We are an Americas gold and copper production company with a significant portfolio of mining operations. Our mission is to deliver long-term value by unlocking operational efficiencies, responsibly growing our portfolio with a focus on return on invested capital, responsible mining practices and a commitment to sustainability. We operate with a decentralized culture, supported by a lean corporate team that ensures agile and dynamic management and decision-making processes, focused on high operational sustainability compliance standards. We believe that our success as a gold and copper mining company is the result of a combination of strategic acquisitions, mine expansions and development and efficiency improvements. Backed by a traditional Brazilian family of seasoned gold-focused entrepreneurs and mine developers, as well as a new management team, we have undergone a significant transformation since 2016, enhancing our profitability, replenishing resources and even extending the life-of-mine (LOM) across our operating assets, while also facilitating inorganic expansion — consistently guided by a disciplined commitment to value creation and sustainable growth. We have a track record of expanding and building new mines on-time and on-budget, with ramp-up capabilities, consistent cash flow generation and dividend payments while delivering an attractive return on investment. Our disciplined cost management ensures efficiency in reserve development while we strive to serve as the benchmark for operational security and excellence in project development. Strategically, we prioritize high-IRR (Internal Rate of Return) growth opportunities, balancing capital appreciation with reliable dividend distributions. We currently operate four wholly-owned operating mines and one mine in ramp-up phase. Our operating mines are the Aranzazu copper-gold-silver mine in Mexico, the Apoena and Almas gold mines in Brazil and the Minosa gold mine in Honduras. Additionally, we own and operate the Borborema gold mine in Brazil, which is currently in its ramp-up phase and is expected to achieve commercial production by the third quarter of 2025. In addition to our operating mines, our main development projects are the Era Dorada gold project in Guatemala and the Matupá gold project in Brazil. We have significant exploration potential, owning over 563,558 hectares of mineral rights, and we are currently advancing multiple near-mine and regional targets along with the Carajás (Serra da Estrela) copper project in the prolific Carajás region of Brazil. Our registered office is located the British Virgin Islands.
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Here are 1-2 brief analogies for Aura Minerals (AUGO):
- Like a Barrick Gold, but a mid-tier producer also mining copper and silver in the Americas.
- A smaller Freeport-McMoRan, with a stronger gold emphasis and focused on the Americas.
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- Gold: A precious metal extracted from its mines, primarily sold for use in jewelry, investment, and electronics.
- Copper: A base metal extracted from its mines, widely used in electrical wiring, plumbing, and various industrial applications.
- Silver: A precious metal often produced as a byproduct of its gold and copper mining operations, used in jewelry, silverware, and electronics.
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Aura Minerals (symbol: AUGO) is a gold, copper, and silver mining company that primarily sells its products to other companies, not directly to individuals.
Based on Aura Minerals' public disclosures, such as its Annual Information Form, the company does not publicly identify the specific names of its major customers. This is common practice in the mining industry due to commercial and competitive sensitivities.
Instead, Aura Minerals generally describes its customers by category:
- Independent Refineries: These companies purchase gold dore and silver dore bars for further processing and purification. Aura Minerals states that its gold and silver dore bars are sold to an independent refinery in Brazil.
- Independent Intermediaries/Traders: These companies purchase copper concentrate. Aura Minerals indicates that its copper concentrate is sold to an independent intermediary, which then typically sells to smelters worldwide.
As specific customer company names and their corresponding stock symbols are not publicly disclosed by Aura Minerals, they cannot be provided here.
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Rodrigo Barbosa, President & CEO
Mr. Barbosa has served as the President and CEO of Aura Minerals since 2015. He has a strong background in managing companies backed by private equity firms. Before joining Aura Minerals, he was the CEO of PDG S.A. from 2010 to 2012, a company in the real estate sector. He also served as the CEO of Gafisa S.A. from 2006 to 2010. Furthermore, Mr. Barbosa was the CEO of Estácio Participações, a private education company. His career also includes experience at the investment bank BTG Pactual and other financial institutions.
André Di Luca, CFO
Mr. Di Luca has been the Chief Financial Officer of Aura Minerals since 2016. Prior to his role at Aura Minerals, he gained extensive experience in finance and capital markets. He served as the CFO of Log-In Logística Intermodal, a Brazilian logistics company. His background also includes positions at PDG S.A., where he worked with Mr. Barbosa, and other financial institutions, where he developed expertise in corporate finance, M&A, and investor relations.
Thiago Fonseca, COO
Mr. Fonseca serves as the Chief Operating Officer of Aura Minerals. He has a background in mining operations and project development. His experience includes working in various leadership roles in the mining industry, focusing on operational efficiency and sustainable production.
Kléber Esteves, Chief Legal Officer and Investor Relations Officer
Mr. Esteves holds the positions of Chief Legal Officer and Investor Relations Officer at Aura Minerals. He possesses a strong legal background with expertise in corporate law, mergers and acquisitions, and compliance within the natural resources sector.
Glauber Marchetti, Chief Technology Officer
Mr. Marchetti is the Chief Technology Officer at Aura Minerals. His professional experience includes overseeing technological advancements and innovation within the mining industry, focusing on operational improvements and data-driven solutions.
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The clear emerging threat for Aura Minerals (AUGO) is the recent mining law reform in Mexico. Passed in April 2023, this reform introduces significant changes that could directly impact the company's operations, particularly its Aranzazu copper-gold-silver mine.
Key provisions of the new law include:
- Reduced concession durations from 50 years to 30 years, affecting long-term planning and asset valuation.
- Stricter requirements for environmental and social impact assessments, potentially increasing compliance costs and leading to project delays.
- Prioritization of water use for domestic and public supply over mining, which could constrain water-intensive operations.
