Karmin Exploration is a mining and exploration company with its flagship project at Aripuanã, Brazil. Karmin owns 30% of the Aripuanã zinc project, one of the largest undeveloped zinc projects in Brazil. Aripuanã covers a complete mineralized massive sulphide district, with five areas of mineralization (Arex, Ambrex, Babacu, Massaranduba and Mocoto) over a 25 kilometer strike length.

Votorantim Metais, a division of the privately-held Brazilian Votorantim Group, is the project operator and is earning into the remaining 70% of the project now held by Anglo American PLC. Votorantim is fully funding the project to a bankable feasibility study, and Karmin is not required to contribute until 18 months after the completion of the study. Votorantim Metais is the fifth largest zinc producer in the world, with two zinc smelters in Brazil. Currently, Votorantim imports zinc concentrates from other countries.