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(Kitco News) - Aris Mining (TSX: ARIS) (OTCQX: TPRFF) announced Wednesday it has received approval from local Colombian authorities of the environmental management plan which now permits the development of the Marmato Lower Mine.
The company said that construction of the new underground mine will provide access to the wider porphyry mineralization below the current Upper Mine, which allows for bulk mining methods in the Lower Mine.
In November 2022, Aris announced the results of the Marmato Lower Mine expansion preliminary feasibility study, and increased proven and probable gold mineral reserves by 57% to 3.2 Moz.
The Lower Mine project includes the development of a new underground mine and a 4,000 tonne per day ore processing facility to add to the currently operating Marmato Upper Mine.
The Upper and Lower Mine has a measured and indicated mineral resource of 6.0 million ounces (Moz) of gold, which includes a proven and probable mineral reserve of 3.2 Moz.
The Marmato Mine is expected to deliver average production of 162,000 ounces per year over a nearly 20-year mine life from the mineral reserves.
CEO Neil Woodyer stated, "This is a milestone for Aris Mining as it will grow Marmato's gold production five-fold and, following construction, our Colombian gold production from Segovia and Marmato will be approximately 400,000 oz per year.
“This $280 million project is fully funded from our current cash balances and the $122 million of stream funding from Wheaton Precious Metals. Additionally, our Segovia Operations generate significant positive cashflow. The project is scheduled to pour its first gold by the end of Q3 2025.”
In Colombia, Aris Mining operates several high-grade underground mines at its Segovia Operations and the Marmato Mine, which together produced 235,000 ounces of gold in 2022. The company also operates the Soto Norte joint venture, where environmental licensing is advancing to develop a new underground gold, silver and copper mine. In Guyana, Aris is advancing the Toroparu Project, a gold/copper project.
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