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Aura Minerals Updates its Long-Term Guidance
ROAD TOWN, British Virgin Islands, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (OTCQX: ORAAF) (“Aura” or the “Company”) announc
About this update from Aura Minerals Inc.
[{"type":"text","content":" ROAD TOWN, British Virgin Islands, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (OTCQX: ORAAF) (“Aura” or the “Company”) announces an update to its long-term production guidance. With the recent acquisitions of the Pezão and Pé Quente mining rights, in addition to the ongoing exploration works at the Serrinhas and X2 targets, the Company expects a significant increase in the geological potential of the region where Aura plans to develop the Matupá project (the “Project”). As a result, the Company, aiming to maximize the return on its investments, has decided to temporarily postpone the commencement of construction of the Matupá project while advancing geological knowledge of the new targets to gain better visibility of the Project's potential. With the decision to postpone the start of construction of Matupá, Aura withdraws its projection to reach 450,000 ounces of gold equivalent (“GEO”) annualized by the end of 2025. The Company emphasizes that this decision is based on the potential expansion of the Matupá project, which reinforces the Company’s plan not only to achieve but to exceed the 450,000 annual GEO production target in the coming years. Aura remains focused on its initiatives to increase productivity and efficiency across its assets, such as the capacity expansion at the Almas mine, which began production in August 2023 with a capacity of 1.3 million tons and is currently operating at a capacity of 1.5 million tons, with the expectation to reach 1.8 million tons already in 2025. The Company is also focused on the construction of the Borborema project, which is expected to start production in the first quarter of 2025. Rodrigo Barbosa commented: \"The decision to postpone the Matupá construction reflects our strategy of maximizing the returns on the invested capital. We recognize the significant geological potential of the region, which could substantially increase returns of the Project to our shareholders. At the same time, we reaffirm our commitment to the plan of exceeding 450,000 GEO production in the medium term, continuing to advance both in the implementation of Matupá and in the optimization of our existing assets, as well as in the evaluation of potential acquisitions.\" About Aura 360° Mining Aura is focused on mining in complete terms – thinking holistically about how its bu...