Canadian mining company Tucano Gold Inc. , part of the Pilar Gold collection, on Saturday the 12th an agreement With Great Panther Mining Ltd. to take control of a gold mine in Amapá.
The agreement secured the purchase of 100% of the shares of Mina Tucano and 100% of the shares of Tucano Resources Mineração, which is responsible for gold exploration.
Understanding of gold exploration by the Canadian mining company in Amapá
Obtaining mine is subject to approval Elimination recoveryAs well as agreement with creditors. Tucano Gold said it has the support of most of Mina Tucano’s creditors to proceed with the purchase.
The Canadian mining company claims that gold exploration is set to resume at the Amapa mine in the fourth quarter of this year. The company acquired by the group has been in bankruptcy since September 2022.
Tucano Gold did not disclose the financial details of the deal. The takeover of this gold mine is part of a plan to pay everyone off creditors of the company, which was acquired by Great Panther Mining in 2019, according to the paper. economic value.
Read also
The gold mine started operating in 2005 and has already produced more than 1.5 million ounces of gold (equivalent to 31.1 grams). Between 2014 and 2020, the average annual production was 134,000 ounces.
In 2022, until operations ceased, 60,000 ounces of gold had been produced. As of June 2022, the Mina Tucano’s proven and probable gold reserves were 12.9 million tons, according to the Great Panther report.
The group also has among its plans the development of Pilar Gold’s operations in Goiás and the restart of the largest gold plant in Europe, in FinlandStill in 2023.
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.