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Hochschild Mining’s (LSE: HOC) Mara Rosa gold mine in Brazil has officially reached commercial production. The milestone was achieved ahead schedule, as its prior forecast was the end of second quarter.
In a news release Tuesday, the London-based miner said Mara Rosa, which made its first pour in February, is on track to produce somewhere between 83,000 and 93,000 ounces of gold for the calendar year. The mine, located in the state of Goias, is the company’s first Brazilian operation.
During the month of May, the Mara Rosa plant has operated at about 90% of its nameplate capacity of 7,000 tonnes per day and exceeded 80% average recoveries. Ramp-up is expected to continue, resulting in higher production during the second half of 2024.
“Achieving commercial production at Mara Rosa is a significant milestone for Hochschild and has been delivered ahead of our end H1 2024 forecast. This brings a new jurisdiction to the company and provides a springboard for further low-cost growth in Brazil,” Eduardo Landin, Hochschild’s CEO, stated.
Mara Rosa became a part of Hochschild’s portfolio through its C$135 million deal to buy Amarillo Gold in late 2021. At the time, the company cited the combination of low-cost and near-term production potential at Mara Rosa, and immediately began construction upon completing the acquisition.
Recently, Hochschild expanded its presence in Brazil by optioning the Monte Do Carmo project in Tocantins from Cerrado Gold (TSXV: CERT). A 2023 feasibility study on Monte Do Carmo outlined a nine-year mine that can produce 95,000 gold ounces annually.
Prior to entering Brazil, the miner had been focused on other jurisdictions in the Americas. It currently owns and operates the Inmaculada mine in southern Peru and has a 51% stake in the San Jose mine in Argentina. Both Inmaculada and San Jose are underground gold-silver mines that together produced nearly 220,000 oz. gold and 10 million oz. of silver last year. It also has the Pallancata operation in Peru that was put on care and maintenance late 2024.
