Aura Minerals to Acquire Bluestone Resources for $74.3 Million
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Bluestone Resources and Aura Minerals have entered into a definitive arrangement agreement where Aura will acquire all of the issued and outstanding common shares of Bluestone.
Aura will be acquiring a 100 percent interest in Bluestone’s Cerro Blanco gold project and the adjacent Mita Geothermal project in Guatemala. Cerro Blanco is a near surface high grade gold deposit. The Mita Geothermal project is an advanced-stage, renewable energy project licensed to produce up to 50 megawatts of power.
“Cerro Blanco stands as a world-class deposit that has encountered both social and institutional hurdles. We are confident that, along the next few years, by integrating it with Aura’s 360 vision, we can refine our strategic approach to make Cerro Blanco another flagship project that exemplifies the utmost respect for social and environmental responsibilities while delivering value to all stakeholders,” said Rodrigo Barbosa, CEO of Aura.
“After a fulsome strategic review process, the acquisition by Aura provides the best outcome for Bluestone shareholders and to further advance the Cerro Blanco gold project and Mita geothermal project. The transaction presents shareholders with a choice to maintain exposure to Cerro Blanco through a proven Latin America mine developer and producer,” said Peter Hemstead, president, CEO, and board chair of Bluestone Resources.
“Aura is a well established Latin American producer with a track record of development and has the financial capacity to advance and unlock potential value from Cerro Blanco,” added Hemstead.
Closing is expected to occur in January 2025, subject to satisfaction of the conditions to closing.
Aura Minerals is focused on mining in complete terms — thinking holistically about how its business impacts and benefits every one of its stakeholders, company, shareholders, employees, and the countries and communities they serve. Aura is a mid-tier gold and copper production company focused on operating and developing gold and base metal projects in the Americas. The company has four operating mines including the Aranzazu copper-gold-silver mine in Mexico, the Apoena (EPP) and Almas gold mines in Brazil, and the Minosa (San Andres) gold mine in Honduras. The company’s development projects include Borborema, currently in construction and Matupá both in Brazil. Aura has unmatched exploration potential owning more than 630,000 hectares of mineral rights and is currently advancing multiple near-mine and regional targets along with the Aura Carajas copper project in the prolific Carajás region of Brazil.
Bluestone Resources is a Canadian-based precious metals exploration and development company focused on opportunities in Guatemala. The company’s flagship asset is the Cerro Blanco gold project, a near surface mine development project located in Southern Guatemala in the department of Jutiapa.
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