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Monte do Carmo gold project, Brazil – update

Image of gold nugget and dust

2nd June 2023

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Monte do Carmo gold project.

Location
Tocantins State, Brazil.

Project Owner/s
Cerrado Gold.

Project Description
The Monte do Carmo property comprises 14 exploftocration permits totalling 67 785 ha. Cerrado’s primary target at the proposed mine is the Serra Alta deposit – a high-grade, shallow mineralisation with an open pittable mineral resource.

Monte do Carmo is expected to have average gold production of 149 000 oz over the first five years of production and 131 000 oz over the project’s eight-year mine life.

The mine design is based on standard openpit mining techniques of drill, blast and haul using contract mining to reduce upfront capital needs.

Gold will be recovered by concentration and tailings flotation, followed by the carbon-in-pulp leaching of float concentrate.  

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 5% discount rate of, $617-million and an internal rate of return of 94.8%, with a payback of 1.3 years.

Capital Expenditure
Initial capital is estimated at $126-million.

Planned Start/End Date
Not stated.

Latest Developments
Cerrado Gold has received the first licence in a three-stage licence process to bring its Monte Do Carmo project into production.

The preliminary licence  was received from the State environmental regulatory authority, the Instituto Natureza do Tocantins (Naturatins).

The mine permitting process in Tocantins has three stages: the preliminary licence, the installation licence and the licence to operate.

The granting of the preliminary licence is an important milestone in the licensing process, as it outlines all the basic parameters of the project to be accepted by all parties, including the local community and relevant regulatory bodies.

The subsequent installation licence allows for the start of construction activities on the project, and the company expects to receive it within the next three to four months.

The licence to operate  is granted upon completion of construction and at the start of operations.

Key Contracts, Suppliers and Consultants
GE21 (mine plan).

Contact Details for Project Information
Cerrado Gold director corporate development Nicholas Campbell tel +1 905 630 0148 or email ncampbell@cerradogold.com.

Edited by Creamer Media Reporter

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