09:18 AM EDT, 06/28/2024 (MT Newswires) -- Aris Mining ( ARMN ) said on Friday that it increased its stake in the Soto Norte gold-copper project in Colombia to 51% by buying an additional 31% stake in the joint venture.

Mubadala will retain a 49% interest in the project, which Aris said is one of the largest undeveloped underground gold projects in South America. Aris will solely fund certain operating costs on behalf of the joint venture during the pre-licensing period.

Aris Mining ( ARMN ) has issued about 15.8 million shares to a wholly-owned subsidiary of the Abu Dhabi-based investment company Mubadala Investment Co. PJSC to cover the cost of the 31% stake. The deal will also comprise the issuance of an additional 6 million shares to Mubadala on receipt of an environmental license for the project.