The board of Aura Minerals has approved the development of its Almas Gold Project in Brazil with an investment of around $73m.

Located in the municipality of Almas, in Tocantins State, the Almas open pit gold mine comprises three deposits, including Paiol, Vira Saia and Cata Funda.

The mine also has various exploration targets such as Nova Prata/Espinheiro, Morro do Carneiro, and Jacobina.

The project development approval follows the completion of the feasibility study, which estimates the mine to have an average annual gold production of 51,000 ounces during the first four years of its operation.

The company plans to begin construction on the gold mine in April 2021, with the first gold pour expected in the third quarter of 2022.

Commercial production at the mine is planned for the fourth quarter of 2022 and the mine is estimated to have an operational life of 17 years.

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By GlobalData

Aura Minerals CEO Rodrigo Barbosa said: “I am proud to be able to make this announcement today. Not only does this decision show the value Aura is getting from its 2018 strategic merger with Rio Novo Gold but also emphasizes the continued effort of the Aura team to deliver on its promises.

“The results of this team effort are that Aura has been able to optimize the project, allowing us to build a safe, sustainable future while enhancing growth and returns.”

Aura Minerals said it has carried out significant exploration work at the Paiol, Vira Saia, and Cata Funda deposits.