Aris Mining plans smaller-scale Soto Norte development, ups stake to 51%

Toronto- and New York-listed Aris Mining is set to increase its shareholding in the Soto Norte project, in Colombia, to a controlling interest of 51%. The company will acquire an addition31% joint venture (JV) interest in the copper/gold project in a share transaction. Aris will issue 15.75-million shares to Abu Dhabi-based investment group Mubadala, representing about 9.9% ownership, with a further six-million shares to be issued on receipt of an environmental licence. Aris also unveiled a new, smaller-scale development plan for Soto Norte, which is said to be one of the biggest undeveloped underground gold projects in South America.