Toronto-listed G Mining Ventures (GMIN) has announced the pouring of the first gold at its Tocantinzinho mine in Brazil.
The first pour yielded approximately 440 ounces of gold, and the project remains on time and budget for commercial production in the second half of 2024. Once in commercial production, Tocantinzinho will become Brazil’s third-largest primary gold mine.
According to a definitive feasibility study, the project has a 10.5-year mine life with an average gold production of 175 000 ounces per year with an initial capital cost of $458 million.
Since the start of hot commissioning on June 11, 2024, about 77 000 tons of ore have been processed, with all circuits operating as expected. Out of 2.6 million tons of stockpiled ore, 2.1 million tons have an average grade at 0.80 g/t and 0.6 million tons have an average grade of 1.31 g/t.
“I am delighted to announce that Tocantinzinho has achieved the significant milestone of the first gold pour, less than two years after the formal construction decision. The team successfully constructed Tocantinzinho on time and in line with the original budget while maintaining an outstanding safety record,“ said GMIN’s president and CEO Louis-Pierre Gignac.
“This milestone is a testament to the strength of our self-perform approach and demonstrates our competitive advantage.”
Theodor Lisovoy, Editor in Chief, Rough&Polished
