Welcome to our dedicated page for Aris Mining Corporation news (Ticker: ARMN), a resource for investors and traders seeking the latest updates and insights on Aris Mining Corporation stock.
Aris Mining Corporation (symbol: ARMN) is a prominent gold producer in the Americas with significant operations in Colombia, Guyana, and Canada. Engaged in the acquisition, exploration, development, and operation of gold properties, the company operates several high-grade underground mines and advanced exploration projects.
Key operations include the Segovia Operations and the Marmato Mine in Colombia, which, combined, produced 226,000 ounces of gold in 2023. Aris Mining is advancing the Marmato Lower Mine Expansion project to access wider porphyry mineralization below the current upper mine. The company also oversees the Soto Norte Project joint venture, where environmental licensing is underway to develop a new underground gold, silver, and copper mine.
In Guyana, the company progresses with the Toroparu Project, a gold-copper initiative. Aris Mining's operations in Canada focus on the Juby Project in Ontario.
Recent achievements include updated mineral reserve estimates for the Segovia Operations, increasing the high-grade mineral reserves to 1.3 million ounces of gold at 11.63 grams per tonne. Aris Mining is also expanding the capacity of its Maria Dama processing plant from 2,000 to 3,000 tonnes per day, estimated to be completed by early 2025.
CEO Neil Woodyer has highlighted significant milestones, including substantial growth in mineral resources and reserves, and the strategic expansion of processing facilities. The company's guidance for 2024 anticipates gold production between 220,000 to 240,000 ounces, with an ambitious target of 500,000 ounces by 2026, post-expansion.
Aris Mining is committed to sustainable practices, promoting the formalization of artisanal and small-scale mining to ensure safety and environmental protection. Additional information can be found on their website at www.aris-mining.com.
Aris Mining announced the results of its Annual General Meeting (AGM) held on May 16, 2024. Shareholders holding 46,147,782 shares, or 32.54% of the company's outstanding shares, were represented by proxy.
The election of eight directors was confirmed, with the following individuals elected: Ian Telfer (94.96% votes for), Neil Woodyer (99.81%), Daniela Cambone (81.73%), Mónica de Greiff (91.38%), David Garofalo (87.71%), Attie Roux (99.81%), Gonzalo Hernández (99.78%), and Germán Arce (99.78%). KPMG LLP was re-appointed as the company's auditor for the upcoming year with 99.93% votes in favor.
Aris Mining reported its Q1 2024 results, with the Segovia operation generating $13.8 million in operating cash flow. The company produced 50,768 ounces of gold, with Segovia contributing 44,909 ounces at an average grade of 9.42 g/t. EBITDA stood at $22.4 million, while adjusted EBITDA was $28.4 million. Aris Mining recorded a net loss of $0.7 million or $0.01 per share, but adjusted earnings were $5.4 million or $0.04 per share. The company invested $37.4 million in projects and ended the quarter with $147 million in cash. Major expansion projects in Segovia and Marmato progressed well, with significant equipment ordered and civil works nearing completion.
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