Aris Mining Produced Just Over 50,000 Ounces of Gold in the First Quarter of 2024

Canadian mining company Aris Mining Corporation (TSX: ARIS) (NYSE-A: ARMN) produced just over 50,000 ounces of gold in the first quarter of 2024, according to the firm’s latest operating results announcement.

“In line with our budget, our mines produced 50,768 ounces of gold in Q1,” said Neil Woodyer, CEO of Aris Mining, in the results announement. “Plant throughput was slightly reduced in Q1 because of planned maintenance at the Segovia processing facility and we achieved averaged processed gold grades of 9.4 g/t, consistent with our Segovia mine plan.

He added that the company expects gold production to rise next quarter, particularly as its Segovia mine advances, and reach between 220,000 and 240,000 ounces for all of 2024.

The top end of the range would outperform the 226,000 ounces of gold that the Vancouver-based company produced in 2023

“We are pleased with the progress of the expansion projects at the Segovia and Marmato mines,” said Woodyer. “Following completion of the expansions, Aris Mining is targeting 500,000 ounces of production in 2026.”

The Segovia expansion project calls for growing its processing capacity from 2,000 to 3,000 tonnes per day, with the eventual output projected to increase to more than 300,000 ounces per year.

“Geotechnical studies for the plant area have been finalized, engineering and design is well underway, and preparations for the new installations are progressing smoothly,” said the mining firm in a statement.

“At the Marmato Lower Mine expansion project, the access road to the new processing facility area is now complete and earthworks in the plant area will commence soon,” added Aris. “The contractor for the new portal and decline is fully mobilized and cutting of the portal face has commenced. Once complete, the Marmato Upper and Lower mines are expected to produce 162,000 ounces per year over a 20-year mine life.”

Photo: Neil Woodyer, CEO of Aris Mining. (Credit: Aris)