Aura Minerals
A Canadian multinational mining company focused on gold and copper production in the Americas.
Last updated August 31, 2026
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Overview
Aura Minerals Inc. is a Canadian multinational mining company that owns and operates precious- and base-metal assets in Latin America. Its principal business is the exploration, development, construction, and operation of gold and copper mines, with producing and development properties in Brazil, Honduras, Mexico, and Colombia. Although the company is incorporated and headquartered in the British Virgin Islands, its corporate operations are conducted from Florida, and its shares are traded on the Toronto Stock Exchange with Brazilian depositary receipts listed on B3. The company traces its corporate history to Baldwin Holdings Limited, a Canadian entity that later adopted the Aura Gold name. Under the leadership of former Yamana Gold chief executive Victor Bradley, the business pursued gold exploration opportunities in Brazil and listed on the Toronto Stock Exchange in 2006. In 2016, Aura moved its corporate offices from Toronto to Miami and reincorporated under the British Virgin Islands business-company framework. The change reflected the company's increasingly international operating structure and focus on assets across the Americas. Aura's operating portfolio has included the San Andres gold mine in Honduras, the Ernesto/Pau-a-Pique gold operation in Brazil, the Aranzazu copper-gold-silver mine in Mexico, and the Apoena operations in Brazil. The company also developed or evaluated exploration and development properties including Almas and Matupá in Brazil and Tolda Fria in Colombia. Its portfolio has therefore combined established production with brownfield expansion and earlier-stage exploration. Several transactions and operational changes shaped Aura's development. In 2013, the company's Apoena subsidiary closed the São Vicente gold mine in Brazil after the deposit reached natural depletion. In 2015, Aura suspended activities at Aranzazu while reviewing the project's development plan, costs, and expenditures. That same year, it agreed to acquire the Ernesto/Pau-a-Pique gold mine from a Yamana Gold subsidiary through a structure involving share issuance, call options, and royalties on future production; Brazilian competition authorities approved the transaction in July 2015. In 2018, Aura completed an all-share merger with Rio Novo Gold, whose former shareholders received approximately 22 percent of the enlarged company. Aura also announced a feasibility study for restarting Aranzazu in July 2018. Aura Minerals presents itself as a growth-oriented intermediate mining company rather than as a diversified global major. Its stated operating model centers on improving existing mines, restarting or expanding assets where technical and economic studies support development, and building a pipeline of additional deposits. The company’s principal commercial exposure is to gold, with copper and silver providing additional metal revenue at polymetallic operations such as Aranzazu. Its assets and subsidiaries are managed through a regional operating structure covering Central and South America. The company's current identity is consequently defined by a geographically concentrated Americas portfolio, a mix of gold and copper production, and an emphasis on mine development and operational expansion. Public reference material identifies San Andres and Ernesto/Pau-a-Pique among its producing assets and lists Aranzazu, Almas, Matupá, and Tolda Fria among its development or exploration interests. Exact production, reserve, ownership, and operating-status details can change over time and should be verified against the company's latest regulatory filings and technical reports.
History
Aura Minerals developed from Baldwin Holdings Limited, a Canadian company that later changed its name to Aura Gold. With Victor Bradley, a former Yamana Gold chief executive, serving as chief executive, the company listed on the Toronto Stock Exchange in 2006 and focused its early strategy on gold exploration in Brazil. The company subsequently expanded beyond exploration into mine ownership and operations. Its portfolio came to include gold assets in Brazil and Honduras, as well as the Aranzazu polymetallic mine in Mexico. The business has also evaluated exploration and development properties in Brazil and Colombia, giving it a regional portfolio rather than a single-mine identity. Apoena's São Vicente gold mine in Nova Lacerda, Brazil, began commercial production in 2009. It was closed in July 2013 after the deposit reached natural depletion. Aura nevertheless reported increased consolidated gold production in 2013, with output of 206,747 ounces compared with 172,500 ounces in 2012. Aranzazu underwent a significant strategic change in January 2015, when its activities were suspended while Aura reviewed the project's development plans, costs, and expenditures. In May of the same year, Aura agreed to acquire the Ernesto/Pau-a-Pique gold mine near Pontes e Lacerda in Brazil from Serra da Borda Mineração e Metalurgia, a Yamana Gold subsidiary. The consideration included Aura shares, call options, and royalties linked to future production. Brazil's Administrative Council for Economic Defense approved the transaction in July 2015. In 2016, Aura moved its corporate offices from Toronto to Miami and reincorporated under the British Virgin Islands Business Companies Act. The corporate structure therefore came to combine Canadian public-market access, British Virgin Islands incorporation, a Florida corporate office, and operating subsidiaries in Latin America. Aura completed an all-stock merger with Rio Novo Gold in March 2018. The transaction brought Rio Novo shareholders into the enlarged company, with those shareholders holding approximately 22 percent of Aura after completion. Later in 2018, Aura announced the results of a NI 43-101 feasibility study examining the restart of Aranzazu in Zacatecas, Mexico. The resulting company is an Americas-focused gold and copper producer with assets in Honduras, Brazil, Mexico, and Colombia. Its production and development portfolio has included San Andres in Honduras, Ernesto/Pau-a-Pique and Apoena-related operations in Brazil, Aranzazu in Mexico, and projects such as Almas, Matupá, and Tolda Fria. Because mining portfolios, project stages, and executive appointments can change, current operating status should be checked against the latest corporate disclosures and technical reports.
