UAE's Mubadala and Canada's Aris Gold announce partnership
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UAE’s Mubadala and Canada’s Aris Gold announce partnership

UAE’s Mubadala and Canada’s Aris Gold announce partnership

The partnership involves the operation of the Soto Norte Gold Project in Colombia, one of the world’s largest feasibility-stage gold projects

Abu Dhabi-based Mubadala Investment Company has entered into a definitive agreement with Canadian mining company Aris Gold Corporation (Aris Gold) for the operation of Columbia’s Soto Norte Gold Project.

Once fully operational, the Soto Norte gold project – one of the world’s largest feasibility-stage gold projects – has the potential to make a significant contribution to Colombia’s mining sector.

Through a joint venture company, Aris Gold will acquire a 20 per cent ownership interest in Sociedad Minera de Santander SAS and Sociedad Minera Calvista Colombia (collectively, Minesa).

Aris Gold has an option to acquire a further 30 per cent ownership interest in Minesa, which Mubadala took ownership of in February 2015.

Minesa is the 100 per cent owner of the Soto Norte gold project. Soto Norte has a large resource base with additional significant resource upside potential, and the project has the potential to be a large scale, low cost, underground gold mining operation.

Aris Gold CEO Neil Woodyer will be appointed CEO of Minesa and oversee the preparation of the company’s operational license application.

Executive director, Industrials at Mubadala and chairman of Minesa, Danny Dweik, said: “We are delighted to bring in Aris Gold as our operating partner in Minesa. The Soto Norte Project will benefit from their technical capabilities and local market experience, and we look forward to working with them and the project’s local communities to bring this world-class project to fruition.”

On closing, Aris Gold and Mubadala will enter into a comprehensive agreement to govern the joint venture company through which environmental licensing project development, and mine operation will be undertaken.

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