Aris Mining Reports Steady Gold Production With Its Colombian Mines in 2022; Expansion Planned

Canadian mining company with Colombian operations Aris Mining (TSX: ARIS) (OTCQX: ALLXF) released a report on their 2022 mining output last week, detailing the amount of gold that their mines in Colombia has produced and revealing some of the plans that they have for the future of the company.

Aris Mining currently operates the Segovia Operations and the Marmato Upper Mine in Colombia. These are its primary mines, and they operate underground looking for gold in the facilities. This year, they have reported a steady amount of gold production and sales in their Colombian mines as they continue to plan their expansion in the upcoming year.

The company recorded around 210,163 ounces of gold successfully mined in the Segovia Operations, while its Marmato Upper Mine is recorded to have produced around 25,216 ounces of gold. The quarterly production of the Segovia Operations remains within a steady frame, while the Marmato Upper Mine appeared to have dipped over 2,000 ounces in its last two quarters in comparison to the first two.

The company also touted its other successful ventures within the report, which includes the successful acquisition of the Soto Norte venture in Colombia, as well as its merger with GCM Mining.

The Soto Norte venture is being seen as a potential moneymaker for the company, due to its high-mineral reserves and low operating costs, and capital overhead. Aris Mining CEO Neil Woodyer (above photo) even said at the time of acquisition that they believe they can produce over 450,000 ounces of gold from the new site, Mining Digital reported.

The company is currently waiting for environmental licensing on the site, hoping to start a new gold, silver, and copper mine in the area soon.

Woodyer says that they are planning to expand the Marmato location with its continued construction of the Marmato Lower Mine, and that they are planning on spending $19 million on expanding the lifetime of the mines as well as increasing mineral reserves.

The outlook on Aris Mining appears to be positive coming into 2023, as Fitch Rating continues to give the company a B+ credit rating. In its last credit check in July, Fitch affirmed that the future business outlook of the company appears to be “stable” and positive.

Photo: Twitter @ArisMining