Alagoas is a new mining frontier in the Northeast (“Nordeste”), a Brazilian region where many mineral discoveries are occurring; in particular, Alagoas has been mapped by the Brazilian Geological Survey and iron occurrence are well documented.
Apollo owns 7 mineral rights located in the state of Alagoas in Brazil in an area known for Iron from studies carried out by the Brazilian Geological Survey.
In particular, the Geological Survey identified an average Fe2O3 content greater than 55%.
Some of our mining rights are located immediately adjacent to mineral rights purchased by mining fund Appian for US$40M (see map below; Apollo = red, Appian= blue). An excerpt of this news follows: “Headquartered in London and with offices in Australia and South Africa, Appian Capital Advisory LLP is a fund specializing in investment in medium-sized mining companies in various regions of the world. After acquiring control of the Vale Verde Mining project in Craíbas and Arapiraca, in Agreste Alagoano, last year, in a transaction with Aura Minerals estimated at US$ 40 million, the group is now preparing to continue the investment plan in region that should consume more than US$ 220 million.”