Marmato lower gold mine project, Colombia – update
Name of the Project
Marmato lower gold mine project.
Location
Colombia.
Project Owner/s
Aris Mining.
Project Description
The project includes the development of a new underground mine and a 4 000 t/d processing facility to add to the current 1 250 t/d Marmato upper mine.
The project is expected to deliver 162 000 oz/y of gold over a nearly 20-year mine life from proven and probable mineral reserves of 3.2-million ounces.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 5% discount rate, of $341-million and an internal rate of return of 29.7%.
Capital Expenditure
$279.6-million.
Planned Start/End Date
Mechanical completion of the new mill is expected in 2025.
Latest Developments
As at the end of May 2024, Aris has spent $30-million out of the $280-million construction budget for the lower mine.
Of the remaining $250-million, $122-million will be funded by stream financing. The financing is subject to capital expenditure milestones defined as 25%, 50% and 75% of projected completion, with $40-million in funding occurring following the the first two milestones having been met, and $42-million on achievement of the last.
The lower mine project is on track for first gold pour by the end of 2025, followed by a six-month ramp-up period.
Key Contracts, Suppliers and Consultants
Ausenco Engineering (new processing plant).
Contact Details for Project Information
Aris Mining, tel +57 4 448 5220 or email info@aris-mining.com.
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