28.01.2015 - Commodities? Brazil Iron-Ore Startup Says Cosmetics a Better Bet
Things are so bad for mining projects in Brazil that startup All Ore Mineracao SA (AORE3) is changing its line of business for something more glamorous: cosmetics. All Ore, whose 2009 listing made it the last iron-ore company to start trading on the Sao Paulo stock exchange, said it’s abandoning commodities to focus instead in the beauty and health-care market. The company, which hadn’t yet started operations at iron-ore and gold projects in northern Brazil, will buy a cosmetic producer and change its corporate purpose, it said in a regulatory filing Tuesday. Investors approved. Shares jumped as much as 70 percent...............................................Full Article: Source
Print