08:14 AM EDT, 06/11/2024 (MT Newswires) -- G Mining Ventures ( GMINF ) said Tuesday that it commenced ore processing at the Tocantinzinho (TZ) gold project in Brazil.

The company said the ore was introduced into the grinding circuit yesterday after securing the hot commissioning permit from authorities. The commissioning permits allow for the mining and processing of ore, disposal of tailings as well as the selling and exporting of gold.

G Mining ( GMINF ) said the project is on track and on budget to begin commercial production in the second half.

"Less than two years after the formal construction decision, TZ is on track to commence gold production imminently, as planned," President and CEO Louis-Pierre Gignac said. "Once at a steady state, TZ is poised to become Brazil's third-largest primary gold mine."

The company said the project is 97% complete as of May 31. Once completed, the mine is expected to produce 175,000 ounces per year of gold over its initial 10.5-year mine life.