Mubadala now owns less of the Soto Norte Colombia gold project: Abu Dhabi sovereign wealth fund Mubadala has closed the transfer of an additional 31% stake in the Soto Norte gold-copper project in Colombia to Canadian Aris Mining, the mining firm said in a press release (pdf). Aris Mining has now become the controlling shareholder, now holding a 51% stake in the project, while Mubadala retains a 49% stake.

The details: In exchange for the increased stake, Aris Mining will issue a total of 21.75 mn shares to Mubadala, valued at USD 90 mn. This includes a 9.9% stake now, with an additional 6 mn shares to be issued to Mubadala after Aris obtains an environmental license for the project.

Background: In May, Mubadala and Aris Mining inked an agreement to raise Aris’ stake in the gold-copper project to 51%. Aris had originally acquired a 20% stake in Mubadala’s subsidiary Minesa, the company which fully owns the Soto Norte project, in March 2022, forming a JV which saw Aris become an operating partner in Minesa.

About the project: The Soto Norte project is claimed to be one of the “largest undeveloped underground gold projects in South America,” according to Aris. The Canadian mining firm is set to commence a pre-feasibility study of a new development plan for the project, slated for completion by early 2025.

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