Francisco Alves/Mara Fornari

Canada is the country with the largest presence in the Brazilian mineral sector (outside of Brazil, of course). If we consider the companies listed on the Canadian stock exchanges TSX (Toronto Stock Exchange) and TSXV (Toronto Stock Exchange Venture), there are at least 35 companies operating in the production and exploration of mining assets, in different regions of the country .

In the ranking of 100 largest mining companies, based on the value of their production in 2023, there are 12 companies listed on Canadian stock exchanges, which operate in the production of gold, copper, graphite, lithium and vanadium. Canadian companies are also very active in mining exploration in Brazil, with investments mainly aimed at the search for strategic minerals for the energy transition, such as copper, nickel, lithium and rare earths.

In mining production, leadership is exercised by Kinross, which has been operating for many years what is considered the lowest-grade open-cast mine in the world, located in Paracatu, Minas Gerais state. Kinross is also the leader in Brazilian gold production, a position that is expected to be maintained for many years to come. By 2032, the company must maintain an average annual production of 540,000 ounces of gold.

A Lundin Mining ranks second among Canadian producers in Brazil, with the operation of its Chapada mine, in the state of Goiás, acquired from Yamana Gold in 2019, and where it produces copper and gold, up to 45 000 t/year of copper. and approximately 60,000 ounces of gold per year. Lundin Mining, in 2023, achieved projected guidance, on a consolidated basis in all metals, either average or above expectations. Copper production reached 314,798 tonnes and consolidated copper equivalent production exceeded 550,000 tonnes. The Chapada mine, in Goiás, produced 45,719 tonnes of copper and gold production was at the upper end of forecasts, with 59,268 ounces for the year.

The third largest mineral producer in Brazil with shares on the Canadian stock exchange is Ero Copper, which, through Mineração Caraíba (Ero Caraíba), operates mines in the state of Bahia, the main one of which is that of Pilar, in the municipality of Jaguarari. In the coming years, Ero Copper is expected to expand its operations in Brazilian mining, increasing its production capacity to 100 thousand tons/year of copper concentrate, with the exploitation of the Tucumã project, currently being carried out in the State of Pará (see Perspectives article). Ero Copper also operates in gold production, maintaining an underground mine in production in the municipality of Nova Xavantina, in the state of Mato Grosso. It is one of the mines with the highest gold content located in Brazilian territory and has an installed capacity to produce 60,000 ounces of gold per year.

A Pan American money, through Jacobina Mineração, is the fourth largest mineral producer in Brazil, operating in the production of gold, with operations in the state of Bahia. The Jacobina facilities were acquired from Yamana Gold last year and produced 147.8 thousand ounces of gold in 2023. The company is currently investing in upgrading Jacobina’s processing facilities, with the aim of optimize capacity.

A Gold equinox has three companies ranked among the 100 largest mining companies in Brazil, all operating in gold production: Aurizona Mining (39th place), Brazilian mining development farm (49th place) and Mining Riacho dos Machados (61st place). In addition to this, the company also controls the Santa Luz Mine, in the state of Bahia. In 2023, Equinox Gold’s four mines in Brazil produced 296,800 ounces of gold, representing the majority of the company’s production during this period. Mineração Aurizona operates in gold production in the municipality of Godofredo Viana, in the state of Maranhão, where it has an expansion project that includes an underground mine (see Outlook article). Mineração Fazenda Brasileiro has a gold mine in the state of Bahia, where the other Equinox Gold company in Brazil, Mineração Santa Luz, also operates in the municipality of Teofilândia. The group also owns Riacho dos Machados Mineração, which has a gold mine in the state of Minas Gerais.

Preliminary data shows that Equinox Gold ended 2023 with production of 564.5 thousand ounces of gold, taking into account its seven global operations – four of which are located in Brazil: Aurizona (with production of 120.6 thousand ounces), Fazenda Brasileiro (66.4 thousand ounces), Santa Luz (57.2 thousand ounces) and Riacho dos Machados (52.6 thousand ounces). In addition to this, the company is commissioning a new mine in Canada, with production planned for the first half of 2024.

See the full article on edition 436 of Brasil Mineral