(MENAFN - ProactiveInvestors - Australia) Brazilian Metals Group (ASX: BMG) is preparing to announce a 'material agreement' to the market, with the ASX granting the company a trading halt this morning and placing its shares in pre-open.
Brazilian Metals has recently been focused on consolidating its large scale Rio Pardo exploration project in Minas Gerais, Brazil, and seeking new more advanced project opportunities which are capable of being developed under current market conditions.
The company said in the September quarterly that the Rio Pardo project remains a longer term opportunity with the potential to support a large scale, low cost mining operation.
In the near term there are minimal expenditure requirements and the company will seek to incrementally progress the opportunity without committing any significant cash expenditure, and revisit the program as market conditions improve.
The halt will last until the earlier of an announcement being made to the market, or the open of trade on Monday 10th December.