Aura Minerals’ Era Dorada feasibility: mine design, capex and risk notes for engineers
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Aura Minerals has lifted its long-term production outlook to 600,000 oz gold-equivalent per year, driven by a new feasibility study for the Era Dorada underground project in Guatemala plus ramp-up and expansion at Borborema, Almas, Matupá and the MSG turnaround. Era Dorada, formerly Cerro Blanco, is now scoped as a 17-year underground mine producing 1.75 million oz gold-equivalent, with initial capex of $382 million, AISC of $1,178/oz and an after-tax NPV of $1.34 billion at $3,177/oz gold. The project retains existing licences and avoids the open-pit plan that previously stalled government approvals.
Technical Brief
- At that price deck, the study reports an after-tax IRR of 35.6% and NPV of US$1.34 billion.
- Using spot prices, Aura quotes an uplifted NPV of US$2.17 billion and IRR of 46.6%.
- Payback period on the US$382 million initial capex is estimated at 2.82 years from start-up.
- Early years output is front-loaded, with 111,000 oz gold-equivalent planned over the first four years.
- Era Dorada lies in Jutiapa, ~230 km from Aura’s Minosa mine in Honduras, enabling regional operating synergies.
- Portfolio growth assumptions also depend on full ramp-up at Borborema, Almas and Matupá plus MSG turnaround, without fixed build schedules disclosed.
Our Take
With an after-tax NPV of $1.34–2.17 billion against initial capex of $382 million, Era Dorada screens as a high-margin gold project in our database, suggesting Aura Minerals could self-fund a meaningful portion of build-out from existing cash flow if execution at Borborema and Almas stays on track.
The 17-year mine life and 1.75 Moz gold-equivalent profile at Era Dorada, combined with the existing Minosa mine in Honduras and the Matupá projects in Brazil, positions Aura as one of the more diversified mid-tier gold producers in our recent Mining coverage, with assets spread across both Mexico and Central America and South America.
A sub-three-year payback period at consensus prices gives Aura Minerals more flexibility in M&A timing and risk appetite than many gold peers in our 196 Mining stories, particularly for bolt-on opportunities around MSG (Mineração Serra Grande) and other Brazilian gold districts.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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