(Energy Analytics Institute, 24.Oct.2024) — Aris Mining Corporation priced its offering of 8.000% Senior Notes due 2029.
The offering, which was for $450mn, is expected to close on or about 31 Oct. 2024, said Aris, a gold miner in the Americas, in an official statement posted on its website on 24 Oct. 2024.
Net proceeds from the 2029 Notes offering will be used to fund the redemption of its outstanding 6.875% Senior Notes due 2026 and for working capital and general corporate purposes, Aris said in the statement.
Pursuant to the terms of the indenture governing the 2026 Notes, Aris has issued a conditional notice of redemption to redeem the outstanding 2026 notes, which redemption will be conditional upon the successful completion of the offering of the 2029 Notes.
Plans in Colombia
Aris is currently operating two mines with expansions underway in Colombia. The Segovia Operations and the Marmato Upper Mine produced 226,000 ounces of gold in 2023. Aris Mining is targeting a production rate of approximately 500,000 ounces of gold per year in the second half of 2026, following a ramp-up period after the Segovia mill expansion scheduled for completion in Q1 2025 and the Marmato Lower Mine’s first gold pour in late 2025.
Aris also operates the 51% owned Soto Norte joint venture, where studies are underway on a new, smaller scale development plan, with results expected in early 2025.
In Guyana, Aris is advancing Toroparu, a gold/copper project.
Aris intends to pursue acquisitions and other growth opportunities to unlock value through scale and diversification, the company said in the statement.
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