Aura Minerals targets nearly 90% production increase by 2025 with new mines - PDAC 2024
Toronto, Canada
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March 18, 2024 08:07 AM Eastern Daylight Time
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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