PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 12.Mar.2025) — Aris Mining Corporation, which operates 2 underground gold mines in Colombia: the Segovia operations and the Marmato upper mine — which together produced 210,955 ounces of gold in 2024 — is targeting annual production of over 500,000 ounces of gold following the ramp-up of the Segovia mill expansion in the second-half (2H) 2025, and the new Marmato mine, expected to start ramping up in the 2H:26.
“We remain on track to commission the expanded processing facility at Segovia in the second-quarter (2Q) 2025 with the installation of the second ball mill currently underway. As a result of the ramp-up to 3,000 tonnes per day (TPD) capacity by year-end [2025], Segovia is expected to produce 210,000 to 250,000 ounces this year and in the range of 300,000 ounces per year from 2026 onwards,” Aris Mining CEO Neil Woodyer said in a company statement on 12 Mar. 2025.
“We have also been exploring opportunities to scale up Marmato into a higher-capacity operation. We are upgrading the design of the new Lower Mine carbon-in-pulp (CIP) processing facility to 5,000 TPD by using the major components from the current 4,000 TPD design and integrating select higher-capacity components and additional equipment to achieve the increased capacity. Construction remains on track, with $75 million invested to the end of Feb. The company also plans to expand our Contract Mining Partner (CMP) business model, increasing the feed to the existing Upper Mine flotation processing facility. Marmato’s production is expected to start ramping up in 2H:26, potentially increasing annual gold production to over 200,000 ounces,” Woodyer said.
Segovia expansion project
The Segovia expansion project aims to increase processing capacity from 2,000 to 3,000 TPD and is progressing as scheduled.
The Segovia Phase 1 expansion is complete with the newly expanded receiving area for our CMPs fully commissioned and handed over to operations. The new facility began receiving material in Oct. 2024.
The Segovia Phase 2 development involves installing a second ball mill in the former contractor receiving area, and is underway with commissioning scheduled in 2Q:25, followed by a ramp-up period to reach a production rate of 3,000 TPD by year-end 2025.
Aris Mining anticipates the total cost of the processing plant expansion project is estimated at $15mn, of which $8.5mn was spent as of 31 Dec. 2024.
Enhanced Marmato expansion
The pre-feasibility study of the Lower Mine contemplated a processing rate of 4,000 TPD, producing gold at an average rate of 117,000 ounces per year over an 18-year mine life. Combined with the Upper Mine, the average expected life of mine gold production was 162,000 ounces per year over a 20-year period.
Aris Mining has been exploring opportunities to expand Marmato into a higher-capacity operation, increasing production and reducing unit costs. As a result of the expansion plans, new Marmato has the potential to produce over 200,000 ounces of gold per year.
In the 1Q:25, Aris Mining initiated engineering assessments to expand the CIP processing facility currently under construction. The upgraded 5,000 TPD design will use the major components from the current 4,000 TPD design while integrating higher-capacity components and additional equipment. Key enhancements include the installation of a secondary crushing circuit and an extra leach tank to support the increased throughput while also requiring the acceleration of certain project components into the initial capital phase, such as the backfill plant, rather than the previous plan where they were funded over time during operations, the company said in the statement.
Aris Mining also plans to expand our CMP business model, increasing the feed and average grade to our existing Upper Mine flotation processing facility and thereby further increasing gold production.
The estimated cost to complete construction, including the 25% throughput increase to 5,000 TPD, is $290mn. Aris Mining has spent $75mn on construction to Feb. 2025, resulting in a total construction cost of $365mn, which compares to the previous estimate of $280mn. The majority of the initial capital cost increase of $85mn is a result of the acceleration of certain project components and the decision to internally fund the $20mn grid power line, rather than use an independent contractor.
Aris Mining’s construction funding amount is reduced to $208mn, after the remaining stream funding of $82mn.
Meanwhile, Aris Mining said construction continues to progress: access roads to the Lower Marmato process facility and accommodation camp are now 100% complete; decline development is underway with 200m completed to the end of Feb. 2025; and process plant foundation earthworks 12% ahead of schedule as of the end of Feb. 2025.
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By Piero Stewart reporting from Panama City. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
