Shareholders of GCM Mining (formerly Gran Colombia Gold) have approved the agreement between Aris Gold and the company, which operates three mines in Colombia: Marmato, Segovia and Zancudo merge into one large mining company. One is under development and the other two are production. For its part, Aris is developing another project in Guyana and in the process of exploration in Canada.
(Mining Aris Gold Corp. was born.)
The current production is 220,000 ounces each year, and it is expected that once the Guyana plant is operational, the company’s total production will increase to 500,000 ounces. “In the future, as other mines being explored come online, we can talk about 1 million ounces per year,” The company told this medium.
Two gold miners reported that the combined pool would be larger in size, with higher cash flow and Unparalleled growth.
It should be remembered that companies have a joint ownership model, where, for example, GCM owns a 44% stake in Aris Gold. This new model will allow companies to improve their financial capacity.
(GCM’s gold mining production grew in the second quarter).
The deal is expected to close on September 26 and the resulting company will operate under the name Aris Mining Corporation.
Regarding the management team structure, Aris has reported that the CEO of that company, Ian Telfer, will continue in this position to direct the splice strategy.
(Minesa sells 20% of Soto Norte to Aris Gold.)
For now, Portafolio has learned that Lombardo Paredes, who was the CEO of GCM, will not continue with the company.