Name of the Project
Soto Norte gold/copper project.

Location
California – Vetas mining area, in Colombia.

Project Owner/s
Aris Mining Corporation announced in May 2024 that it has entered into a binding agreement with MDC Industry Holding Company, whereby, subject to certain customary conditions, Aris Mining will acquire an additional 31% joint venture (JV) interest in the project.

On closing, Aris Mining will hold a 51% interest in Soto Norte and Mubadala will retain a 49% interest. Aris Mining will continue to be the operator of the project.

Project Description
The 2022 feasibility study proposes a 7 200 t/d capacity processing plant with average production of more than 450 000 oz/y of gold over an 11-year production period from a five-million ounce mineral reserve .

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
At a base case gold price of $1 675/oz, the project has an after-tax net present value, at a 5% discount rate, of $1.5-billion and an internal rate of return of 20.8%.

Capital Expenditure
Soto Norte has an estimated $1.2-billion initial capital cost, including contingency and preproduction costs.

Planned Start/End Date
Not stated.

Latest Developments
In 2023, Aris Mining commissioned a technical and economic assessment of the project that considered a scaled-down mining concept. Aris Mining is now commissioning a new prefeasibility study and NI 43-101-compliant technical report for the scaled-down concept, both of which are expected to be completed in the first quarter of 2025.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Aris Gold, email info@arisgold.com.