Aguia lands new boss for South America dual-commodity production push

Aguia Resources has tightened its leadership ranks, naming Tim Hosking as managing director to steer the company as its key South American projects gather momentum. 

The move follows his recent elevation to chief executive in November. It comes as the multi-commodity miner edges closer to first mining at its flagship phosphate operations in Brazil, with initial production slated for the coming quarter.

Hosking joined Aguia as the Brazil country manager in early 2024 and has driven progress at its Rio Grande do Sul phosphate projects, which are forecast to start production in 2026.

Progress at Rio Grande do Sul has gathered pace, with Aguia locking in a long-term lease for its Pampafos fertiliser product, securing funding from a Brazilian development bank and sharpening its mine plans at the Tres Estradas phosphate deposit. Momentum has been further underpinned by multiple offtake agreements struck across Latin America.

Aguia’s recent field trials have validated its Pampafos’ product credentials, yielding more than 8 tonnes per hectare of dry matter in ryegrass at low application rates and proving it is well-suited to southern Brazil’s agriculture-dependent region.

With more than two decades in executive and project management, including 15 years in South America, Hosking appears equipped to guide Aguia’s assets – including its Colombian gold mine Santa Barbara - to increasing economic output and profitability.

Before joining Aguia, Hosking served as the country manager for US-based energy transition group Glenfarne Group in Brazil, where he managed investor relations, government stakeholder engagement, capital markets and full-country operations.

As managing director and chief executive officer, Hosking will retain oversight of the Brazilian phosphate efforts while directing a recently slimmed-down, cost-effective production team at the Santa Barbara gold project in Colombia’s Serranía de San Lucas gold belt.

Aguia Resources managing director and chief executive officer Tim Hosking said: “I am delighted to be joining the Board and helping realise the full value from our asset portfolio which in my view have huge upside.”

Aguia is entering a critical phase at its Tres Estradas project this quarter, with processing and initial Pampafos sales expected as early as mid-year. 

The company aims to scale output to over 160,000 tonnes annually by 2027, supported by seven letters of intent for 54,000 tonnes from Rio Grande do Sul and Uruguay. 

Product marketing continues to build, with trials showing that blending low-grade ore and compost cuts bio-stabilisation time by 60 per cent, enabling access to premium fertiliser segments. 

The company is forecasting operating costs at A$65 per tonne, potentially delivering a gross profit margin of A$21.6 million per annum at current market pricing.

Its other core project, Santa Barbara, hosts a high-grade mesothermal vein system ideally suited for underground exploitation. A 30-tonne per day pilot plant is gearing up to churn through ore averaging 24 grams per tonne (g/t) gold, with plans to ramp up to 50 tonnes per day by mid-2025.

Although gold recoveries remain a focus area at the project, according to the company,  the mine offers strong geology and benefits from high-grade intercepts from 2500m of drilling, with assays confirming continuity in mineralised systems.

With a 108-million-tonne phosphate resource across two sites and its Colombian gold holdings, Aguia looks set to press ahead with dual-commodity operations. As Hosking moves in to lead the company to its next development stage, experienced chairman Warwick Grigor remains well-placed to handle the company’s corporate strategy.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au