- 2018
Rio Novo Gold merger completed
[1]Aura completed its all-share merger with Rio Novo Gold.
- 2018
Aranzazu restart feasibility study
[1]Aura announced a NI 43-101 feasibility study for restarting the Aranzazu operation in Mexico.
- 2016
Corporate relocation and reincorporation
[1]Aura relocated its corporate office from Toronto to Miami and reincorporated in the British Virgin Islands.
- 2015
Ernesto/Pau-a-Pique acquisition agreement
[1]Aura agreed to acquire the Brazilian Ernesto/Pau-a-Pique gold mine from a Yamana Gold subsidiary.
- 2013
São Vicente closed
[1]The São Vicente mine was closed after natural depletion of the deposit.
- 2009
São Vicente entered commercial production
[1]The São Vicente gold mine in Brazil began commercial production under Aura's Apoena subsidiary.
- 2006
Toronto Stock Exchange listing
[1]After changing its name from Baldwin Holdings Limited to Aura Gold, the company listed on the Toronto Stock Exchange and pursued gold exploration in Brazil.
Products and positioning
An Americas-focused intermediate mining company that combines operating gold mines with copper-bearing assets and a pipeline of development and exploration projects.
Precious metal
Gold
Gold is Aura Minerals' principal commodity. The company has owned and operated gold assets in Brazil and Honduras and has pursued additional gold development and exploration projects in Brazil and Colombia. Its business is based on mining and processing ore rather than selling branded consumer products.
Base metal
Copper
Copper is an important secondary commodity in Aura's portfolio, particularly through the Aranzazu operation in Zacatecas, Mexico. Aranzazu is described as a copper-producing or polymetallic asset, linking copper production with gold and silver output.
Precious metal
Silver
Silver is associated with Aura's polymetallic mining exposure, especially at Aranzazu in Mexico. It is a by-product or co-product of the company's mine portfolio rather than a separately branded offering.
Brand decisions
2018
All-share merger with Rio Novo GoldM&ABackground
Aura pursued corporate growth through a combination with TSX-listed Rio Novo Gold.
Action taken
Aura completed the merger in March 2018 using an all-stock structure.
Aftermath
Former Rio Novo shareholders held approximately 22 percent of the enlarged Aura Minerals.
Former Rio Novo shareholders' ownership of enlarged Aura. Approximately 22% (Upon completion in March 2018)
2018
Feasibility work for Aranzazu restartGeneration changeBackground
Following the earlier suspension and project review, Aura assessed whether Aranzazu could be restarted.
Action taken
The company announced the results of a NI 43-101 feasibility study for the restart of the Mexican operation.
Aftermath
The study provided the technical basis for evaluating renewed development and production at Aranzazu.
2015
Temporary suspension and review of AranzazuStrategyBackground
Aura suspended Aranzazu activities in January 2015 while reviewing the mine's development approach, costs, and expenditures.
Action taken
The company paused operations and undertook a review of the project's development plans.
Aftermath
Aura later announced a feasibility study for restarting Aranzazu, with study results disclosed in 2018.
2015
Acquisition of Ernesto/Pau-a-PiqueM&ABackground
Aura sought to expand its Brazilian gold production base through an agreement with Serra da Borda Mineração e Metalurgia, a Yamana Gold subsidiary.
Action taken
The transaction used a combination of Aura share issuance, call options, and royalties on future production and received Brazilian competition approval.
Aftermath
Ernesto/Pau-a-Pique became part of Aura's Brazilian operating portfolio.
Recent events
Reported
Cosan announces proposed iron-ore joint venture[2]
Cosan announced a memorandum of understanding, through subsidiary Atlântico, to enter mining through an iron-ore joint venture with the Paulo Brito Group, which controls Aura Minerals. The memorandum provides for Atlântico to hold 37% of the new company’s total capital and share control.
Reported
Aura Minerals completes acquisition of Gold Road Project[3]
Aura Minerals completed its purchase of all issued and outstanding shares of Para Resources’ wholly owned subsidiary Z79 Resources, which owns the Gold Road Project through Gold Road Mining Corp.
Sources3 sources
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