- Aura Minerals (ORA) has commenced production at its Almas Mine
- The mine and plant are currently in operation and the company expects to achieve commercial production by July 2023
- Average annualized 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
- Aura Minerals Inc. (ORA) opened trading at $10.88 per share
Aura Minerals (ORA) has commenced production at its Almas Mine.
The mine and plant are currently in operation and the company expects to achieve commercial production by July 2023.
Almas is an open pit gold mine located in the state of Tocantins, Brazil, and is wholly owned by Aura.
This is the first greenfield project constructed by Aura. Average annualized 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.
Aura’s President and Chief Executive Officer, Rodrigo Barbosa stated that the team has hit a major milestone with the start of production of their first ever greenfield project, which was completed in only 16 months and expected Capex of approximately US$78 million.
This was accomplished with no material deviation from the project budget, despite challenges related to procurement, the pandemic and inflationary pressures.
“Our strategy of focusing on simple and scalable projects that are easy to build and easy to operate under the highest ESG standards, which we call Aura 360, is paying off. This efficient model has already resulted in significant benefits to both Aura and the local communities. We invested approximately 50 thousand hours on training and have 57 per cent of direct labour hired from the local communities which we expect to further increase during the ramp-up of the operation and next year. We look forward to providing additional updates as we achieve commercial production and begin sales at Almas and completing the ongoing Borborema Feasibility study with construction anticipated to commence by the end of this semester. With Almas online, we expect to deliver value not only to our shareholders but contribute to the economic growth of the region.”
Aura Minerals Inc. (ORA) is a mid-tier gold and copper production company focused on the development and operation of gold and base metal projects in the Americas.
Aura Minerals Inc. (ORA) opened trading at $10.88 per share.
For full disclaimer information, please click here.