Santa Luz

Status In Development
Metal Gold
Location Bahia State, Brazil
Mining Method Open Pit
Start-up Q2 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
Estimated Mine life 10 years
Average Gold Recoveries 84%
Initial Capital Costs* US$82M
Average Cash Costs* US$695 per oz
Average AISC* US$808 per oz
After-tax NPV (5%)* US$210M
*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 the second quarter of 2018.

Santa Luz Technical Report