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VANCOUVER - A collapse at the La Reliquia Mine in Colombia has trapped 23 workers underground, including five employees of Aris Mining Corporation (TSX:ARIS) (NYSE-A:ARMN), the company announced Tuesday. The $1.43 billion market cap mining company, which InvestingPro data shows has maintained profitability over the last twelve months with revenues of $475.5 million, is currently trading near its 52-week high at $24.28.
The incident occurred on Monday at the third-party operated mine, which is located within Aris Mining’s Segovia title but operates independently of the company’s infrastructure.
According to a press release statement, all trapped workers are in good health with regular telephone communication maintained. Food, water, and ventilation are being delivered while rescue operations continue.
"Based on current progress, we expect the workers to be brought safely to surface within the next 24 hours," the company stated.
Rescue efforts are being coordinated between Aris Mining’s Brigade of Prevention and Emergency Control and La Reliquia’s workforce, with additional support from Aris Mining’s technical staff and contractors.
The La Reliquia Mine has been a partner of Aris Mining’s Segovia Operations since 2014, employing approximately 60 workers and providing a small portion of mill feed for gold production.
Neil Woodyer, CEO of Aris Mining, said, "The safety of our people is always our highest priority. We commend the Aris Mining rescue team for their professionalism and swift, precise response."
The company indicated it will provide updates as the situation develops.
La Reliquia is one of several small-scale mining operations that partner with Aris Mining in Colombia, where the company operates two underground gold mines that together produced 210,955 ounces of gold in 2024. With a healthy gross profit margin of 56.75% and strong operational metrics, detailed analysis of Aris Mining’s performance is available through InvestingPro’s comprehensive research reports, which cover over 1,400 US-listed companies.
In other recent news, Aris Mining Corporation reported increased production at its Segovia Operations in Colombia, following the commissioning of a second mill. The expansion has boosted the company’s processing capacity by 50%, allowing for an average milling rate increase from 1,971 to 2,415 tonnes per day in July and August. Additionally, Aris Mining announced a positive prefeasibility study for its Soto Norte Gold Project, projecting a 22-year mine life with proven and probable reserves of 20.3 million tonnes at 7.00 g/t gold.
Meanwhile, Aris Water Solutions has been in the spotlight due to its acquisition agreement with Western Midstream Partners. Texas Capital Securities downgraded Aris Water Solutions’ stock from Buy to Hold, maintaining a price target of $25. Wells Fargo also adjusted its price target for Aris Water Solutions to $25, reflecting the pending merger. Furthermore, Stifel maintained its Hold rating on Aris Water Solutions, noting that the company’s second-quarter adjusted EBITDA of $54.6 million exceeded expectations.
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