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(Kitco News) - Aura Minerals (TSX: ORA) announced today that its total production in Q1 2023was 53,265 gold equivalent ounces (GEO), down 9% compared to Q1 2022 when calculated based on constant prices.
The company said the decline in production was mainly due to mining in slight lower grade areas in accordance with the mine sequencing at Aranzazu and progressive production recoveries at the San Andres mine.
Aura noted that at Aranzazu, the operation was very stable and in line with the production guidance. Based on constant prices, production in GEO decreased by 5% compared to Q1 2022 and by 9% compared to Q4 2022 as a result of mining in slight lower gold and copper grades areas, according to the company's expectations.
At EPP, production in GEO increased by 4% compared to Q1 2022. The company expects production from EPP to increase during the second half of the year, on track to meet production guidance for the year.
The company added that at San Andres, production is gradually increasing. In Q1 2023, production was 16% higher than Q4 2022. Comparing with same period of 2022, production was 23% lower. Production is slowly improving and Aura expects it should increase over the next quarters during the year due to several initiatives being implemented.
President and CEO Rodrigo Barbosa commented, "We have important milestones to reach in 2023 that will enable us to hit our 450,000 GEO annualized production guidance in 2025. This year we expect the Aranzazu mine to continue to operate at its high pace, EPP mines to reach higher grades in the second half of the year and the San Andres mine to gradually improve its production level.
"Additionally, during the second half of the year, we expect the Almas mine to reach commercial production, construction to commence at the Borborema project and exploration efforts to continue at the Matupá project."
Aura is a mid-tier gold and copper production company focused on the development and operation of gold and base metal projects in the Americas. The company's producing assets include the San Andres gold mine in Honduras, the EPP gold mine in Brazil and the Aranzazu copper-gold-silver mine in Mexico.
In addition, the company has the Tolda Fria gold project in Colombia and five projects in Brazil, of which four gold projects: Almas, which is under final phase of construction; Borborema and Matupá, which are in development; and São Francisco, which is on care and maintenance. Aura also owns the Serra da Estrela copper project in Brazil, Carajás region, under exploration stage.
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