Aris moves to full ownership of Soto Norte in $80m deal

South America-focused Aris Mining has taken full control of the Soto Norte gold project in Colombia, signing a binding term sheet to acquire the remaining 49% stake from MDC Industry Holding Company, part of Mubadala, in a transaction valued at $80-million.

The consideration comprises $60-million in cash and 1.74-million newly issued shares at a deemed price of $11.50 a share. The deal also includes the termination of Mubadala’s precious metals stream and is expected to close in early December, subject to customary conditions.