GMIN to acquire Brazil project from BHP
TSX-listed G Mining Ventures (GMIN) on Monday announced an agreement to acquire tenements in the Gurupi gold belt, in Brazil, from BHP.
This includes the CentroGold project, in Maranhão, comprising 47 tenements encompassing about 1 900 km2.
The project hosts multiple identified gold targets along about 80 km mineralised trend, including the Blanket, Contact and Chega Tudo openpit deposits, which currently host 2.3-million ounces of Joint Ore Reserve Committee-compliant gold resources and remain open for expansion.
In July 2019, Oz Minerals, which was later acquired by BHP in 2023, released a prefeasibility study (PFS) on the Blanket and Contact deposits. The PFS envisioned a ten-year mine life with an average annual gold production of 100 000 oz/y to 120 000 oz/y, with 190 000 oz/y to 210 000 oz/y in the first two years of production.
“This acquisition rounds out a high-quality portfolio of gold assets, which includes a producing mine in Tocantinzinho, a development project in Oko West, and a high-potential exploration project in CentroGold. I believe this cash-flowing and high-growth portfolio offers our shareholders tremendous opportunity for value creation,” said president and CEO Louis-Pierre Gignac.
In consideration for the acquisition, GMIN will grant BHP a 1.0% net smelter return (NSR) royalty on the first one-million ounces of gold produced at the tenements and a 1.5% NSR royalty on gold production thereafter.
The transaction is expected to close in the first quarter of 2025.
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