Aura Minerals’ Credit Rating Climbs from B+ to BB- and brAA to brAA+ with Stable Outlook
Aura Minerals’ global issuer credit rating rose from B+ to BB- and its Brazilian national rating climbed from brAA to brAA+, both with stable outlook. Record-high gold prices and planned 340k-390k GEO production in 2026 are expected to keep debt/EBITDA ratios low while supporting strong cash flow and growth.
1. Credit Rating Upgrade Details
Aura Minerals’ issuer credit rating was raised from B+ to BB- on the global scale and from brAA to brAA+ on the Brazilian national scale, with both outlooks revised to stable. The debentures issued by Aura Almas Mineração S.A. also received the brAA+ rating.
2. Upgrade Drivers and Financial Metrics
The upgrade reflects expectations of sustained robust EBITDA and cash generation driven by record-high gold prices and rising production volumes. Forecasts indicate adjusted gross debt to EBITDA remaining at low levels despite increased capital expenditures and dividend distributions, supported by favorable market conditions.
3. Production Growth and Project Pipeline
Aura projects 340,000-390,000 gold equivalent ounces (GEO) for 2026, driven by capacity expansions at Borborema and MSG and other operations. The company aims to surpass 600,000 GEO in subsequent years through ongoing development at Matupá and the Carajás copper project.
4. Strategic Outlook and Liquidity Position
The stable outlook assumes preservation of a solid liquidity position to support growth strategy and dividend policy. Continued project development and gradual improvements in cash costs are expected to solidify the balance sheet and sustain shareholder value.