July 12, 2024
Business Companies

Aris Mining Achieves Profitable 2023, Reversing Net Losses in 2022

Vancouver, Canada-based Aris Mining – operator of the giant Segovia gold mine here in Antioquia and the Marmato gold mine in nearby Caldas department – announced March 6 a full-year 2023 net profit of US$11.4 million, up from a US$4.8 million net loss in 2022.

Revenues for full-year 2023 also improved, to US$447 million, up from US$399 million in 2022.

The Segovia operations – formerly Gran Colombia Gold (GCM) – also generated US$159 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) during 2023, according to the company.

Commenting on the results, Aris Mining CEO Neil Woodyer stated: “In 2023, we restructured the operations team and introduced new operating procedures following the combination of GCM Mining and Aris Gold in September 2022.

“The new team achieved consistent quarter-over-quarter increases in gold production during 2023, significantly enhancing our position in 2024 and the future.

“During 2023, our high-grade Segovia operations produced 202,940 ounces of gold at a processed grade of 10.4 grams per ton with all-in sustaining costs (AISC) per ounce of US$1,173, achieving production and AISC guidance.

“For the full year 2023, our mines generated US$75.4 million in free cash flow from operations, which largely funded US$84.2 million in growth and expansion investments, and we ended the year with a cash position of US$195 million.

“With strong gold production results and substantial growth in mineral reserves and resources at our Segovia operations, we have started construction to increase its processing capacity by 50% to 3,000 tonnes per day with completion expected in early 2025.

“As the new capacity is used, we expect to increase annual gold production at Segovia to over 300,000 ounces.

“Construction at our Marmato lower mine project has ramped up with initial access roads completed, the lead contractor for portal and decline development selected, and tenders for key items for the new processing plant underway. We are on pace to reach 500,000 ounces of gold production in Colombia in 2026,” he concluded.

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