G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF) reported that its Tocantinzinho gold project in Pará, Brazil, is on track and within budget to start commercial production in the second half of 2024.
The project, which is 93% complete, has achieved significant construction and pre-production milestones.
The company has expended $447 million, representing 98% of the project’s total budget, and maintains a safety record with a Lost Time Incident Frequency Rate of 0.04 after over 5.2 million person-hours worked.
Construction is 95% complete with the mill installation nearing mechanical completion, G Mining reported.
The company has excavated 12.4 million tonnes from the starter pit, including 1.5 million tonnes of ore stockpiled ahead of schedule.
And a 193-km 138 kV transmission line is operational, supplying power to the site from the national grid, according to a statement from the company.
The project, benefiting from a strong gold market with prices around $2,400 per ounce, is progressing through the commissioning phase of its process plant and associated infrastructure. All plant employees are undergoing comprehensive training to ensure smooth operations post-commissioning.
G Mining Ventures has recruited 1,507 employees and contractors, with 94% being Brazilian nationals. The workforce peaked at 2,220 in August 2023, with reductions primarily in construction-related roles as the project advances towards operational readiness.
G Mining plans to start process plant commissioning in the current quarter.
It is aiming to start commercial production by the end of 2024.