03:08 PM EST, 11/28/2024 (MT Newswires) -- Aris Mining Corporation ( ARMN ) was at last look on Thursday down near 4% as the Colombian Ministry of Environment has proposed a 20-day public consultation on a draft resolution to establish a Temporary Reserve Area (TRA) in the Santurban region, where the Soto Norte Project, which is 51% owned and operated by Aris Mining ( ARMN ), is located.

A statement noted this resolution seeks to allow the Colombian Ministry of Environment to assess water resources in the area and to temporarily suspend the issuance of new environmental licenses for two years.

The company points out that the proposed resolution does not affect its Segovia Operations, operations at the Marmato Mine or the Lower Mine Project, all of which are licensed and located outside the designated study area.

"Aris Mining ( ARMN ) continues to define its smaller-scale version of the Soto Norte Project and is moving forward with environmental and technical studies for completion in mid-2025," said CEO Neil Woodyer,

He added: "Our new Soto Norte Project plans align with the draft resolutions' intent to prioritize environmental protection. The Soto Norte Project offers a pragmatic solution to reduce existing harm caused by informal mining activities and supports development of the local communities."

Price: 5.48, Change: -0.23, Percent Change: -3.95