Brazil Minerals Inc (OTCMKTS:BMIX) reported that it has reduced its Brazilian fixed costs by almost half as the company relocated its Brazilian administration to a new office which is at a distance of fifteen miles from its sand mine, diamond and gold operations.
Brazil Minerals took the decision to close its Belo Horizonte office so as to facilitate communications and oversight. The office was established before company’s acquisition of mine and was at a distance of almost 300 miles from mine. The new office allows the company to save on both office and labor costs and also reduces the lodging and traveling expenses. As a result, the Brazilian fixed costs have reduced by as much as 50%. IN addition, the new office will encourage easier communication between operational and administrative staff.
Brazil Minerals’s CEO now directly communicates with the directors accountable for the two business products of the company, gold and diamond, and sand and industrialized sand components. The various other activities like human resources, environmental compliance and mineral rights analysis, have been assigned to expert consultants who report directly to CEO.
Later in 2015, Brazil Minerals Inc (OTCMKTS:BMIX) intends to add one more executive to its California office. For the reason, it is interviewing candidates that are well-versed in Portuguese and possess advanced degrees. The finalized person will work with the Chief Executive Officer on several areas, such as investor relations. The count of Brazil Minerals’s long-term oriented investors is increasing, and most importantly most of them are based in California.
At this time, the company is mainly and specifically focused on two areas. The first one is to eliminate its variable-rate convertible debt so as to increase shareholders’ confidence. The second objective is to become cash flow positive.
In early morning trade on Thursday, BMIX was trading with gains of over 14% at $0.00080.