Frank Giustra during the Precious Metals Summit in Colorado. (Credit: Henry Lazenby)
Colombia’s artisanal miners are helping a Canadian precious metals producer backed by Frank Giustra navigate the country’s illicit gold boom via some unusual agreements.
Aris Mining Corp. has signed partnerships with about 2,500 small-scale miners who now account for 45% of the gold that comes out of its Segovia mine in Antioquia department, according to chief executive officer Neil Woodyer.
Typically, established mining companies look to expel informal miners from their properties. Instead, the Canadian firm is helping them with financing, planning and safety and then buys their gold.
Woodyer’s team is expanding the partnership program at Segovia and its other Colombian mine, Marmato, where some small-scale miners are even using the company’s own tunnels. At a new project, the company estimates 20% of capacity…
