Aris awards EPCM contract for Marmato expansion to Wood
(Kitco News) - Aris Gold (TSX: ARIS) (OTCQX: ALLXF) announced today that following the completion of a competitive tender process, the company has awarded the engineering, procurement and construction management ("EPCM") contract for its Marmato gold mine (Colombia) expansion to Wood, a global leader in consulting and engineering with extensive experience delivering mining projects across Latin America.
CEO Neil Woodyer commented, "Awarding the EPCM contract to Wood who is commencing the detailed front-end engineering and design work is a key step to ensure the successful development and construction of the Lower Mine at Marmato, with construction scheduled to start in Q4 2021."
In addition, the company announced that it has received the initial US$34 million of the US$110 million precious metals stream financing from Wheaton Precious Metals. Under the terms of the agreement, the remaining US$76 million will be received in three installments as the development of the Lower Mine progresses.
Aris Gold operates the Marmato mine in Colombia, where a modernization program is underway and new mine is in development, and the Juby project, an advanced exploration stage gold project in the Abitibi greenstone belt of Ontario, Canada.