Santa Luz

Status In Development
Metal Gold
Location Bahia State, Brazil
Mining Method Open Pit
Start-up December 2018
Reserves & Resources (June 30, 2017)
Proven and Probable Reserves* 1,259 koz at 1.39 g/t gold
Measured and Indicated Resources* 695 koz at 1.90 g/t gold
Inferred Resources 489 koz at 2.08 g/t gold
*Resources are exclusive of reserves. See Mineral Reserves and Resources Table for more detail.
2017 Feasibility Study Results Summary
Annual Expected Gold Production 100 koz 62 koz
Estimated Mine life 10 years 9 years
Average Gold Recoveries 84% 84%
Initial Capital Costs* US$82M US$74M
Average Cash Costs* US$776 per oz US$738 per oz
Average AISC* US$812 per oz US$778 per oz
After-tax NPV (5%)* US$208M US$103M
*Based on a Brazilian Real to US Dollar exchange rate of 3.5:1 and a gold price of $1,300 per ounce.


Santa Luz is a fully constructed open pit mine, which originally commenced production mid-2013 but was placed on care and maintenance in 2014 to focus on optimizing gold recoveries. Continuous pilot plant test work has confirmed overall gold recovery of 84% on a simplified flow sheet. Further, a Feasibility Study was completed in September 2017 and estimates annual gold production of 100,000 ounces over the mine’s anticipated ten year mine life, with gold production of 150,000 ounces in the first year. Santa Luz is currently in development and re-start of operations is targeted for December 2018.

The Company has also completed a preliminary economic assessment on the Underground Mineral Resource, which is expected to add approximately 50% more production and 50% more value. Start up of underground stoping production is proposed for 2021.

2017 Santa Luz Open Pit Feasibility Study

2018 Santa Luz Underground Technical Report

Santa Luz 3D Animation of Planned Open Pit and Underground Operation