Americas-focused Aris Mining has funded $55.5-million in growth and expansion investments in the first nine months of the year from the cash generated by its Colombian mines, CEO Neil Woodyer said on Wednesday.
Reporting strong third-quarter results, he said that Aris’ mines had generated $54.9-million in free cash flow from operations between January and September and that the company ended the quarter with cash and cash equivalents of $211-million.
Aris recently started construction of the Marmato Lower Mine, with the project fully funded from current cash, operating cash flow and dedicated stream financing.
The new underground mine would provide access to the wider and large-scale porphyry mineralisation below the current operating Upper Mine, which allowed for more efficient bulk mining methods in the Lower Mine, Woodyer explained.
During the quarter, Aris produced 60 193 oz of gold at an all-in sustaining cost of $1 286/oz. The firm generated net earnings of $12.4-million and adjusted net earnings of $14.4-million.
In addition, Aris has completed $10.5-million of a planned $17-million strategic exploration and infill drill programme at the Segovia Operations.
“Segovia has a history of expanding its gold mineral resources and the recent estimate announced last week signifies a leap forward, as the current measured and indicated mineral resource has surged by 114% to reach 3.6-million ounces at 14.34 g/t gold,” Woodyer said.