Brazil's Serabi to buy Coringa gold project for $22 mln

Brazil's Serabi to buy Coringa gold project for $22 mln

Chamber Articles Category: Industry News Post Date: 11/14/17 Source: Reuters By: Zandi Shabalala and Edmund Blair
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Brazilian miner Serabi Gold said on Tuesday it would buy Brazil’s Coringa gold project for $22 million from Anfield Gold Corp, a move that will double its production and lower its overall costs.

The purchase price for Coringa would be paid in three staggered tranches, while the project was in the process of being fully permitted, Serabi said in a statement issued with its results.

London-listed Serabi runs the Polita and Sao Chico mines in Brazil. The Coringa project will churn out 32,000 ounces per annum of gold at a cost of $783 per ounce, adding to the 38,000 ounces now produced from Serabi’s two mines.

“It’s exactly the same construction of a mine that we have done at Polita, it’s almost a carbon copy deposit,” CEO Michael Hodgson told Reuters, adding that the operations were close together, allowing resources to be shared. Read Full Article