ARIS MINING AND THE GOVERNMENT OF COLOMBIA REACH LONG-TERM AGREEMENT FOCUSED ON SECURITY AND SUSTAINABILITY TO END ICSID ARBITRATION
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On November 19, 2025, Aris Mining announced it has reached a long-term, 10-year agreement with the Government of Colombia to terminate a legacy ICSID arbitration proceeding (ICSID Case No. ARB/18/23). The settlement involves no cash payments by either party. Instead, the agreement establishes three "Pillar Agreements" focused on: - Mining formalization and sustainable development in Marmato. - Collaboration and cooperation with the National Police to enhance security. - Collaboration with the Ministry of Defense.
CEO Neil Woodyer stated the settlement reflects a successful collaborative approach and is the first of its kind in Colombia to resolve an investor-state arbitration, demonstrating a shared commitment to responsible mining and security.
The settlement of the long-standing ICSID arbitration is a significant and material positive development for Aris Mining. This news substantially de-risks the company's operations and future projects in Colombia by removing a major legal and political overhang.
- Financial Impact: Resolving the arbitration with no cash payment is a clear financial win, eliminating the risk of a potentially large adverse judgment.
- Political/Jurisdictional Impact: The collaborative nature of the settlement signals a strong and positive working relationship with the Colombian government. This is critically important for a company whose primary assets and most advanced growth projects (Marmato, Segovia, Soto Norte) are in Colombia. This improved relationship should smooth the path for future permitting, particularly for the large-scale Soto Norte project, for which the company intends to submit an environmental license application in H1 2026.
- Investor Perception: The removal of this uncertainty enhances the investment case for Aris. Jurisdictional risk has been a key concern for investors in Colombia, and this agreement demonstrates that Aris's management can navigate the political landscape effectively.
In the context of historical news, this event is the culmination of a year of exceptional execution. Throughout 2025, Aris has consistently delivered on its promises: - Operational Execution: Commissioned the Segovia mill expansion on time and on budget (June 2025) and is successfully ramping up production, tracking above the midpoint of 2025 guidance. - Financial Strength: Grew its cash balance to $418 million by Q3 2025 through strong operating cash flow and warrant exercises, while simplifying its capital structure. - Growth Pipeline: Advanced the Marmato expansion, and delivered robust economic studies for both the Soto Norte project in Colombia (PFS, September 2025) and the Toroparu project in Guyana (PEA, October 2025), showcasing a clear path to becoming a +500,000 oz/year producer with further growth potential.
The settlement solidifies the foundation upon which this growth is being built. It transforms a legacy liability into a strategic partnership, which is a rare and highly favorable outcome in investor-state disputes.
Aris Mining is a Canadian gold mining company focused on Latin America. The company operates two producing mines in Colombia: the Segovia Operations and the Marmato Upper Mine. Its strategy is to grow production through a "Buy and Build" approach.
The company's current flagship asset is the high-grade Segovia Operations in Antioquia, Colombia. It is the company's primary cash flow generator and recently completed a 50% mill expansion to 3,000 tpd, which is currently ramping up.
The company's growth is underpinned by a multi-stage pipeline: 1. Near-Term: The Marmato Bulk Mining Zone expansion in Colombia, which is under construction and expected to start production in H2 2026. This project is expected to help push company-wide production above 500,000 ounces per year. 2. Medium-Term: The Soto Norte Project (51% ownership) in Colombia, a large, high-grade underground project for which a positive PFS was recently completed. 3. Long-Term/Diversification: The Toroparu Project (100% ownership) in Guyana, a large open-pit project with a recently completed positive PEA.