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The Cabacal Project, by mineradora Meridian, will begin operating in 2026 with an open-pit mine and processing plant. There are 41 million tons in reserves, with a lifetime of 10 years and an ultra-quick return.
You can note: the Cabacal Project promises to be one of the big names in mining in the coming years — and all this in the heart of Mato Grosso. Canadian Meridian Mining will invest US$ 303.6 million (that’s right, over R$ 1.5 billion) to extract gold, silver, and copper from an open-pit mine.
The project already has the Pre-Feasibility Study (PFS) ready, has a start date to begin operating (2026!) and aims for heavy production with such a quick financial return that it’s startling: less than 1.5 years to recover the investment.
What Is On The Ground Of Cabacal?
A treasure, literally. According to the PFS released by Meridian:
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- There are 41.7 million tons in proven and probable reserves.
- 0.63 g/t of gold → which amounts to over 849 thousand ounces.
- 1.64 g/t of silver → about 2.19 million ounces.
- 0.44% of copper → something like 405 million pounds.
All of this will be extracted in two phases. In the first, the plant will have a capacity of 2.5 million tons/year. From the third year onwards, the goal is to increase to 4.5 million/year.
Open-Pit Mine: Excavator, Sweat, and Millions
The Cabacal Project will use the traditional open-pit mining method, with a pre-stripping period of 9 months before the plant is operational. The maximum mining rate will be 14.8 million tons per year, combining ore and waste rock. That’s enough volume to fill a football stadium with ore — multiple times.
The Size of The Bet (And The Return)
Phase 1 of the project will consume US$ 247.9 million. Phase 2, an additional US$ 55.7 million. All of this based on realistic prices:
- Gold: US$ 2,119/ounce
- Silver: US$ 26.89/ounce
- Copper: US$ 4.16/pound
With that, the estimated return is almost absurd: US$ 984 million in NPV, with a payback of 1.4 years. In other words, the Cabacal Project could start generating profit even before it celebrates its anniversary.
Impact In Mato Grosso: Boosted Economy
In addition to mineral exploration, the project is expected to inject new life into the region:
- Direct and indirect jobs during construction and operation.
- Local infrastructure with more roads, transport, and logistics.
- Tax revenue for the state and nearby municipalities.
And according to Meridian, everything will be done with environmental and social responsibility — something that the mining sector needs to demonstrate more often, by the way.
