The UAE's Mubadala Investment Company has signed a definitive agreement with Ares Gold to operate the Soto Norte Gold Project in Colombia.
Through the partnership, Ares Gold will acquire a 20% ownership interest in Sociedad Minera Santander SAS and Sociedad Minera Calavista Colombia. Together they bear the name "Minissa".
Mubadala said that there is also the possibility of acquiring an additional 30% of the ownership stake in Minnesa.
As the operating company for the project, Ares Gold CEO Neil Woodyer will be appointed as CEO of Minesa and will prepare the company's operating licensing applications.
Upon completion of the project, Ares Gold and Mubadala will enter into a comprehensive agreement to manage the joint venture, issue environmental licenses, develop the project and implement mine operations.
The Soto Norte project is one of the largest gold projects in the feasibility study phase in the world.
