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Escondida is the world's largest copper mine, accounting for nearly 5% of global supply in 2023.
G Mining Ventures (TSX: GMIN, OTCQX: GMINF) has completed its first sale of doré gold produced at the Tocantinzinho project, located in the state of Pará, Brazil.
According to the company, the initial gold bars have already been sent to a refinery in Switzerland.
The project remains on schedule and within budget for commercial production in the second half of 2024.
“This shipment represents the first export from a large-scale, modern gold mining operation in the state,” said G Mining CEO Louis-Pierre Gignac.
The start of production coincides with record-high gold prices, with every ounce sold by G Mining fetching over $2,400 per ounce, significantly above budget.
Since the start of hot commissioning on June 11, 2024, approximately 77,000 tonnes of ore have been processed through the plant at Tocantinzinho. The company also reported that approximately two million tonnes of ore have been stockpiled at the site.
Construction of Tocantinzinho was launched in September of 2022 following the completion of a definitive feasibility study dated February 9, 2022.
The property has direct access via 103 km of all-weather roads starting from the national highway, the BR-163, which links the industries in southern Brazil to the city of Belem in the north.
Over a mine life of 10.5 years, Tocantinzinho is expected to produce 1.83 million oz. of gold, averaging 175,000 oz. per year. Over the first five years, annual gold production is expected to reach 196,000 oz.
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