Hochschild Mining to Invest $200M in Brazil Gold Mine

SEATTLE (Scrap Monster): Leading British-based mining company, Hochschild Mining, announced that it plans to invest big in developing a gold mine in Brazil. The company will invest around $200 million to build the Posse gold mine, located on the Mara Rosa gold property in the Goias state of Brazil. The mine was added to the company’s portfolio as part of its acquisition of Amarillo Gold in 2021.

Ignacio Bustamante, Chief Executive Officer, Hochschild Mining stated that the company expects to commence production at the mine during the first half of 2024. During the initial four years of operations, the mine is expected to produce 102,000 ounces of gold per year. In the remaining six years of its mine-life, the production is expected to drop to 84,000 ounces. Posse gold mine is the most important project it has to date, added Bustamante.

The company also operates the Inmaculada mine, whose operations have been impacted following community demand for closure of mine operations on charges of water pollution. However, the claims were rejected later. Hochschild expects Peru government to extend the productive mine-life to 2042, upon which the company plans to invest $4.4 billion over the next two decades.

YOU MAY ALSO BE INTERESTED IN:

San Gabriel Gold Mine to Commence Production in 2024

Kinross Gold Tasiast Mine Hit Record Quarterly Production