Toronto-listed Aura Minerals has become the sole shareholder of Borborema Inc, the company that controls a namesake openpit gold project in Rio Grande do Norte, Brazil. Dundee Resources, a subsidiary of TSX-listed Dundee Corporation, has elected to convert its 20% equity interest in Borborema into a net smelter royalty of 1.50% on the first 1.5-million ounces of gold sold and 1% on the next 500 00 oz.
Toronto-listed Aura Minerals has become the sole shareholder of Borborema Inc, the company that controls a namesake openpit gold project in Rio Grande do Norte, Brazil.
“We are grateful for Dundee’s technical insights in getting us to this stage. Both our teams worked hard together and both companies will benefit as we advance this project to construction and production by early 2025,” says CEO Rodrigo Barbosa. “Our optimism extends beyond the current findings, as a potential additional of 1.265 million ounces are expected to be converted to reserves following the completion of a 5.3 km road relocation besides new resources that should be added in the future once ore body remains opened along strike and down dip,” says Barbosa.
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