The Canadian mining company Aris Mining received the approval of the Regional Autonomous Corporation of Caldas (Corpocaldas) of the Environmental Management Plan that now allows the development of a underground mine in Marmato.
Construction of the new underground mine will provide access to the broader porphyry mineralization below the company’s current open pit mine.
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The open pit and underground mines have a measured and indicated mineral resource of 6.0 million ounces of gold, which includes a proven and probable mineral reserve of 3.2 million ounces.
Aris Mining expects the Marmato mine to deliver an average production of 162,000 ounces per year during a useful life of almost 20 years of mineral reserves. In 2022, its production reached 25,216 ounces.
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Felipe Franco/ Attorney
This successful partnership process sets a new path for gold mining
“This is a milestone for Aris Mining as it will quintuple the gold production of Marmato and, after construction, our gold production from Segovia and Marmato will be approximately 400,000 ounces per year,” said Aris Mining CEO Neil Woodyer.
This project will have an investment of 280 million dollars and is fully funded from the company’s current cash balances and $122 million of ongoing funding from Wheaton Precious Metals.
In addition, Aris Mining’s operations in Segovia generate significant positive cash flow. The project is scheduled for pour its first gold by the end of the third quarter of 2025.
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The company thanked the artisanal miners and communities for their support and efforts during the licensing process for the underground project at its Marmato mine.
He said that the endorsement to build this new underground gold mine is a significant achievement for Aris Miningthe community of Marmato and the Colombian gold mining industry.
“We believe that this successful partnership process sets a new path for gold mining in colombia“Neil Woodyer said.
