Mubadala Investment Company has entered into a definitive agreement with the Canadian mining company, Aris Gold Corporation (Aris Gold) for the operation of the Soto Norte Gold Project in Colombia, one of the world’s largest feasibility-stage gold projects.
Through a joint venture (JV) company, Aris Gold will acquire a 20 percent ownership interest in Sociedad Minera de Santander SAS and Sociedad Minera Calvista Colombia, known as Minesa, a Colombian company focused on developing a world-class underground gold mining operation.
Aris Gold has the option to buy a further 30 percent stake in Minesa. The Soto Norte gold project is owned entirely by Minesa. Soto Norte has a large resource base with high resource upside potential, and it has the potential to be a large-scale, low-cost underground gold mine.
As an operator, Aris Gold CEO Mr. Neil Woodyer will be appointed CEO of Minesa and lead the preparation of the company’s operational license application. Aris Gold will use its position as an established member of the Colombian mining industry to ensure the Soto Norte project operates at the highest international sustainability standards.
Executive Director, Industrials at Mubadala and Chairman of Minesa, Mr. Danny Dweik, said that “We are delighted to bring in Aris Gold as our operating partner in Minesa. The Soto Norte Project will benefit from their technical capabilities and local market experience, and we look forward to working with them and the project’s local communities to bring this world-class project to fruition.”
Following the closing, Aris Gold and Mubadala will sign a comprehensive agreement to control the JV company, which will be responsible for environmental licensing, project development, and mine operations.