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Canadian firm eyes over 5M ounces of gold at Toroparu mine
…to produce 235,000 ounces yearly for 20 years
(Kaieteur News) – Canadian-based Aris Mining Corporation has announced the results of a new Preliminary Economic Assessment (PEA) for its 100%-owned Toroparu Gold Project located along the Puruni River in the Toroparu Backdam, Region Seven (Cuyuni-Mazaruni).
Aris Mining Chief Executive Officer (CEO), Neil Woodyer.
On Tuesday, Aris Mining disclosed that the PEA confirms plans for a large-scale, long-life open-pit operation expected to produce an average of 235,000 ounces of gold per year over more than two decades.
The PEA outlines strong project economics, including a 21.3-year mine life, an after-tax Net Present Value (NPV5%) of US$1.8 billion, and an Internal Rate of Return (IRR) of 25.2%, based on a gold price of US$3,000 per ounce. The project’s life-of-mine production is estimated at 5.0 million ounces of gold, 4.9 million ounces of silver, and 260 million pounds of copper.
Chief Executive Officer Neil Woodyer said the results demonstrate a major new growth opportunity for Aris Mining. He noted, “The Toroparu PEA outlines a major new growth and diversification opportunity for Aris Mining. After the GCM Mining and Aris Gold merger and the arrival of our management team in September 2022, we paused the Project’s previous construction plans to reassess the Project on a first-principles basis, which included completing a new geological interpretation, updating the mineral resource estimate, and undertaking optimization studies. The result is a robust PEA that establishes a solid path forward.”
The company said the operation will feature a conventional truck-and-shovel open pit with a mill capacity of 7 million tonnes per year, supported by an initial construction capital of US$820 million. Aris Mining plans to advance the project to a Prefeasibility Study (PFS) in 2026, with the goal of moving toward construction.
The Toroparu Project is being developed through Aris Mining’s local subsidiary, ETK Inc.
Toroparu annual processed gold grade and total gold production.
Aris Mining announcement comes against the backdrop of a long-running dispute involving local miner Wallace Daniels, who has accused the Guyana Geology and Mines Commission (GGMC) of deliberately withholding approval for his mining permit for over a decade, despite several court rulings in his favor. Daniels’ property is located on the fringes of Aris Mining’s 5.4-million-ounce deposit.
Notably, according to information from the company’s website, the project site was first mined by Alfro Alphonso in 1997 and explored by ETK from 1999 under a joint venture with Alphonso. ETK acquired full ownership in 2020, paying US$20 million to exercise its option, while Alphonso retained certain alluvial rights and access privileges. A 2011 mineral agreement between ETK and the Government of Guyana established a tiered gold royalty of 5% for prices up to US$1,000 per ounce and 8% for prices above that, along with a 1.5% royalty on other minerals. ETK also secured an investment agreement with GO-Invest granting tax exemptions on project-related imports.
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