Tucano Gold invests US$40 million to restart the Tucano mine, in Amapá – News of Brazil
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Tucano Gold, a company controlled by Pilar Gold and a group of shareholders, is resuming operations at the Tucano mine, located in Pedra Branca do Amapari, in Amapá, which was paralyzed following the request for judicial recovery by the former controller.
According to the company, the operation will be resumed gradually, starting with the processing of low-grade ore and later in the AB pit. At the same time, the company is planning the development of underground mining at the Urucum Norte deposit. To resume operations, the company intends to use a hybrid plan, with its own and third-party fleets, in order to reduce costs and initial Capex.
The company’s expectation is a cash cost of US$1,000 per ounce and the projected production scale in the medium term is 100,000 ounces/year. The installed capacity of the plant, which was modernized in 2020, is 10 thousand tons/day. For the resumption, in addition to staff, the company is hiring around 1,000 people, preferably from the region.
The resumption will be carried out in four phases: in the first, the low-grade ore stored in the piles will be processed, enabling production of 2,500 ounces/month. Investment at this stage is low, around US$2 million. Subsequently, open pit mining will be resumed, with production increasing to 5 thousand ounces/month, with an investment of US$ 10 million, with the operation using its own fleet. Next, mining will be resumed in Urucum Central, with an investment of US$ 18 million and finally, underground mining is expected in Urucum Norte, at the end of 2024, at a scale of 3,500 ounces/month and an expected investment of US$ 10 millions.
The remaining resource estimate at Tucano is 1.8 million ounces, but the company believes the potential is greater as currently known ore bodies indicate potential for high-grade underground reserves. Furthermore, Tucano has mining rights in an area of 2 thousand km2 in the Guiana Gold Shield, potentially favorable to gold occurrences.
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