Rodrigo Barbosa CEO AURA MINERALS
Can you update us on Aura Minerals' recent developments over the past year?
We completed the construction of Almas on time and within budget in 2023, achieving this milestone in just 15 months and ramping up operations in five months, which sets new benchmarks in our sector. We also finalized the acquisition of Borborema and secured over US$100 million in funding, along with close to US$40 million from royalties and gold loans. Construction of Borborema is underway and is now more than 30% complete. Additionally, we have advanced our Matupá project and acquired two new exploration rights in the vicinity, which we anticipate could increase our resources by over 1 million oz, pending results from the drilling program approved for the next 12 months. Lastly, our exploration efforts at the early-stage Serra da Estrela project in Carajás, a copper IOCG deposit, show promising results. How does Aura Minerals deliver value to its shareholders?
Aura Minerals was originally listed on the TSX, and since 2020, we have also had Brazilian depository receipts, making us the first gold company listed in Brazil. The Brazilian market has developed very well since then, with close to 40,000 individual investors and strong institutional investors. We aim to grow our production to reach annualized 450,000 oz/y by end of 2025.
Our measured and indicated resources increased from 1.5 million oz to 6.3 million oz and proven and probable reserves increased from 1.7 million oz to 3.6 million oz since 2018. What are Aura Minerals' plans and milestones for the next year?
Our milestones are clear: finish the construction of Borborema, start the construction of Matupá, continue with our exploration program, make significant progress in Serra da Estrela Carajás, and continue to look for M&A opportunities to push our production above 450,000 oz towards 1 million oz. Our focus remains on operational excellence, disciplined growth, and creating value for our shareholders.
Greg Smith CEO EQUINOX GOLD
Can you provide updates and recent news from Equinox Gold?
The most significant development has been the completion of construction and start of production at our Greenstone mine in Ontario. We also acquired the remaining 40% of the Greenstone mine in May, which is now our flagship asset. We aim to achieve commercial production in Q4 2024 and be close to full capacity by the end of the year. Can you discuss recent developments in your Brazilian portfolio?
In Brazil, we operate Aurizona in Maranhão, Santa Luz and Fazenda in Bahia, and RDM in Minas Gerais. In 2024, these mines are expected to produce around 265,000 oz/y of gold, which is lower than usual due to various challenges. At Aurizona, instability in our Piaba pit wall required shifting to a new pit, Tatajuba, causing a temporary setback. Production has resumed, and we aim to increase output from our four Brazil mines to around 300,000 ounces next year. Brazil is important to us, constituting about 40% of our annual production.
We are considering merging our Santa Luz and Fazenda mines into a single mining complex to increase operating efficiencies. We implemented a dry stack tailings process at RDM to extend its mine life. At Aurizona, we are focusing on both surface and underground expansion opportunities. We are also drilling and exploring surface opportunities to support long-term production, including the Tatajuba deposit and potential satellite pits. How do you view Brazil as a mining jurisdiction?
Brazil remains favorable due to its strong mining culture, skilled labor and a supportive government. The shift to dry stack tailings aligns with Brazil's focus on responsible mining practices, but the transition has also extended RDM’s mine life so it’s beneficial on both sides. The country offers good potential for significant gold deposits and we remain open to expanding in Brazil if the right opportunities arise.