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Aura Minerals begins production at its Almas gold mine in Brazil

Kitco Media
By Vladimir Basov
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Updated
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(Kitco News) - Aura Minerals (TSX: ORA) (OTCQX: ORAAF) announced on Monday that production at its Almas gold mine in Brazil has commenced.

In a press release, Aura said that the mine and plant are currently in operation and the company expects to achieve commercial production at Almas by July 2023.

Almas is an open pit gold mine located in the state of Tocantins, Brazil, and is wholly owned by Aura. Almas 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. The company expects 2023 production at Almas to be between 25,000 and 30,000 ounces of gold.

President and CEO Rodrigo Barbosa commented, "We have hit a major milestone in our company history today with the start of production of our first ever greenfield project completed in only 16 months and expected Capex of approximately US$78 million, with no material deviation from the project budget, despite challenges related to procurement, the pandemic and inflationary pressures.

"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 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 four producing assets include the San Andres gold mine in Honduras, the EPP and the Almas gold mines in Brazil and the Aranzazu copper-gold-silver mine in Mexico. In addition, the company has the Tolda Fria gold project in Colombia and four projects in Brazil, of which three gold projects.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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