EM LATAM CREDIT: Aris Mining: Workers Safely Recovered - Positive
(ARISCN; B1/B+/B+)
The Canada based Latin America focused gold mining company is reporting that 23 workers have been safely brought to the surface who were underground at the time of the collapse of the Colombia La Reliquia mine on Monday.
ARISCN 29s were last quoted 103.53 or T+312bp which was 44bp tighter since June 30th and 76bp tighter YTD. The company has benefitted from a 42% gain in the price of Gold YTD.
La Reliquia was said to contribute only a small portion of Aris' total production which was 210,955 oz of gold in 2024. The company employs a unique approach toward informal miners where they provide financing, planning and safety support for mining that is on their land and then buy the gold produced instead of expelling the miners from the property.
Aris has two gold mines in Colombia and is in the process of obtaining a license for a third mine, partnering up with Mubadala which is an investment arm of the government of Abu Dhabi.
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LOOK AHEAD: Tuesday Data Calendar: Fed Speak, Durables/Cap Goods, 2Y Note Sale
- US Data/Speaker Calendar (prior, estimate)
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PIPELINE: Corporate Bond Roundup: $1.05B SEB Launched
- Date $MM Issuer (Priced *, Launch #)
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US: FED Reverse Repo Operation
RRP usage rises to $47.567B this afternoon from $36.275B Friday -- compares to $22.344B on Tuesday, Aug 19 - lowest since April 5, 2021. Total number of counterparties at 23. This year's high usage of $460.731B on June 30.
