Aura Minerals increases gold equivalent production in third quarter
Tue Oct 10 2023
Aura Minerals (TSX: ORA) (OTCQX: ORAAF) today announced preliminary production of 64,875 gold equivalent ounces (GEO) in Q3 2023, up 12% compared to Q3 2022 and up 34% compared to Q2 2023.
In a press release, the company said that the increase in quarterly gold production compared to Q2 2023 was due to the commencement of commercial production in Almas mine, higher production at the Aranzazu, San Andres and EPP mines.
According to Aura, at Aranzazu, production was 27,933 GEO in line with the company’s expectations. Production was 11% higher compared to Q2 2023, due higher tonnage and higher head grades. Compared to Q3 2022, production also increased by 7%.
At EPP, production was 11,185 GEO, 62% higher in Q3 2023 than in Q2 2023. The production increase at EPP was attributable to the high-grade zone in Ernesto and a reduction in the use of existing stockpiles. Compared to Q3 2022, production decreased 38%.
At San Andres, production was 17,543 GEO for the quarter, representing a 7% increase compared to the previous quarter. This represents a third quarterly increase in production in a row. Compared to Q3 2022, production at San Andres increased by 25%.
The company added that at Almas, production was 8,214 GEO considering only two months of production.
“Almas commenced commercial production this quarter, and the results have exceeded market benchmarks. Furthermore, upgrades in infrastructure are underway to increase the plant processing capacity for the upcoming quarters,” Aura said.
President and CEO Rodrigo Barbosa commented, “In this quarter, we experienced a significant rise in production volumes in all our operations. As our operations thrived, we finalized and released a highly accretive feasibility study, secured funding and commenced construction at Borborema. We, at Aura team, are focused and building a solid track record in order to achieve our 450,000 oz annualized by the end of 2025.”
Aura is a mid-tier gold and copper production company focused on operating and developing gold and base metal projects in the Americas. The company has 4 operating mines including the Aranzazu copper-gold-silver mine in Mexico, the EPP and Almas gold mines in Brazil, and the San Andres gold mine in Honduras.
The company’s development projects include Borborema and Matupá both in Brazil.
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