G Mining board approves Tocantinzinho construction
The board of G Mining Ventures (GMIN) has made a formal decision to proceed with the $427-million construction of the Tocantinzinho (TZ) gold project, in Brazil.
"This construction decision is an important milestone which has been achieved by de-risking the technical, permitting and funding aspects, and that confirm the TZ project is both a robust and responsible development opportunity. We are happy to see step one of our 'buy, build, operate' strategy progressing as planned, and are excited to commence full construction of TZ, for what will be one of the largest primary gold mines in Brazil," said president and CEO Louis-Pierre Gignac.
He stated that, in less than two years, the management team acquired the TZ project, released an updated feasibility study in February 2022, and completed a $481-million comprehensive financing package in a "turbulent and volatile capital markets environment".
GMIN last week closed C$151.3-million in private placement financing from Luxemburg-based La Mancha Investments.
“We are also very pleased that the regulators are in agreement with the high quality of our ongoing detail engineering work and have approved several of the key permit extensions we had requested,” said Gignac.
TZ will produce an average of 175 000 oz/y of gold at an all-in sustaining cost of $681/oz over its 10.5-year mine life. GMIN is targeting first gold production in the second half of 2024.
GMIN has announced several management appointments to advance the TX project and corporate activities, including Mathieu Gignac as project director. He is president of G Mining Services and previously worked for Iamgold Mines, Newmont Mining and Lundin Gold.
Julie-Anaïs Debreil has been appointed as VP geology and resources and Eduardo Leão has been made sustainability manager.
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