RIYADH: Abu Dhabi-based Mubadala Investment Company is selling a 20 percent stake of mining company Minesa to Aris Gold to allow the Soto Norte Project to benefit from their technical capabilities and local market expertise.
As part of the joint venture, Aris Gold will acquire the share of Sociedad Minera de Santander SAS and Sociedad Minera Calvista Colombia, collectively known as Minesa.
Aris Gold also has the option to purchase a further 30 percent stake in Minesa, owned fully by the Soto Norte gold project.
A comprehensive agreement will be signed between Aris Gold and Mubadala to govern the joint venture company, which will take care of environmental licensing, project development, and mine operations.
“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,” said Danny Dweik, executive director, industrials at Mubadala and chairman of Minesa.
