Welcome to our dedicated page for G Mining Ventures news (Ticker: GMINF), a resource for investors and traders seeking the latest updates and insights on G Mining Ventures stock.
G Mining Ventures Corp. reports news on gold mine operations, project development and financing across its precious metals portfolio. The company is anchored by the Tocantinzinho Gold Mine in Pará State, Brazil, and also reports on the Oko West Gold Project in Guyana and the Gurupi Project in Brazil.
Recurring developments include production results, operating throughput and recoveries at Tocantinzinho, quarterly financial results, construction updates for Oko West, exploration and permitting activity, revolving credit and debt refinancing actions, tax incentives, material agreements, shareholder matters and governance updates tied to the company’s growth as a gold producer and developer.
G Mining Ventures (TSX: GMIN, OTCQX: GMINF) announced the closing of $50 million in private placements with La Mancha and Franco-Nevada. This involved issuing 15,114,250 common shares to each entity at C$2.279 per share. The Ontario Superior Court granted the final order approving the arrangement with Reunion Gold, which is expected to close around July 15, 2024. A new entity, New GMIN, will hold the combined business of GMIN and Reunion Gold. New GMIN shares will be listed on the TSX, replacing the current GMIN shares, subject to TSX approval. Full details are available on SEDAR+ and GMIN's website.
G Mining Ventures Corp. (TSX: GMIN, OTCQX: GMINF) announced shareholder approval for its merger with Reunion Gold The merger, resulting in a new entity 'New GMIN', is set to finalize around July 15, 2024, pending regulatory approvals. Additionally, a $50 million private placement with La Mancha and Franco-Nevada was approved, expected to close by July 12, 2024. Shareholders also elected new directors and confirmed PricewaterhouseCoopers LLP as auditors. The merger and private placements aim to bolster G Mining's financial position and facilitate its growth in precious metals production.
G Mining Ventures has announced its first gold pour at the Tocantinzinho Gold Project in Pará, Brazil. The first pour yielded approximately 440 ounces of gold, and the project is on time and within budget, with commercial production expected in the second half of 2024. Over 2.6 million tonnes of ore containing 78,000 ounces of gold have been stockpiled. The project aims to become Brazil's third-largest primary gold mine, with a projected annual production of 175,000 ounces over a 10.5-year mine life. The initial capital cost is $458 million, with an after-tax NPV5% of $1 billion and an IRR of 34% at a $2,000/oz gold price. The project began construction in September 2022 and started hot commissioning in June 2024, processing 77,000 tonnes of ore. Key upcoming milestones include a shareholders meeting on July 9, 2024, and the anticipated closing of a transaction with Reunion Gold on July 15, 2024.
G Mining Ventures has started ore processing at its Tocantinzinho (TZ) Gold Project in Pará, Brazil, with commercial production expected in the second half of 2024.
The $GMINF project is 97% complete and remains on schedule and on budget. The project aims to produce 175,000 ounces of gold annually over its 10.5-year lifespan. Hot commissioning has begun, initially using 2 million tonnes (Mt) of stockpiled ore, which includes 1.5 Mt of lower-grade ore and 0.5 Mt of higher-grade ore.
CEO Louis-Pierre Gignac highlighted the project's timely progress and its potential to become Brazil's third-largest primary gold mine. The plant's pre-commissioning and commissioning phases have been successfully tested, and the project is poised for commercial production as planned.
G Mining Ventures (TSX: GMIN, OTCQX: GMINF) has provided an update on its Tocantinzinho Gold Project in Pará, Brazil. The project is 93% complete and on track for commercial production in H2 2024, with 95% of construction finished. The total spend to date is $447 million, aligning with the project's budget of $458 million. The project boasts an industry-leading safety record with an LTIFR of 0.04 after 5.2 million person-hours worked. Significant milestones include pre-production mining exceeding targets, completion of critical infrastructure, and successful energization of a 193-km powerline. Operational readiness is advancing with all necessary personnel hired and trained. The spot gold price is near $2,400/oz, enhancing project economics.
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