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VANCOUVER - Aris Mining Corporation (TSX:ARIS) (NYSE-A:ARMN), a mining company with a market capitalization of $1.46 billion and impressive 52.84% return over the past year, has completed the sale of its Juby Gold Project in Ontario, Canada to McFarlane Lake Mining Limited for US$22 million, the company announced Monday.
The transaction, which was previously disclosed, includes US$13.2 million in cash and 82,023,746 common shares of McFarlane, representing 19.9% of McFarlane’s post-financing share capital on a non-diluted basis. The shares were issued at C$0.15 per share.
According to the company’s statement, the divestiture aligns with Aris Mining’s strategy to focus on its gold operations and development projects in Colombia and Guyana.
Aris Mining currently operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Complex, which together produced 210,955 ounces of gold in 2024. The company is targeting an annual production rate exceeding 500,000 ounces following the commissioning of a second mill at Segovia and the construction of the Bulk Mining Zone at the Marmato Complex.
The company also holds a 51% stake in the Soto Norte joint venture in Colombia and owns the Toroparu gold/copper project in Guyana.
Aris Mining was founded in September 2022 with the aim of becoming a leading Latin America-focused gold mining company. The company is listed on the Toronto Stock Exchange and the NYSE American exchange.
This information is based on a press release issued by Aris Mining Corporation.
In other recent news, Aris Mining Corporation announced significant production increases at its Segovia Operations in Colombia following the commissioning of a second mill. This expansion has increased the company’s processing capacity by 50%, from 2,000 to 3,000 tonnes per day, with milling rates reaching up to 2,415 tonnes per day in July and August. Additionally, Aris Mining reported positive results from a prefeasibility study of its Soto Norte Gold Project, highlighting robust economics and a revised processing capacity of 3,500 tonnes per day. The study outlines a 22-year mine life with proven and probable mineral reserves of 20.3 million tonnes at 7.00 g/t gold. In other developments, all 23 workers trapped in a shaft collapse at the La Reliquia Mine, including five Aris Mining employees, have been safely rescued. The incident occurred at a third-party operated mine within Aris Mining’s Segovia title. Meanwhile, Texas Capital Securities downgraded Aris Water Solutions stock from Buy to Hold after the company’s announcement of its acquisition by Western Midstream Partners LP.
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