Aura Minerals targets nearly 90% production increase by 2025 with new mines - PDAC 2024
March 18, 2024 at 08:09 am EDT
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Aura Minerals Inc chief financial officer Kleber Cardoso joins Proactive's Angela Harmantas at PDAC 2024 with more on the Latin American-focused gold and copper producer and the significant growth it's currently experiencing.
In 2023, Aura made crucial progress towards its goal of increasing production by nearly 90% by 2025, with the introduction of three new mines. The company successfully transitioned from three to four operations, notably by bringing the Almas project in Brazil to completion. This new mine, constructed on time and within budget at $75 million over 16 months, reached commercial production five months later. In 2023, Aura produced 136,000 ounces of gold equivalents, with expectations to boost production by 10-20% in 2024 due to the new mine's full operation.
Aura aims to nearly double its output to 450,000 ounces of gold equivalent by 2025, with significant contributions from the Borborema project in Brazil, expected to produce 85,000 ounces annually. The project, already 20% complete and fully funded, benefits from fixed pricing for over half of its capital expenditure, mitigating inflation risks and aiming for an early 2025 production start.
Beyond Borborema, Aura plans to continue its growth by advancing other projects in Brazil, including the Matupá project, with all necessary permits and feasibility studies completed. This project, along with three early-stage ventures, is part of Aura's strategy to maintain its growth trajectory, aiming for continued expansion into 2025 and beyond.
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Aura Minerals Inc. is a mid-tier gold and copper production company. The Company is focused on operating and developing gold and base metal projects in the Americas. It has four operating mines, including the Aranzazu copper-gold-silver mine in Mexico, the Ernesto/Pau-a-Pique Project (EPP) and Almas gold mines in Brazil, and the San Andres gold mine in Honduras. The Companyâs development projects include Borborema and Matupa, both in Brazil. It has unmatched exploration potential, owning over 650,000 hectares of mineral rights and focuses on advancing multiple near-mine and regional targets along with the Serra da Estrela copper project in the prolific Carajas region of Brazil. The Company has the right to explore the Pe Quente and Pezao Projects in the State of Mato Grosso, Brazil. The Aranzazu Mine is an underground copper mine that is located within the Municipality of Concepcion del Oro in the State of Zacatecas, Mexico. The San Andres Mine is an open-pit heap leach gold mine.