G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF) said that it remains on schedule and within budget for commercial production at the Tocantinzinho gold project in the second half of 2024.
The company told shareholders that construction is nearly 90% complete, giving the project an overall progress rate of 87%.
Detailed engineering, procurement, and powerline infrastructure are all finalized, the company added.
Pre-production mining operations have surpassed 50 thousand tonnes per day, operating continuously on a 24/7 basis since May 2023. Approximately 11.4 million tonnes of material have been excavated from the starter pit.
The 193-kilometer, 138 kV transmission line from Novo Progresso to TZ, along with associated substations, is now complete and set to be energized imminently.
Commissioning activities are slated to begin in April, starting with the primary crusher and ore reclaim system.
G Mining has spent a total of $433 million to date, representing 95% of the project's total budget.
The total committed funds are $449 million, which aligns with the feasibility study.
Tocantinzinho currently employs 1,680 people, with 94% of the workforce comprised of Brazilians.