Shares of Rio Novo Gold Inc. (TSE:RN – Get Rating) rose 4% during trading on Monday . The stock traded as high as C$0.13 and last traded at C$0.13. Approximately 34,500 shares were traded during trading, a decline of 63% from the average daily volume of 92,675 shares. The stock had previously closed at C$0.13. […]
Rio Novo Gold Inc. (TSE:RN – Get Rating) rose 4% during trading on Monday . The stock traded as high as C$0.13 and last traded at C$0.13. Approximately 34,500 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 92,675 shares. The stock had previously closed at C$0.13. Rio […]
Aura Minerals sanctions $73m Almas gold project in Brazil
The open pit gold mine is expected to begin commercial production in Q4 2022
The Almas gold project will have an estimated mine life of 17 years. (Credit: Erik Stein from Pixabay)
Aura Minerals announced that its board has sanctioned the development of its fully-owned Almas gold project in Brazil with an investment of around $73m.
The company, which is headquartered in British Virgin Islands, expects to begin construction on the gold mine in April 2021.
First gold pour from the project is expected in the third quarter of 2022, while commercial production is likely to follow in the fourth quarter of the same year, said Aura Minerals.
Aura Minerals Inc. (TSX: ORA) (“
Aura” or the “
Company”) is pleased to announce that, based on the conclusion of a completed feasibility study (the “Study”) and detailed analysis by the management team, the Board of Directors of the Company has approved the development of the Almas Gold Project (“Almas” or “the Project”), an open pit gold mine located in the state of Tocantins, Brazil. The Almas Project is expected to be operational by the second half of 2022, 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 Proje