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Aris to build new $280m Marmato underground mine

Aris Mining CEO Neil Woodyer

Aris Mining CEO Neil Woodyer

13th July 2023

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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Toronto-listed Aris Mining has received approval from a regional environmental authority in Colombia, permitting the development of the Marmato Lower Mine.

Construction of the new underground mine and 4 000 t/d ore processing facility, at a cost of $280-million, will provide Aris access to the wider porphyry mineralisation below the currently operating Upper Mine.

The Marmato mine is expected to deliver average production of 162 000 oz/y over nearly 20 years from the mineral reserves.

The Upper and Lower Mine have a measured and indicated mineral resource of six-million ounces of gold, which includes proven and probable mineral reserves of 3.20-million ounces.

The new mine will grow Marmato’s gold production five-fold, reports CEO Neil Woodyer.

“Following construction, our Colombian gold production from Segovia and Marmato will be approximately 400 000 oz/y,” he says.

Aris will fund the construction costs from current cash balances and the $122-million of stream funding from Wheaton Precious Metals.

The project is scheduled to pour its first gold by the end of the third quarter of 2025.

Edited by Creamer Media Reporter

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