By Robb M. Stewart
Aris Mining struck a deal to buy the outstanding interest in a Colombia gold development project for $80 million, setting it on a path to develop the asset and its target of producing 1 million ounces of gold a year.
The Canadian company, which already operates two underground mines in Colombia, said Thursday it has signed a binding term sheet to buy the remaining 49% interest in the Soto Norte venture from MDC Industry, known as Mubadala.
The price tag includes $60 million in cash and 1.7 million newly issued Aris shares, which will be issued at a price of $11.50 each, an almost 3% discount to the last closing price on the NYSE American exchange.
Aris said the transaction, which is expected to close early next month, includes the termination of an associated precious metals stream previously granted to Mubadala.
Aris's shares were up 3.6% in premarket trading in New York.
Chief Executive Neil Woodyer said that with 100% ownership of Soto Norte, alongside full control of the Segovia, Marmato and Toroparu operations, Aris has scaled to a point where its "buy-and-build" strategy naturally shifts to a clear focus on building.
The portfolio of projects, a strong financial position and cash flows from existing mines positions the company to expand toward becoming a 1-million-ounce-a-year producer, Woodyer said.
Aris first picked up a 20% interest in Soto Norte in April 2022 and subsequently increased its ownership to 51% through the acquisition of an additional interest in mid-2024. A pre-feasibility study has been completed on a smaller-scale development plan, and Aris said environmental studies are being finalized and are scheduled to be submitted in the first half of 2026 to initiate the licensing process.
The company has ambitions to become a leading South America-focused gold mining company. It operates the Segovia and Marmato Complex in Colombia, which together produced 210,955 ounces of gold in 2024.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
November 20, 2025 08:28 ET (13:28 GMT)
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