Aris Mining 2Q 2024 Net Income Falls 42% Year-on-Year
Vancouver, Canada-based Aris Mining – operator of the giant, world-class gold mine at Segovia, Antioquia, near Medellin – announced August 13 that its second quarter (2Q) net income plummeted 42% year-on-year, to US$5.7 million, from US$9.5 million in 2Q 2023.
Despite the profits dip, earnings before interest, taxes, depreciation and amortization (EBITDA) neverheless rose 37% year-on-year, to US$30.8 million, while 2Q 2024 revenues also rose 7% year-on-year, to US$117 million.
Commenting on the results, Aris CEO Neil Woodyer explained that “our drilling program at Segovia continues to deliver high-grade intersections, confirming the continuity and extension of the large-scale veins at depth and along strike, and supporting Segovia’s status as one of the highest-grade gold operations in the world.”
During 2Q 2024, the Segovia mine — formerly operated by Gran Colombia Gold –was processing 2,000 ton per day (tpd) of mining rock and is “on-track for expansion to 3,000 tpd by early 2025 to support future production growth,” he said.
As a result, “Aris Mining remains on track to meet the lower end of its full-year gold production guidance of 220,000 to 240,000 ounces,” Woodyer said.
Tapping third-party “contract mining partners” (CMPs) — and paying them at rates based upon current gold prices — “we grow our gold production and strengthen our [Segovia] community relationships,” with world gold prices estimated to come-in around US$2,000 per ounce during 2024, Woodyer concluded.
