Business
Aris Mining Reports Q3 2022 Financial And Operating Highlights
VANCOUVER, BC, Nov. 14, 2022 /CNW/ - Aris Mining Corporation ("Aris Mining" or the "Company"), formerly GCM Mining Corporation ("GCM Mining") (TSX: ARIS) (OTCQX
About this update from Aris Mining Corp
[{"type":"text","content":" VANCOUVER, BC, Nov. 14, 2022 /CNW/ - Aris Mining Corporation (\"Aris Mining\" or the \"Company\"), formerly GCM Mining Corporation (\"GCM Mining\") (TSX: ARIS) (OTCQX: TPRFF) announces financial and operating results for the three and nine months ended September 30, 2022 (\"Q3 2022 and YTD 2022\"). All amounts are in US dollars unless otherwise indicated. Q3 2022 Highlights: Cash and cash equivalents of $326 million and access to $260 million of future project construction funding, as of September 30, 2022 Gold sales of 53,411 ounces in Q3 2022 at AISC1 per ounce sold of $1,115, with gold sales up 6% over the same quarter last year Income from mining operations of $39.8 million for Q3 2022 and $122.2 million for YTD 2022 Aris Mining CEO Neil Woodyer stated: \"We are pleased to report on the integrated group results following the combination of GCM Mining and Aris Gold on September 26. We have reorganized our Colombian operations around GCM Mining's Medellin office, transferred the corporate office from Toronto to Vancouver, established a new system of governance and leadership for our community social programs, started implementing new reporting systems focused on cost controls, and re-branded our operations and offices as Aris Mining. \"During Q3 2022, the expansion of the Segovia Operation's Maria Dama processing facility to 2,000 tpd from 1,500 tpd was completed, resulting in gold production of 54,630 ounces during the quarter. The Segovia Operations generated $57 million of after-tax cash flow during the first nine months of 2022, with the historic Marmato Upper Mine contributing another $2 million while the site prepares for the Marmato Lower Mine expansion project. \"Earlier today we announced the completion of updated mineral resource and reserves estimates and the results of the Preliminary Feasibility Study for the Marmato expansion project, effective June 30, 2022, which is expected to be filed in November 2022. The updated Marmato Lower Mine construction capital estimate of $280 million will be partially funded from $122 million of committed stream financing, for a net construction funding amount of $158 million. Since March 2020 we have increased measured and indicated mineral resources by 47% to 6.0 million ounces of gold, mineral reserves by 57% to 3.2 million ounces, and, at the base case $1,600 gold price, the p...