trending Market Intelligence /marketintelligence/en/news-insights/trending/ejxdped0zxagltxdzu7osw2 content esgSubNav
In This List

Amarillo secures 3-year extension for Posse concessions in Brazil

Blog

Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap

Blog

Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future

Blog

Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch

Blog

Insight Weekly: CEO pay jumps; yield curve inversion deepens; wind giants lift turbine prices


Amarillo secures 3-year extension for Posse concessions in Brazil

Amarillo Gold Corp. said Dec. 12 that Brazil's Agência Nacional de Mineração, or ANM, granted a three-year extension on the mining concessions for the Posse gold deposit until July 1, 2020.

Posse forms part of the company's Mara Rosa gold project.

The extension will allow for the continued delay of mining activities, thereby preserving the mining status of the historical concessions, enabling the company to complete a feasibility study, basic and detailed engineering, and for the application for the license to install.

Amarillo is wrapping up a 12,000-meter infill drill program to increase the measured and indicated resources at Mara Rosa, with a resource update expected in early 2019.

The construction of the Mara Rosa processing plant is targeted for the first half of 2020, with commissioning and early production in late 2021, and full commercial production in early 2022.

In September, an updated pre-feasibility study on Posse defined a posttax net present value of US$244 million, discounted at 5%, with an internal rate of return of 51% and payback period of 2.6 years.