G Mining Ventures has achieved a milestone with its first sale of doré gold from the Tocantinzinho project in Pará, Brazil. The initial gold bars have been dispatched to a Swiss refinery, marking the project’s entry into commercial production, which is on track to begin in the second half of 2024.
G Mining CEO Louis-Pierre Gignac highlighted the significance of this shipment as it represents the first export from a large-scale, modern gold mining operation in the state. The timing of the production start aligns with record-high gold prices, with G Mining selling each ounce at over $2,400, exceeding budget expectations.
Since the initiation of hot commissioning on June 11, 2024, around 77,000 tonnes of ore have been processed at Tocantinzinho, with approximately two million tonnes of ore stockpiled. The Tocantinzinho project, which began construction in September 2022 following a definitive feasibility study completed on February 9, 2022, benefits from direct access via 103 km of all-weather roads connecting the BR-163 national highway.
Over its expected 10.5-year mine life, Tocantinzinho is projected to produce a total of 1.83 million ounces of gold, averaging 175,000 ounces per year. In the first five years, annual production is anticipated to reach 196,000 ounces.