G Mining Ventures to Acquire the CentroGold Project from BHP

BHP Group Limited (NYSE:BHP) is among the 11 Best Copper Stocks to Buy Now. A deal has been reached for G Mining Ventures to buy the CentroGold Project in Brazil from BHP Group Limited (NYSE:BHP) subsidiaries.

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An aerial view of a mining operation in action, with large trucks and yellow diggers.

A total of 1.7 million ounces of indicated and 0.6 million ounces of inferred gold resources that comply with JORC are included in CentroGold. BHP Group Limited (NYSE:BHP) will be compensated with an NSR royalty of 1.0% on the first one million ounces produced and 1.5% beyond that.

CentroGold is a 1,900-square-kilometer project in Brazil’s Gurupi Gold Belt that includes three open-pit deposits (Blanket, Contact, and Chega Tudo) and 47 tenements. Oz Minerals (bought by BHP Group Limited (NYSE:BHP)) conducted a pre-feasibility study in 2019 that outlined a 10-year mine life with a maximum annual gold output of up to 210,000 ounces.

GMIN wants to update the resource to NI 43-101 standards and incorporate the project into its expansion pipeline after the development of Oko West and the ramp-up in Tocantinzinho. GMIN now has 8.1 million measured and indicated ounces and 2.2 million inferred ounces, a substantial increase from the acquisition.

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