Aris Mining Posts US$12.4 Million Net Income for 3Q 2023
Vancouver, British Columbia-based Aris Mining – which bought the former GCM/Gran Colombia Gold assets here in Antioquia last year – on November 8 posted a US$12.4 million profit for third quarter (3Q) 2023, a sharp reversal from the 3Q 2022 net loss of US$48.3 million.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for 3Q 2023 came-in at US$41.6 million. But 3Q 2023 EBITDA wasn’t comparable to the year-earlier, 3Q 2022 EBITDA because of asset-restructuring changes.
Commenting on the 3Q 2023 results, Aris Mining CEO Neil Woodyer stated: “During 3Q 2023, our high-grade Segovia [Antioquia] operations delivered strong results contributing to total gold production of 60,193 ounces, an 11% increase over 2Q 2023.
“Aris Mining is firmly on track to achieve our 2023 production guidance of 220,000 to 240,000 ounces.
“In September 2023, we commenced construction of the Marmato [Caldas department] lower mine and spending is expected to ramp up as construction progresses into 2024. This project is fully funded from our current cash, operating cash flow, and dedicated stream financing.
“Additionally, we have completed US$10.5 million of a planned US$17 million strategic exploration and infill drill program at the Segovia operations.
“Segovia has a history of expanding its gold mineral resources and the recent estimate announced last week signifies a leap forward, as the current measured and indicated mineral resource has surged by 114% to reach 3.6 million ounces of gold at 14.34 grams/ton,” he added.
Aris Mining also owns the proposed Soto Norte gold-copper-silver mining project in Santander department, but that project has been held-up by fierce political opposition, including that of Colombia President Gustavo Petro.
