Gold Mining in Brazil: Production, Top Mines and Investment Guide (2026)

Gold mining in Brazil has a 300-year history and is still one of the country's most important mining activities. Brazil mined an estimated 80 tonnes of gold in 2025, about 2.4% of global supply, and holds roughly 2,500 tonnes of gold reserves, according to the US Geological Survey. Production comes from a mix of world-scale industrial mines, a fast-growing group of mid-tier and junior producers, and a shrinking but controversial artisanal sector.

This guide explains where gold is mined in Brazil, which mines and companies matter, how the sector is regulated and taxed, and how investors can get exposure, from large listed producers to private, pre-listing companies like Pilar Gold, which is restarting a fully equipped gold mining complex in the state of Goiás.

How much gold does Brazil produce?

Brazil's gold output has held in a range of roughly 60 to 90 tonnes a year for most of the past decade. The USGS estimates 82 tonnes in 2024 and 80 tonnes in 2025, out of a world total of about 3,300 tonnes.

Officially registered production, tracked by Brazil's National Mining Agency (ANM) and compiled by the research group Instituto Escolhas, tells a more detailed story:

Two trends stand out:

• Industrial production is growing. Output from licensed industrial mines rose 11% between 2022 and 2025, helped by new mines in Pará and higher grades at existing operations.
• Registered artisanal output collapsed by about 81% after Brazil introduced electronic invoices for gold purchases and ended the presumption of "good faith" for gold buyers in 2023. The drop, concentrated in Pará and Mato Grosso, is widely read as evidence that much previously declared artisanal gold had illegal origins.

The difference between the USGS estimate and registered output reflects estimation methods and gold that is mined but not formally recorded. For investors, the key point is that the legitimate, industrial side of gold mining in Brazil is expanding.

Where is gold mined in Brazil? The top gold states

Gold occurs across several major geological provinces. Industrial production in 2025 was concentrated in five states:

Source: ANM data compiled by Instituto Escolhas, 2026.

Minas Gerais has been Brazil's gold heartland since the 18th-century gold rush and still produces almost half of the country's industrial gold. Pará is the growth story: industrial production there jumped from 1.7 tonnes in 2022 to 7.8 tonnes in 2025 as new mines such as Tocantinzinho came online.

Goiás, in central Brazil, is less famous but geologically attractive. Its Archean greenstone belts host high-grade underground deposits, and the state has good road and power infrastructure compared with the Amazon. The Pilar de Goiás area has been mined since the 1740s and is home to the PGDM complex now being restarted by Pilar Gold Inc.

The largest gold mines in Brazil

A handful of large operations account for much of Brazil's output. Figures below come from the operators' own reports; for the full top 15 with owners, states and grades, see our ranking of the largest gold mines in Brazil.

Paracatu is a striking example of scale over grade: Kinross processed about 52.6 million tonnes of ore at an average of just 0.43 grams per tonne to produce over 600,000 ounces in 2025, its eighth straight year above 500,000 ounces.

Tocantinzinho shows what a well-executed new mine can do. In its first full year of commercial production, it delivered 171,871 ounces at an all-in sustaining cost (AISC) of US$1,155 per ounce and generated about US$255 million of mine-site free cash flow.

Other notable operations include Pan American Silver's Jacobina mine in Bahia, the Aurizona, RDM and Bahia complexes that Equinox Gold sold to CMOC for up to US$1.015 billion in January 2026, and smaller underground producers such as Serabi Gold in the Tapajós and Jaguar Mining in the Iron Quadrangle.

Industrial mining vs. garimpos

Any discussion of gold in Brazil has to address the garimpos, the informal artisanal and small-scale mines concentrated in the Amazon.

Industrial mines operate under federal mining concessions, hold environmental licences, report production to ANM and pay royalties and taxes. Garimpos operate under a simpler "permissão de lavra garimpeira" regime, or entirely illegally. Illegal garimpos have caused serious deforestation, mercury contamination and conflict on Indigenous lands, particularly in Yanomami and Munduruku territories.

Since 2023, enforcement has tightened through electronic invoicing for gold trades, stricter buyer liability and federal operations against illegal mining. The result is visible in the data above: registered artisanal output fell from 30.8 tonnes in 2022 to 5.8 tonnes in 2025.

For investors, the distinction matters. Institutional capital, refiners and offtakers increasingly demand verifiable supply chains. Licensed, traceable industrial producers, especially those operating outside sensitive Amazon areas, are better positioned to attract that capital.

How gold mining in Brazil is regulated and taxed

Brazil's federal government owns all subsoil mineral resources, and companies earn the right to mine through a staged process administered by the Agência Nacional de Mineração (ANM):

1. Exploration authorisation (autorização de pesquisa) to explore a defined area.
2. Final exploration report approved by ANM, demonstrating a deposit.
3. Mining concession (concessão de lavra), granted once a mining plan and environmental licences are in place.

Environmental licensing is handled mainly by state agencies in three stages: preliminary (LP), installation (LI) and operating (LO) licences.

