Canada-based Aris Mining has secured approval for the environmental management plan (PMA) of its Marmato Lower Mine gold project in Colombia.
The approval has been granted by the Corporación Autónoma Regional del Caldas (Corpocaldas), a regional environmental authority in Colombia, which allows the company to develop the Marmato Lower Mine.
Located 300m below the then-known resources in the Marmato Upper Mine, the Lower Mine expansion project involves the development of a new underground mine and a 4,000 tonnes per day (tpd) ore processing facility.
According to the preliminary feasibility study (PFS) released in November 2022, the Marmato Lower Mine involves a total project cost estimate of $280m.
The new mill is targeted for mechanical completion in Q3 2025.
Aris Mining said the construction of the access road to the new process plant and mine portal and declines will begin in the fourth quarter of this year. This will be followed by the commencement of construction of the process plant, mine, and non-process infrastructure.
Aris Mining CEO Neil Woodyer said: “This is a milestone for Aris Mining as it will grow Marmato’s gold production five-fold and, following construction, our Colombian gold production from Segovia and Marmato will be approximately 400,000 oz per year.
“This $280 million project is fully funded from our current cash balances and the $122 million of stream funding from Wheaton Precious Metals. Additionally, our Segovia Operations generate significant positive cashflow.”
Woodyer also stated that the project is slated to pour its first gold by the end of Q3 2025.
The measured and indicated mineral resource of the Marmato Upper and Lower Mine is six million ounces (Moz) of gold.
The Marmato gold mine is projected to produce an average of 162,000 ounces annually over about 20-year mine life from the mineral reserves.
