G Mining Ventures (TSX: GMIN) has received the last of the approvals required for commercial operations at its Tocantinzinho gold project in Brazil. This follows the receipt of of operational licenses from the Para State Environmental Agency.
Operating licenses received for the Tocantinzinho project include the required permits for mining, the processing plant, tailings facilities and the on site airstrip. With the receipt of these licenses, the mine is now permitted to conduct operations at full capacity.
Construction at G Mining’s Tocantinzinho mine is said to be 100% complete, with the first gold pour occurring on July 8. The mine is anticipated to produce 175,000 ounces of gold per year at an all-in sustaining cost of $681 per ounce. The project boasts a net present value (5% discount) of $1.0 billion and an internal rate of return of 34%, based on a feasibility study completed in 2022.
Commercial production at the mine is expected to be achieved in the second half of 2024.
G Mining Ventures last traded at $8.43 on the TSX.
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