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Mining News December 07, 2023 06:30:13 PM

Gold Royalty to Invest in Brazilian Gold Project

Paul Ploumis
ScrapMonster Author
Till date, Aura Minerals has secured over $145 million towards building the Borborema gold mine.
Gold Royalty to Invest in Brazilian Gold Project

SEATTLE (Scrap Monster): Canada-based gold-focused royalty company Gold Royalty Corp. announced $31 million royalty and gold-linked loan investment in Aura’s Borborema Project. The company has entered into agreement with Borborema Inc. towards developing the Borborema gold project in Rio Grande do Norte State, Brazil.

As per agreement reached, Gold Royalty Corp. will acquire 2% net smelter return (NSR) royalty on Borborema from a subsidiary of Aura for cash consideration of $21 million. Additionally, it will provide additional project financing to Aura’s subsidiary as lender under a royalty-convertible gold-linked loan in the amount of $10 million, said the company press release.

The company noted that it has already received commitments from Queen’s Road Capital Investment and Taurus Mining Royalty Fund in order to complete a private placement of $40 million of unsecured convertible debentures.

Till date, Aura Minerals has secured over $145 million towards building the Borborema gold mine, whose estimated construction cost is around $188 million. Aura is currently updating the definitive feasibility study (DFS) of the project in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum.

The project comprises of three mining concessions covering a total area of around 29 square kilometres, in addition to the title to the main area of the prospect.

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