Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Aris Mining Corporation (TSX: ARIS) announced on Monday gold production of 19,406 ounces at its Segovia operations in Colombia during August 2023, 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.
The company also said is on track to produce approximately 400,000 ounces of gold in Colombia by 2026, based on steady-state production from Segovia operations and the expanded Marmato mine, currently under construction.
Together, Segovia and Marmato produced 235,000 ounces of gold in 2022.
During August 2023, the Maria Dama gold plant at the Segovia operations 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 surged 9.3% by 11:46 a.m. EDT. The company has a market capitalization of $318 million.
