G Mining Agrees to Acquire Gold Project in Brazil from BHP
By Adriano Marchese
G Mining Ventures said it has agreed to acquire mining permits in Brazil's Gurupi Gold Belt from wholly-owned subsidiaries of Australian mining major BHP Group.
As part of the transaction, G mining will receive the CentroGold project located in northern Brazil's Maranhao state. The project is made up of nearly 50 tenements encompassing 1,900 square kilometers and multiple gold targets, the company said Monday.
A tenement refers to a claim, licence or permit that authorizes a company to conduct mining operations.
The pre-feasibility study has outlined a 10-year mine life with 190,000 to 210,000 ounces of gold a year in the first two years of production, averaging out over its lifespan to about 100,000 to 120,000 ounces a year.
In consideration for the acquisition, G Mining will grant BHP a 1% net smelter revenue royalty on the first 1 million ounces of gold produced at the tenements and a 1.5% royalty on gold production thereafter.
G Mining said that the transaction is accretive and adds to its project pipeline with no upfront costs.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
September 09, 2024 08:06 ET (12:06 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst