Banco Master, led by Daniel Vorcaro, has made headlines by financing the most extensive acquisition of critical mineral areas in Brazil's history. Documents obtained by Folha from commercial registries and contracts reveal that 3D Minerals acquired 116 critical mineral areas during the ANM auction in August 2024, just 45 days after the company's formation. This transaction, backed by Banco Master's direct financing, is now under investigation by Brazil's TCU (Court of Accounts) following a report published by Folha last year, which raised alarms about potential irregularities.

The loan granted by Banco Master in November 2024 to 3D Minerals was secured against half of the company's shares and was notably used to settle an enormous debt that the newly formed company had just incurred. Just three months post-auction, 3D Minerals emerged as the leading victor in a national bidding process by acquiring vast territories containing critical minerals. The total area of these acquisitions surpasses that of the Federal District, underscoring the sheer scale of this deal and the implications it may have for Brazil's mineral landscape.

The case surrounding 3D Minerals, first exposed by Folha, sheds light not only on the rapid expansion of new players in Brazil’s mining sector but also raises critical questions regarding transparency and governance in the allocation of mining rights. This acquisition and the financing provided by Banco Master could prompt regulatory scrutiny and may affect future operations in the critical mineral sector, which is increasingly vital for technological advancements and the global energy transition.