Union files complaint against Orla Mining, alleging violation of worker rights in Mexico
The complaint is only the second of its kind made from Canada using CUSMA’s RRM process since the trade deal came into force in 2020.
Cerrado Gold (TSXV: CERT) has completed the first stage of permitting for its Monte Do Carmo (MDC) project in Tocantins, Brazil, after being issued a preliminary licence by the state environmental regulatory authority.
The next step is the installation licence allowing for the commencement of construction activities for the project, which the company said it expects to receive within the next three to four months. The third and final step is the licence to operate, granted upon completion of construction and at commencement of operations.
The 100% owned MDC project comprises 82,541 hectares of mining concessions. Development is currently focused on the Serra Alta gold deposit, containing an estimated 1.3 million ounces in all resource categories.
A preliminary economic assessment in July 2021 outlined an eight-year open-pit operation with an average gold production of 131,000 ounces. At a 5% discount rate, its after-tax net present value is calculated at $617 million, with an internal rate of return of 94.8%.
“The award of the LP is a significant milestone for the MDC project and reflects the great work done by our Brazilian team and represents a significant endorsement from the community and regulators for the development of the project,” Cerrado CEO Mark Brennan said in a news release.
“As previously announced, discussions for project financing are ongoing, and we look forward to the completion of the FS in the coming weeks as we work to bring the Monte Do Carmo project into production.”
In an update on April 17, alongside its intention of securing project financing, Cerrado said it expects to deliver its feasibility study for the MDC gold project in by the end of this month.
Meanwhile in Argentina, the company recently kicked off its first heap leach project in Las Calandrias, Santa Cruz province, with the first gold pour in early June. This is expected to add 25,000 ounces per annum of gold production. A second heap leach project is expected to be constructed at Martinetas later this year for production in early 2024, adding another 20,000 ounces of production capacity.
Shares of Cerrado Gold jumped 7.8% by 11:45 a.m. EDT following the latest milestone achievement. The South America-focused explorer has a market capitalization of C$75.4 million ($55.5m).
