and a warrant permitting the purchase of an additional share for CDN$0.15, for a period of two years from the closing date of the placement. INV Metals (TSX: INV) and Teck Resources have entered an option agreement, over their Rio Novo South property, with Brazilian company Private Co. The latter has agreed to fund exploration expenditure to the tune of $6 million by December 31, 2015, in exchange for a 60% stake in the property. Should Private fail to fulfill the agreement’s terms, it will be liable to pay an amount equal to one half of the shortfall to INV and Teck. INV also announced a 2013 first quarter operating loss of just over $7 million, while its cash balance fell from $25.3 million, as of December 31st 2012, to $23.8 million over the period. Kenai Resources (TSX-V: KAI) and Serabi Gold (TSX: SBI; AIM: SRB) iannounced that the company is subject to a takeover bid by Serabi, via a plan of arrangement. The agreement is currently pending agreement from Kenai’s shareholders, who will consider the deal in a meeting scheduled for July 5th. Should the deal go through, Kenai shareholders would stand to own 20.8% of Serabi’s enlarged issued share capital. The deal would also result in an amalgam of Kenai’s Sao Chico gold property, with Serabi’s Palito operation, located just 23 kilometers away.
Discover the way to SMART TECHNOLOGY Since 1991 CEMI has been developing integrated solutions in the field of mineral engineering. CEMI specializes in: • • • •
High performance equipment Technologies of dynamic and static simulation Advanced control and process optimization Image analysis for flotation and size distribution of ore and pellets • Multidisciplinary engineering. CEMI’s recognized expertise, mastery of modern technologies and use of advanced tools have allowed for the development and successful execution of projects, ensuring complete satisfaction and return on investment for clients.
Santa Fe Gold (OTC: SFEG) announced revenues of $13.3 million for the nine months ending March 31st 2013, marking a 94% increase over the same nine month period ending in 2012. For the first quarter of 2013 alone, Santa Fe recorded revenues of $3.3 million, a modest increase over the same period last year. Serabi Gold (TSX: SBI; AIM: SRB) announced the appointment of Nicolas Bañados, an attorney-in-fact of Fratelli Investments, as a non-executive director of the company. Serabi also announced a 2013 first quarter pre-tax operating loss of $1,359,226. The firm’s takeover of Kenai Resources is currently pending agreement from Kenai’s shareholders, who will consider the deal in a meeting scheduled for July 5th.
CEMI - PROCESS TECHNOLOGY AND ENGINEERING Rua Fernandes Tourinho, 602 - Térreo - Funcionários Belo Horizonte / MG - Brasil CEP.: 30112-000 Tel.: +55 31 3116-3700 / Fax.: +55 31 3116-3740 www.cemi.eng.br / cemi@cemi.eng.br
IN FIGURES TOP 5 MOVERS
-65 Lago Dourado -48 Minera Gold
BRAZIL GOLD INDEX 200
-47 Amarillo Gold -40 Serabi Gold plc -39 Aura Minerals
C$m
100
0
FEB
MAR
APR
MAY
JUNE
The Brazil Gold Index measures the average market capitalization of 13 Brazil-focused gold juniors (AGC, ORA, BSX, BGC, BRI, CPN, CSI, JAG, LDM, LGC, MNM, CDG and CAS).
Ticker
Shares
Share Price (C$)
Prev Month (C$)
69,938,085
$0.270
$0.510
% Change Market Cap (C$m)
Cash (C$m)
Moz
EV/oz
$0.00
1.85
$10.21
Canada TSX & TSX-V Amarillo Gold
AGC
Amerix Precious Metals
APM
82,454,934
$0.025
$0.025
0
$ 2.1
Aura Minerals
ORA
228,358,334
$0.170
$0.280
-39
$ 38.8
2.60
$14.93
Belo Sun
BSX
265,910,000
$1.150
$1.410
-18
$ 305.8
6.90
$44.32
Brazilian Gold
-47
$ 18.9
BGC
103,233,796
$0.210
$0.160
31
$ 21.7
Brazil Resources
BRI
41,330,147
$0.940
$0.940
0
$ 38.9
Carpathian Gold
CPN
555,419,911
$0.225
$0.250
-10
$ 125.0
Colossus Minerals
CSI
106,280,000
$1.860
$2.090
-11
$ 197.7
Cosigo Resources
CSG
73,175,423
$0.250
$0.240
4
$ 18.3
Z
38,073,526
$0.140
$0.155
-10
$ 5.3
Eagle Mountain Gold
$7.20
2.60
$8.34
0.67
$68.73
9.00
$13.89
0.98
$5.44
Horizonte Minerals
HZM
360,046,170
$0.170
$0.140
12
$ 61.2
INV Metal
INV
493,735,340
$0.025
$0.025
0
$ 12.3
Jaguar Mining
JAG
85,080,567
$0.420
$0.415
1
$ 35.7
8.29
$4.31
Kenai Resources
KAI
105,906,734
$0.050
$0.055
-9
$ 5.3
0.10
$52.95
Lago Dourado
LDM
94,279,828
$0.030
$0.085
-65
$ 2.8
Lara Exploration
LRA
30,638,021
$1.110
$1.100
1
$ 34.0
Luna Gold
LGC
105,028,566
$1.950
$2.490
-22
$ 204.8
3.90
$52.51
Magellan Minerals
MNM
117,223,226
$0.125
$0.130
-4
$ 14.7
2.40
$6.11
Rio Novo Gold
RN
113,279,180
$0.105
$0.105
0
$ 11.9
2.66
$4.47
Sandstorm Gold
SSL
91,892,964
$8.380
$7.880
6
$ 770.1
1.01
$762.44
Serabi Gold
SBI
361,268,529
$0.100
$0.105
-40
$ 36.1
0.67
$53.92
TriStar Gold
TSG
57,664,803
$0.325
$0.260
25
$ 18.7
Cleveland Mining
CDG
203,006,669
$0.170
$0.150
13
$ 34.5
Crusader Resources
CAS
126,646,041
$0.255
$0.295
-14
$ 32.3
2.43
$13.29
Minera Gold
MIZ
474,569,948
$0.014
$0.027
-48
$ 6.6
0.10
$66.44
0.13
$47.91
25.70
$224.35
Australia ASX
Paringa Resources
PNL
37,391,667
$0.070
$0.100
-30
$ 2.6
Orinoco Gold
OGX
72,545,001
$0.205
$0.205
0
$ 14.9
BBX Minerals
BBX
87,196,361
$0.015
$0.016
-6
$ 1.3
Gold Hills Mining
GHML
34,206,313
$3.000
$3.000
-0
$ 102.6
Aurora Gold
ARXG
249,144,706
$0.025
$0.030
-17
$ 6.2
Santa Fe Gold
SFEG
117,599,598
$0.160
$0.240
-33
$ 18.8
EGO
714,484,476
$8.070
$7.380
9
$ 5,765.9
OTC
NYSE Eldorado Gold
/mining.leaders
@miningleaders
BRAZIL EXPLORATION BRIEFING Vol 4 • June 2013
7