G Mining Ventures acquired the Tocantinzinho Gold Project in 2021. Credit: Nordroden/Shutterstock.

G Mining Ventures has secured operational licences for its Tocantinzinho Gold Project in Pará, Brazil.

Granted by the Pará State Environmental Agency, the licences authorise full-capacity operations for the mine, processing plant, tailings facilities and a new airstrip.

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This move marks the final step required for the project to begin commercial operations, which are on schedule for H2 2024.

Tocantinzinho is a ready-to-construct open-pit gold deposit with two million ounces of reserves.

In 2021, G Mining acquired the project for $115m (C$154.92) from Eldorado Gold.

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For the first eight years, the Tocantinzinho project’s average annual gold production capacity is estimated at 187,000oz, G Mining said at the time of the deal’s announcement.

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Commenting on the receipt of the latest licences, G Mining president and CEO Louis-Pierre Gignac said: “This final step in the regulatory approval process for TZ is a testament to Brazil’s mining-friendly business environment, its well-structured permitting process and our team’s commitment to excellence in everything we do.

“I am thrilled by the achievement of this major milestone and continue to be excited as I witness the steady progress being made in commissioning the plant, allowing us to achieve commercial production in the very near term.”

G Mining also owns the Oko West Project in north-west Guyana.

Located south of the historical Oko gold district, around 95km west of Georgetown, the Oko West Project comprises a prospecting licence with an area of around 44km², 100% held by GMIN’s Guyanese subsidiary.