RE:Almas construction started This is the big news have been waiting for.
Almas add's 51-60K oz a year for next 17+ years. This is only what is in reserves to date.
Press release from Aura:
ROAD TOWN, British Virgin Islands, December 12, 2021 -- Aura Minerals Inc. (TSX: ORA) (“Aura” or the “Company”) is pleased to announce that today the cornerstone of the Almas Project ("Almas Project", "Almas" or "Project") was unveiled, in an event attended by authorities of the state government of Tocantins, Brazil and the municipality of Almas, Brazil. An agreement with the owner of the surface’s rights of the Almas Project was reached and the installation license was duly obtained, which allows for the immediate start of construction of the Almas Project. Rodrigo Barbosa, President and CEO of Aura, comments: "Today is a special day for all of us at Aura and all those who have been supporting the Almas Project since its inception. We have unveiled the cornerstone of the Project and are ready to begin the construction of Almas, which is expected to create more than 3,000 new direct and indirect jobs from 2023 when it is expected to start production, besides additional tax revenues on local, State and Federal levels. In addition, Almas Project yields an unleveraged IRR of 57% per year for 17 years, considering gold prices at US$1,800 per ounce, and that will contribute significantly to Aura achieving its 2024 growth targets". The financial resources required for the development of the Almas Project will come from the previously disclosed issuance of Aura Almas Minerao S.A. Senior Notes, in the amount of approximately US$ 77 million1 , which were issued in July 2021 with a two year grace period and a payment term of up to 5 years. As previously disclosed, the Almas Project is expected to begin operations in the first quarter of 2023 with an after-tax total investment estimated at approximately US$73 million, yielding an after-tax net present value (“NPV”) of US$183 million when using the weighted average consensus gold prices for the projected period of US$1,558 per ounce. An upside scenario using a gold price of US$1,800 per ounce yields an after-tax internal rate of return (“IRR”) of 57% and after-tax NPV of US$260 million. Average annual gold production is estimated at 51,000 ounces during the first four years of the Project, with an estimated life of mine of 17 years, based on mineral reserves estimated in accordance with National Instrument 43-101 – Standards for Disclosure for Minerals Projects (“NI 43-101”). The Almas Project is wholly-owned (indirectly) by Aura. Forward-Looking Information This press release contains “forward-looking information” and “forward-looking statements”, as defined in applicable secu