Aura Minerals Inc. (OTC:ORAAF) Stock In Focus After Business Update
The new trading week kicked off yesterday with a large number of companies coming into the news cycle, and one of those was Aura Minerals Inc. (OTC:ORAAF). The company came up with an updated Mineral Reserves and Mineral Resources for four of its operating mines and its development projects for the fiscal year ended December 31, 2023. The four operating mines in question are Almas Mine, Aranzazu Mine, Minosa Mine, and Apoena Mine.
The development projects include Borborema. The Chief Executive Officer and President of Aura Minerals, Rodrigo Barbosa, stated that there had been a notable increase in reserves across all categories at its mines and projects. He noted that the company had added as much as 2.4 million ounces in M&I resources and 856,000 ounces in P&P reserves. Such a boost was brought about by the clear strategy that had been adopted by the company in order to boost production while simultaneously raising the level of resources and reserves.
In the news release, the company also provided some of the highlights from 2023. One of those was the expanded exploration program that the company had undertaken, spanning 114074.37 meters of drilling. Aura Minerals invested as much as $24 million in that activity in order to raise its mineral resources and mineral reserves and also cut down on depleted ounces.
The company also noted that one of the more important steps that it had taken in order to boost its MRMR was through the addition of the Borborema project. The addition had been made after the conclusion of the feasibility study in August last year. Additionally, there had also been considerable growth at Apoena Mines, which recorded its biggest rise in mineral reserves in its history since 2017. It remains to be seen if Aura Minerals gets attention from investors today.
