Tucano Gold gold mine expected to resume operations and production in April – News of Brazil
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Cleber Barbosa
From the Editor
Under new shareholder control, the gold mine in Pedra Branca do Amapari wants to regain its leading role in the mineral sector here. The company’s executive, Jeremy Gray, said in an interview yesterday (30) that he is optimistic about Tucano Gold’s production potential and profitability. In the conversation, Gray also reveals his expectations that, soon, the mine will once again be the biggest generator of jobs in Amapá.
The Tucano gold mine is expected to resume production by the end of April. The forecast comes from Tucano Gold, the new owner of the operation in Amapá, which closed an agreement to exchange the silver produced as a by-product in the asset for a shareholding in Silver Crown Royalties (SCR).
Tucano Gold is also preparing to go public. The company, owner of the mine of the same name in Amapá, expects the listing on the Canadian stock market to take place in the middle of the year, after the resumption of gold production in Tucano.
The company intends to raise funds to invest in the operation, with capital needs “in excess of US$300 million”.
Currently, Tucano Gold is made up of private and institutional investors, with 52 million fully diluted shares in circulation. Canadian company Tucano Gold completed the acquisition of Mina Tucano Ltda. and Tucano Resources, Brazilian companies that own the gold operation of the same name in Amapá.
The conclusion of the operation, of an undisclosed value, occurred after “overwhelming approval” by creditors of the judicial recovery plan for the Brazilian companies with the objective of “gradual” resumption of mining at the beginning of 2024.
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