Fast Facts

Ownership

100%

Primary Metal

Gold

Type of Mining

Underground

Proven and Probable Mineral Reserves

2,807,000 ounces of gold(1)

2020 Production

177,830 ounces of gold

2021 Production Guidance

170,000-180,000 ounces of gold

  • 1. 40,098,000 tonnes with an average grade of 2.18 grams per tonne gold.

Overview

The Jacobina mining complex is located in Bahia state in northeastern Brazil. It consists of five underground gold mines: Canavieiras, João Belo, Morro do Cuscuz, Morro do Vento, and Serra do Córrego. Yamana acquired its 100% interest in Jacobina when it completed the purchase of Desert Sun Mining in 2006. The Jacobina mine is a paleo placer deposit with grains of gold hosted in conglomerate beds (reefs) in the Serra de Corrego Formation on the São Francisco Craton. Before the opening of the Atlantic Ocean millions of years ago, the São Francisco Craton was adjacent to similar geological environments in West and South Africa that host the Witwatersrand and Tarkwa gold deposits. Together, these three paleo placer deposits host 40% of the world’s gold resource and reserve inventory. Gold at Jacobina is hosted within a Proterozoic continental rift basin preserved in a 155-kilometre long north-south belt. Yamana controls the entire belt with 71,000 hectares of exploration concessions and 5,000 hectares of exploration permits.

In 2014, the Company launched a major initiative to unlock Jacobina’s full potential. This included aggressive investment in delineation drilling and underground development along with improved geological modelling and mine planning. Production at Jacobina has more than doubled from 75,000 ounces of gold in 2014 to more than 177,000 ounces in 2020, with record production in each of the past four years.

Organic Growth

To further increase production, Jacobina is implementing a two-phased expansion that will significantly raise annual production. Phase 1, which was recently completed, involved a modest plant expansion to 6,500 tonnes per day (“tpd”) that increased annual production to approximately 180,000 ounces by 2021. The Company exceeded expectations, with average plant throughput now above the 6,500 tpd threshold.

Phase 2 envisions raising throughput to 8,500 tpd, which would increase annual production to approximately 230,000 ounces, reduce costs, and generate significantly more cash flow and attractive returns. The Company released positive pre-feasibility study in 2020 and full feasibility results are expected in 2021. For more information on the Phase 2 expansion, please see the press release published July 29, 2021, and the full technical report.

With continued exploration success at Jacobina, the Company has begun a conceptual study for a Phase 3 expansion that would increase throughput to 10,000 tpd and bring annual production to 270,000 ounces.

Value Proposition

Exploration within the 11-kilometre long mine area is aimed at increasing the operation’s mineral reserve inventory and grade. The Company is primarily targeting extensions of near infrastructure targets in the higher-grade Canavieiras and Morro do Vento sectors but also continues to advance new areas of inferred mineral resources at João Belo Sul and Morro do Vento Leste for long-term mineral resource growth beyond current life-of-mine plans. The operation has a strong track record of mineral reserve replacement with the replacement rate exceeding the depletion rate by more than three times. Please see the press release published July 29, 2021, for the Company’s most recent exploration update for Jacobina.

Please refer to Mineral Reserves & Resources for complete information relating to mineral reserves and mineral resources indicating tonnage and grade for the various mines and projects.

Please refer to Mineral Reserves & Resources for complete information relating to mineral reserves and mineral resources indicating tonnage and grade for the various mines and projects.
The Jacobina Mine has been certified as fully compliant with the International Cyanide Management Code by The International Cyanide Management Institute (ICMI). For details please see ICMI’s press release.