Aura Minerals’ US$200M loan: project pipeline and capex lens for mine planners
Reviewed by Tom Sullivan
First reported on MINING.com
30 Second Briefing
Aura Minerals has secured a US$200 million, five-year syndicated loan priced at SOFR (3.62% on Friday) plus 2.7%, with a two-year grace period, arranged by Citi and Itaú BBA, to support working capital as it ramps up an Americas growth phase. The funding coincides with construction of the Era Dorada gold project in Guatemala, a US$382 million build on a two-year schedule targeting about 111,000 gold-equivalent oz. per year in its first four years. Aura aims to lift group output to more than 600,000 gold-equivalent oz. annually from 313,000 oz. currently, while keeping net debt at 0.21× trailing EBITDA.
Technical Brief
- Era Dorada’s feasibility study estimates after-tax NPV of US$1.34 billion at US$3,177/oz gold.
- Guatemala project capex is pegged at US$382 million within Aura’s 2026 expansion budget.
- 2026 capital guidance increased to US$386–463 million, with US$262–314 million for expansions.
- Era Dorada construction was formally approved in April, locking in a two-year build window.
- Aura produced 158,000 gold-equivalent oz in H1 2026, maintaining 340,000–390,000 oz full-year guidance.
- Borborema in Brazil reached commercial production in September 2025, underpinning current cash generation.
- Balance sheet at 30 June: US$248.3 million cash versus US$441.2 million gross debt, net US$168 million.
- Recurring free cash flow in H1 2026 totalled US$175.1 million, with Q2 alone contributing US$80.2 million.
Our Take
Aura Minerals’ move to lift 2026 capital spending guidance towards the $386–463 million range is consistent with its December 2025 outlook to reach 600,000 oz gold-equivalent per year, implying this debt package is a bridge to a materially larger multi-mine gold and copper portfolio across Brazil, Mexico and Central America.
With proven and probable reserves later reported at 7.22 million gold-equivalent ounces across six operating mines and two development projects, the low net debt-to-EBITDA ratio of 0.21 times at the time of this loan suggests Aura is positioning itself as a relatively low-leverage growth name among Americas-focused gold and copper producers in our database.
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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