BBX doesn't own Eldorado do Juma so there's no way we're liable for any mess that any garimpos caused. We have signed an
option agreement to acquire a 75% interest indirectly through an an
option agreement to acquire 100% of Minorte Extração de Minério Ltda (Minorte).
There's been no notice that the transfer of title to Minorte has happened so it's got nothing to do with us. Being named as a defendant doesn't mean we're liable for anything. If it was anything that would affect BBX
we would know about it.
An option agreement means that the agreement is optional and depends on pre-conditions being met.
"This is is
subject to the satisfaction of a number of pre-conditions, including lifting of a current restriction by the Departamento Nacional de Produção Mineral (
DNPM) (Brazilian Mines Department) to non-garimpeiro mining activity in the area, granting of an exploration licence and
transfer of title to Minorte."
Why are you happy to spend half your waking hours researching and trolling BBX when you don’t even hold and have no intention of holding. You are wasting your time.
PROJECT OVERVIEW
Eldorado do Juma Project, is located in Amazonas State, Brazil
BBX has signed an option agreement to acquire 100% of Minorte Extração de Minério Ltda (Minorte), which in turn has entered into an agreement to acquire a 75% interest in the Eldorado do Juma gold project (Eldorado do Juma Project). The remaining 25% interest will be held by the co-operative of Garimpeiros (Cooperjuma). Cooperjuma currently holds one granted Garimpeiro mining licence and an application for a second licence over the Eldorado do Juma Project (the Co-op Licences).
Minorte and Cooperjuma will form a new BBX managed entity, Comin Gold, which will operate the joint venture over the Eldorado do Juma Project. The commencement of payments to Cooperjuma is conditional on the Co-op Licences being converted to exploration licences and being granted to Comin Gold.
The Co-op Licences cover 14,000 hectares and include over 2km
2 of surface Garimpeiro workings along a strike length of 6km.
Minorte’s agreement to acquire a 75% interest in the Juma do Eldorado Project is subject to the satisfaction of a number of pre-conditions, including lifting of a current restriction by the Departamento Nacional de Produção Mineral (
DNPM) (Brazilian Mines Department) to non-garimpeiro mining activity in the area, granting of an exploration licence and transfer of title to Minorte.
From the last quarterly. No mention of Juma do Eldorado :
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