Aris Mining announces record gold production at Segovia; shares up 10%
Aris Mining (TSX: ARIS) announced on Monday gold production of 19,406 oz. at its Segovia Operations in Colombia during August, the highest monthly production since the expansion of the Maria Dama processing plant in 2022.
According to the company, it represents a 24% increase over the average gold production rate for the initial seven months of 2023.
Aris also said is on track to nearly double production in Colombia to approximately 400,000 oz. of gold in 2026, based on steady-state production from Segovia operations and the expanded Marmato mine, currently under construction.
Together, Segovia and Marmato produced 235,000 oz. of gold in 2022.
During August, the Maria Dama gold plant at Segovia processed 55,328 tonnes with an average gold grade of 11.7 grams per tonne and achieved a gold recovery rate of 95.5%.
These results represent a 9% increase in the amount of ore milled and a 17% increase in gold grade compared to the average performance over the prior seven months.
In addition, the company processed an average of 96 tonnes per day at its polymetallic plant, which resulted in the production of approximately 148 tonnes of zinc concentrate and 103 tonnes of lead concentrate.
Shares of Aris Mining gained 30¢ or 10.4% yesterday to close at $3.19. The company has a market capitalization of $437 million.
