By Mubadala Investment Company, the Abu Dhabi based investor, announced today that it has entered into a definitive agreement with 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 company, Aris Gold will acquire a 20% ownership interest in Sociedad Minera de Santander SAS and Sociedad Minera Calvista Colombia (collectively, Minesa). Aris Gold has an option to acquire a further 30% ownership interest in Minesa. Minesa is the 100% owner of the Soto Norte gold project. Soto Norte has a large resource base with additional significant resource upside potential, and the project has the potential to be a large scale, low cost, underground gold mining operation.
As operator, Aris Gold CEO 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, Danny Dweik, said: “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.”
On closing, Aris Gold and Mubadala will enter into a comprehensive agreement to govern the joint venture company through which environmental licensing, project development, and mine operation will be undertaken.