- New obligations for local community consultation and benefit sharing, potentially increasing social engagement costs and risks of disputes.
These legislative changes represent a fundamental shift in the operating environment for mining companies in Mexico, akin to a significant regulatory disruption, and their full implications and implementation are still emerging.
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Aura Minerals (symbol: AUGO) primarily operates in the production of gold, copper, and silver. The addressable markets for these main products are as follows:
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Gold: The global gold market size was valued at USD 5103.47 billion in 2024 and is expected to reach USD 5627.81 billion by 2033, growing at a CAGR of 1.23%. Other sources indicate the global gold market size was valued at USD 291.68 billion in 2024 and is projected to reach USD 457.91 billion by 2032, recording a CAGR of 5.80% during the forecast period. Another estimate for the global gold market was USD 291.68 billion in 2024, projected to reach USD 400 billion by the end of 2030, with a CAGR of 6.51% for 2025-2030. The market size in terms of volume is estimated at 4.75 kilotons in 2025 and is expected to reach 6.78 kilotons by 2030, at a CAGR of 7.38%. Asia-Pacific dominates both gold production and demand.
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Copper: The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030, growing at a CAGR of 6.5% from 2025 to 2030. Another estimate for the global copper market size was USD 236.09 billion in 2024 and is expected to reach USD 362.28 billion by 2032, at a CAGR of 5.6%. Additional data suggests the global copper market size was approximately USD 34.19 billion in 2024 and is predicted to grow to around USD 59.51 billion by 2034 with a CAGR of roughly 5.3% between 2025 and 2034. The global copper market size was also valued at USD 333.15 billion in 2024 and is expected to reach around USD 548.20 billion by 2034, expanding at a CAGR of 5.11% from 2025 to 2034. Asia Pacific dominated the copper market with the largest revenue share of 74.7% in 2024. Asia Pacific is expected to hold the largest copper market share over the forecast period. China is noted as the world's top producer and largest consumer of copper.
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Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow from USD 95.20 billion in 2025 to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86%. The silver market size is estimated at 36.08 kilotons in 2025 and is expected to reach 45.26 kilotons by 2030, at a CAGR of 4.64%. Total silver demand fell by 3% to 1.16 billion ounces in 2024. Asia Pacific accounted for 57.12% of worldwide consumption in 2024 and is expected to post the fastest growth.
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Here are 3-5 expected drivers of future revenue growth for Aura Minerals (AUGO) over the next 2-3 years:
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Ramp-up and Full Production of Borborema Gold Project: The Borborema Gold Project in Brazil recently achieved commercial production in September 2025 and is operating at over 80% design capacity. This project is a key catalyst, anticipated to significantly increase Aura Minerals' gold equivalent output by approximately 25% and boost overall sales volumes as it reaches full production in late 2025 and beyond.
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Increased Production and Operational Efficiencies at Existing Mines: Aura Minerals reported record production of 74,227 gold equivalent ounces (GEO) in Q3 2025, driven by strong operational results across its existing mines. The company's Almas mine, for instance, saw a 17% increase in production from Q2 to Q3 2025 due to higher ore processed volumes and improved grades resulting from plant expansion and mine sequencing. Sustained operational improvements and cost discipline are expected to continue supporting revenue growth.
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Advancement of Strategic Acquisitions and Development Projects: Aura Minerals is actively pursuing strategic growth initiatives, including the advancement of the Mineração Serra Grande S.A. (MSG) acquisition. This acquisition is expected to add high-grade copper deposits, thereby strengthening Aura's reserves and expanding its operational scale, which will contribute to future revenue. Additionally, projects like Era Dorada (Guatemala) and Matupá (Brazil) are in the development pipeline and could further contribute to production and revenue in the longer term.
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Exposure to Favorable Commodity Price Movements: As a gold and copper production company, Aura Minerals' revenue is directly influenced by the prices of these commodities. Management anticipates significant financial improvement as short-term hedging losses expire, allowing more production to be exposed to potentially rising spot gold and copper prices.
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Share Repurchases
- Aura Minerals renewed its Normal Course Issuer Bid (NCIB) for common shares and a concurrent buyback program for Brazilian Depositary Receipts (BDRs) on March 24, 2025.
- Under the renewed NCIB, the company is authorized to repurchase up to 2,694,168 common shares (10% of the public float as of March 14, 2025) between March 26, 2025, and March 25, 2026.
- As of March 14, 2025, Aura Minerals had purchased 213,109 common shares and 3,385,318 BDRs under the 2024 programs.
Share Issuance
- Aura Minerals executed a U.S. Initial Public Offering (IPO) in July 2025, offering 8,100,510 common shares at US$24.25 per share, raising approximately US$196 million.
- Following the July 2025 IPO, the company had 82,629,872 common shares outstanding.
Outbound Investments
- In 2024, Aura Minerals acquired Canada's Bluestone Resources, which owns the Cerro Blanco gold project in Guatemala.
- Proceeds from the July 2025 IPO are intended to fund the acquisition of Mineração Serra Grande S.A. (MSG).
- The company signed a purchase agreement for MSG in Q2 2025 and anticipates completing the acquisition in Q3 2025.
Capital Expenditures
- Aura Minerals projected capital expenditures of US$149-167 million for 2025, following US$180.5 million in 2024 and US$96.9 million in 2023.
- The 2025 capex includes US$99-106 million earmarked for new projects and expansion, notably the development of the higher-grade Nosde phase III deposit in Apoena, expected for completion by the end of 2026.
- Capital expenditures significantly reduced in Q3 2025 to US$31.6 million from US$50.3 million in Q2 2025, primarily due to the conclusion of the Borborema project's construction.
