Toronto-listed Jaguar Mining will aim to move the newly acquired Pitangui project, in Brazil, into development as quickly as possible, president and CEO Vern Baker said on Wednesday, announcing the completion of the acquisition of Iamgold’s Brazil assets.
The company last month announced the acquisition of the Pitangui project, 110 km north-west of Belo Horizonte in Minas Gerais, and the remaining stake in the Acurui project, its Paciência plant in the Iron Quadrangle.
Jaguar acquired the assets by issuing 6.33-million shares to Iamgold subsidiary AGEM.
“The transaction increases our resource base and furthers our corporate strategy to leverage our extensive existing infrastructure to drive production growth through increased plant throughput,” said Baker.
Going forward, the plan is to focus on permitting the Pitangui project. The Acurui project complements the Paciencia property and will be considered a part of the exploration and development package that the firm has available to restart production at Paciencia in the future.