Aris Mining Trims Net Loss for 1Q 2024 Versus 1Q 2023
Vancouver, Canada-based Aris Mining – operator of the giant Segovia gold mine here in Antioquia as well as the in-development Marmato gold mine in nearby Caldas department – announced May 14 a first quarter (1Q) 2024 net loss of US$744,000, an improvement over the US$6.37 million net loss in 1Q 2023.
Revenues also improved year-on-year, to US$107.6 million in 1Q 2024, versus US$96.9 million in 1Q 2023.
Commenting on the results, Aris Mining CEO Neil Woodyer stated: “During 1Q 2024, our high-grade Segovia operations produced 44,909 ounces of gold at a processed grade of 9.42 grams per ton, which was in-line with our mine plan for the quarter.”
However, Aris produced 46,500 ounces of gold in 1Q 2023, or about 1,600 more ounces in last year’s 1Q than it produced so far this year.
Despite the year-on-year dip in gold output, “as we announced in April, our operations are on-track to achieve full year 2024 production guidance of 220,000 to 240,000 ounces,” Woodyer explained.
“All-in sustaining costs (AISC) per ounce at Segovia at $1,434 were also in-line with budgeted expectations,” he added.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for 1Q 2024 came-in at US$28.4 million, an improvement over the US$$21.1 million EBITDA in 1Q 2023.
As for the future, “Aris Mining is targeting a production rate of 500,000 ounces of gold per year in the second half of 2026, following a ramp-up period after the Segovia mill expansion scheduled for completion in 1Q 2025 and the Marmato Lower Mine’s first gold pour in late 2025,” according to the company.
Aris Mining also operates the Proyecto Soto Norte joint venture in Santander department, “where environmental licensing is advancing to develop a new underground gold, silver and copper mine,” according to the company.
In addition, Aris is developing the “Toroparu” gold/copper project in Guyana.