The main mining-specific charge is the CFEM royalty. Under Law 13,540/2017, gold pays 1.5% of gross sales revenue net of sales taxes, compared with 3.5% for iron ore and 2% for most other minerals. Sixty percent of CFEM goes to the municipality where the mine operates, which gives local governments a direct stake in successful projects. Some states, such as Pará, also levy their own mineral inspection fees.

Executives at Brazilian gold companies generally describe the federal framework as stable and predictable. The practical challenges are administrative capacity and permitting timelines, especially in frontier states.

Why investors are paying attention to Brazilian gold

Several factors have pushed Brazil up investors' lists:

• Record gold prices. Gold traded above US$4,000 per ounce in late 2025. G Mining's realised price at Tocantinzinho in Q4 2025 was US$4,032/oz, which turns even moderate-cost mines into strong cash generators.
• Proven discoveries and builds. Tocantinzinho went from construction to steady production on schedule, and new mines such as Cabral Gold's project in the Tapajós are advancing.
• Big-ticket transactions. Equinox Gold's US$1.015 billion sale of its Brazilian operations to CMOC shows that large international buyers will pay for Brazilian gold production.
• Competitive costs. Low gold royalties, an experienced mining workforce and a weak Brazilian real relative to the US dollar support margins.

Some industry executives now talk about a "Brazil premium" replacing the old "Brazil discount" for well-run gold producers.

Goiás and the Pilar gold complex

Goiás offers a different profile from the Amazon frontier: established towns, paved roads, grid power and a long mining tradition. Its greenstone belts host the Crixás and Pilar de Goiás gold districts.

The PGDM complex (Pilar de Goiás Desenvolvimento Mineral) is a good example of the opportunity. It includes the Pilar, Maria Lázara and Caiamar underground mines, the Três Buracos open-pit project and a central processing plant. Yamana Gold developed the operation and reached commercial production in 2014. It later passed through Brio Gold and Leagold to Equinox Gold, and in April 2021 Equinox sold the Pilar mine to Pilar Gold Inc for US$38 million in cash, a 9.9% equity stake and a 1% net smelter return royalty. At the time, the mine accounted for about 35,000 ounces of Equinox's annual guidance.

Pilar Gold has since completed a balance-sheet restructuring and is now raising capital to restart and ramp up production. According to the company:

• The complex is fully equipped and hosts a 4 million ounce gold resource.
• The near-term target is 40,000 ounces of gold per year, rising to 80,000 ounces in the medium term through a hub-and-spoke strategy with nearby satellite deposits.
• Estimated AISC is below $1,800 per ounce, and the company is targeting a public listing in H1 2027.

Restarting a built mine typically needs far less capital and time than developing a new one, because the plant, underground workings and infrastructure already exist. You can read the full project overview and current offer terms on the Pilar Gold homepage.

Risks of investing in gold mining in Brazil

Brazil's gold sector has real strengths, but investors should weigh the risks:

• Gold price risk. Margins expand and contract with the gold price. Higher-cost and early-stage producers are the most sensitive.
• Operational risk. Restarts and ramp-ups can take longer or cost more than planned. Grade, recovery and dilution may differ from estimates.
• Permitting and regulatory risk. Licensing timelines vary by state and project, and environmental conditions can change.
• Currency risk. Costs are largely in Brazilian reais while gold is sold in US dollars. A weak real helps margins, and a strong real hurts them.
• Liquidity risk. Shares in private and pre-IPO companies cannot be sold easily until a listing or other liquidity event, which may be delayed or may not happen.
• ESG and reputational risk. Companies near Indigenous or Amazon areas face heightened scrutiny.

How to invest in gold mining in Brazil

There are three main routes:

1. Listed producers. Buy shares of companies with Brazilian operations, such as Kinross (Paracatu), AngloGold Ashanti (AGA Mineração), G Mining Ventures (Tocantinzinho), Serabi Gold or Jaguar Mining. These offer daily liquidity and public disclosure. Our Brazil gold mining stocks list compares their tickers, 2025 output and costs, and our guide on how to buy gold stocks covers brokers, exchanges and what to check before buying.
2. Gold miner ETFs. Funds such as the VanEck Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs hold several companies with Brazilian assets, giving diversified exposure.
3. Private and pre-IPO companies. Eligible investors can buy shares in private placements before a company lists. These carry higher risk and lower liquidity but can be priced well below listed peers. Pilar Gold, for example, says it is offering an entry valuation of about C$148 million, compared with C$400–500 million for listed Brazilian peers.

If you are considering the pre-IPO route, start with our explainer on what a private placement is and our guide to the Pilar Gold IPO and listing plans. Read the offering documents carefully, check whether you qualify under the relevant prospectus exemptions, and speak to a licensed advisor. To review Pilar Gold's project details, management team and financing terms, request the investor pack.

The bottom line

Gold mining in Brazil is entering a stronger phase: industrial output is growing, illegal supply is being squeezed out of official channels, new mines are being built on time, and international buyers are paying premium prices for Brazilian ounces. Minas Gerais and Pará dominate today's headlines, but established districts in Goiás and Bahia offer high-grade, infrastructure-rich opportunities, including the restart of fully built mines.