Aris Mining Corporation Prices $450 Million Senior Notes Offering to Redeem Outstanding Debt

Aris Mining Corporation (TSX: ARIS; NYSE-A: ARMN) announced the pricing of $450 million in senior notes at an 8.000% interest rate due 2029. The offering, expected to close on October 31, 2024, will allow the company to redeem its outstanding 6.875% senior notes due in 2026 and support working capital and other corporate purposes.

According to Aris Mining, the redemption of the 2026 notes remains conditional on the completion of this new debt offering. This financial maneuver is part of the company’s strategy to manage its capital structure by refinancing higher-cost debt. The notes will be offered to qualified institutional buyers in the United States under Rule 144A of the Securities Act of 1933 and to non-U.S. investors under Regulation S. In Canada, the notes will be offered through a private placement using specific prospectus exemptions. The offering is not registered under the Securities Act, and no sale will be made in jurisdictions where it would be deemed unlawful.

Company Overview and Recent Developments

Aris Mining operates two gold-producing assets in Colombia, the Segovia Operations and the Marmato Upper Mine, which jointly produced 226,000 ounces of gold in 2023. As part of its growth strategy, Aris Mining is pursuing operational expansion with plans to achieve a production rate of approximately 500,000 ounces per year by the second half of 2026. The anticipated increase hinges on the Segovia mill expansion, scheduled for completion in Q1 2025, and the initial gold pour at the Marmato Lower Mine, expected in late 2025.

Aris Mining also holds a 51% stake in the Soto Norte joint venture, where feasibility studies for a scaled-back development plan are ongoing, with results anticipated by early 2025. In Guyana, the company is advancing its Toroparu project, which contains both gold and copper resources. Aris Mining’s broader growth strategy includes potential acquisitions and other development projects aimed at increasing operational scale and geographic diversification.

Aris Mining additionally supports formalizing traditional mining operations into structured partnerships. This approach, according to the company, facilitates safer and legally compliant mining practices, improving conditions for miners and mitigating environmental impacts.