Aura Minerals Inc. has officially announced its Q3 2024 preliminary production results from the company’s four operating mines i.e. Aranzazu, Apoena (EPP), Minosa (San Andres), and Almas.
According to certain reports, Aura’s total production for the quarter reached 68,246 gold equivalent ounces (“GEO”) 1, 10% above the second quarter of 2024, and 10% above the same period last year at constant metal prices.
More on the same would reveal how this period was largely highlighted by its Almas site, where the company clocked 15k GEO worth of production. This and the consistent production levels realized across other sites would help Aura in achieving a new record high LTM production, with 269,953 GEO produced in the period.
Talk about each of the company site’s performance during Q3 2024, we begin from Aranzazu, where Aura recorded another stable quarter, with production totaling around 24,486 GEO, reflecting an 8% increase over Q2 2024, but a 3% decrease compared to Q3 2023. Going by the available details, this uptick was achieved on the back of improved recovery rates, driven by higher ore grades and mine sequencing. As for the site’s collective production for the first nine months of 2024, it would reach 70,492 GEO at constant prices.
Next up, we must dig into the performance of Aura’s Minosa site. Here, the production stood at 20,750 GEO, reflecting an 8% increase over the previous quarter and an 18% increase compared to Q3 2023. As for what were key growth factors on this site, they included a higher stacking of ounces, as well as better ore grades during the period. For the first nine months of 2024, though, Minosa’s output reached 59,078 GEO, marking a rather substantial 23% increase compared to the same period in 2023.
“We entered the second half of 2024 maintaining our growth trajectory, with total production reaching 201K GEO accumulated in the year, a 20% increase compared to the same period in 2023, keeping us well-positioned to meet the upper half of our annual production guidance,” said Rodrigo Barbosa, President and CEO of Aura Minerals.
Turning our attention to Almas, we referred to its production numbers, but what we haven’t yet mentioned is how they showcase a whopping 42% increase from the site’s previous quarter. The reasons for such a rise are understood to be higher productivity and operational efficiency following the transition to a new contractor in the prior quarter. In fact, this contractor would achieve expected ramp up and stabilized production at an average of 5,000 GEO per month since June 2024. Beyond that, the first nine months of 2024 saw Almas reaching a cumulative production of 37,450 GEO.
Lastly, there is Apoena, which recorded its production at 8,035 GEO. Unlike other Aura site, this actually indicated a 19% decline from Q2 2024, and a 28% drop off from Q3 of 2023. The factors playing a part in the stated underwhelming performance were reported to be lower grades processed during the quarter, along with a reduction in ore recovery caused by a temporary delay in obtaining the environmental permit to expand the Nosde pit and access higher-grade ore. Not just that, Apoena’s production during the quarter was also affected by lower mill throughput compared to Q3 2023 which was a byproduct of harder rock ore from the mined area. As for the first 9 months of 2024, site’s production totaled upto 30,052 GEO, 2% lower than the first 9 months of 2023.
“Despite the challenges with Apoena, operations at Aranzazu and Minosa remained strong and consistent, while production at Almas was successfully stabilized, contributing to our fifth consecutive LTM production increase. Construction of Borborema is now above 50% complete, progressing on schedule and within budget. The ramp-up phase is expected to commence in Q1 2025, setting the stage for a strong and promising year ahead when we will continue to grow our LTM production through 2025,” said Barbosa.
