Aris Mining Posts US$5.4 Million Net Loss for 1Q 2023

Vancouver, Canada-based Aris Mining (formerly Gran Colombia Gold) – owner of one of Colombia’s most productive gold mines at Segovia, Antioquia — announced May 10 a US$5.4 million net loss for first quarter (1Q) 2023, down from a US$5.2 million net profit in 1Q 2022.

Gross income from mining operations in 1Q 2023 came-in at US$33.2 million — down from US$44 million in 1Q 2022 — while earnings before interest, taxes, depreciation and amortization (EBITDA) dipped to US$$21.1 million, from US$35 million in 1Q 2022.

Commenting on the results, Aris Mining CEO Neil Woodyer noted that company produced 50,903 ounces of gold during 1Q 2023 at Segovia and also at its Marmato mine in Caldas, Colombia.

“Our current focus is on completing the final steps for permitting the Marmato Lower Mine expansion project and planning for construction expected to commence in mid-2023,” according to Woodyer.

The company sold 49,158 ounces of gold during the latest quarter, at an average realized price of US$1,869 per ounce.

The Segovia raw-ore processing facility averaged 2,097 tons per day in April 2023 and “remains on track to achieve 2023 production guidance of 200,000 to 230,000 ounces” of gold, according to the company.

During 1Q 2023, Aris reported total cash costs of US$922 per ounce produced and all-in sustaining costs (AISC) of US$1,214 per ounce.

On a related front, on April 20, 2023, the company signed an association agreement with more artisanal and small-scale miners to purchase ore mined by these groups at the currently operating Marmato Upper Mine.

The company also “continued working to create new partnerships with artisanal and small-scale miners throughout the Segovia Operations, the Marmato Mine and the Soto Norte Project [Santander, Colombia], the company added.