Tocantinzinho Mine
Highlights
Overview
Tocantinzinho is a producing open-pit gold deposit containing 2.0 million ounces of reserves located in Pará State, Brazil. The deposit is open at depth, and the large, underexplored land package presents additional exploration potential that may yield satellite mineralized bodies. The 996 km2 land package has direct access via 103 km of all-weather roads starting from the national highway, that links the industries in southern Brazil to the city of Belem in the north. In August 2024, GMIN announced the receipt of the remaining operating licenses required for commercial production. Less than a month later, the company declared commercial production at Tocantinzinho, achieving this milestone on time and on budget and in less than two years from beginning construction.
About The Project
History
Eldorado Gold Corp. (Eldorado) acquired the Tocantinzinho gold project from Canadian-listed Brazauro Resources Corporation for C$120 million in an all-share offer in 2010. Between 2011 and 2019, Eldorado completed a prefeasibility study (2011), received the approval of Preliminary Environment License (2012), completed the feasibility study (2015), received the Installation License (2017) and Mining Concession (2018) and completed an optimized feasibility study for Tocantinzinho (2019), investing over $90 million into the project.
GMIN acquired Tocantinzinho from Eldorado for $115 million in 2021. Over the next 12 months, the company, updated the feasibility study, secured $481 million to finance the mine construction and announced its decision to begin construction at Tocantinzinho. In 2024, GMIN declared commercial production at Tocantinzinho, achieving this milestone on time and on budget and in less than two years from beginning construction.
Feasibility highlights - 2022
After-tax NPV5%
$1.0B
After-tax IRR
34%
Average annual gold production
175K oz pa
Total cash costs
$623/oz¹
AISC
$681/oz²
Payback period
2.3 years
Project economics using $2,000/ounce gold price scenario.
Total site costs + TCRC + royalties.
Total operating costs + sustaining capital costs + closure costs.
Tocantinzinho Feasibility Study date: December 10, 2021
VRIFY presentation
Click through the VRIFY presentation below to explore the Tocantinzinho site and review a copy of our interactive corporate presentation, below.