KEY POINTS
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Toroparu could produce 5.6 million ounces of gold over 29 years.
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Aris Mining is targeting a construction decision in early 2027.
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The project requires $1 billion in initial capital.
Canadian mining company Aris Mining Corporation has confirmed plans for a large-scale, long-life gold mine at its Toroparu project in Guyana, following the completion of a prefeasibility study (PFS).
The study estimates that the project could produce 5.6 million ounces of gold over a 29-year processing period, including 21 years of mining. The findings strengthen the project’s potential to become a major gold-producing operation in South America.
With the PFS completed, the company is moving ahead with pre-development activities. Its application for a large-scale mining licence is currently under review.
Construction Decision Expected in 2027
Aris Mining is targeting an early 2027 construction decision, subject to securing the mining licence and other required approvals.
The proposed development is expected to take 32 months to construct. The company considers Toroparu a cornerstone asset in its strategy to become a major gold producer in South America.
The latest study also introduces changes to the project’s development plan compared with the preliminary economic assessment released in 2025.
One major adjustment is the decision to process lower-grade ore towards the end of the mine’s operating life. These tonnes had previously been classified as waste in the 2025 assessment.
The company has also adopted a contract mining model, replacing the owner-operated equipment-leasing approach considered in the earlier assessment.
Gold Production to Decline in Later Years
The PFS projects average annual gold production of 291,000 ounces during the first five years of operation.
Output is expected to average 258,000 ounces annually during the main openpit mining phase, covering the first 17 years.
Production would then decline to an average of 103,000 ounces a year between years 18 and 29, as the operation moves into the later stages of mining and processes stockpiled material Toroparu will require an estimated initial capital investment of $1 billion.
During the main openpit mining period, the project is expected to generate average annual earnings of $588 million.
At the study’s base-case commodity prices of $3,600 an ounce for gold, $50 an ounce for silver and $5 a pound for copper, the project has an estimated after-tax net present value (NPV) of $2.8 billion.
Its projected internal rate of return (IRR) is 31.5%, with a payback period of 2.2 years from the start of operations.
The financial outlook also changes significantly under different gold price assumptions. At $4,200 an ounce, the project’s after-tax NPV rises to $3.8 billion, while its IRR increases to 37.8%.
However, at a lower gold price of $3,000 an ounce, the NPV falls to $1.8 billion and the IRR declines to 24.3%.
The findings provide Aris Mining with an updated financial and operational framework as it advances the Toroparu project towards a possible construction decision in 2027.
