Gold miner Aris Mining has reached a settlement with Colombia to terminate a long-running investor–state arbitration case, marking the first agreement of its kind in the country and ending a dispute dating back to 2018.

The company said on Wednesday that it had signed a settlement and termination agreement with Colombia’s National Agency for Legal Defence of the State (ANDJE), formally closing the ICSID arbitration initiated by Gran Colombia Gold – Aris Mining’s predecessor – under the Canada–Colombia Free Trade Agreement. The original claim included a request for a cash award for alleged damages.

Following the 2022 merger that created Aris Mining, the company opted to pursue a cooperative process with authorities rather than continue the cash compensation claim. CEO Neil Woodyer said the outcome demonstrated the value of constructive engagement.

“We are very pleased to have resolved this complex matter through discussion and cooperation rather than arbitration,” he said. “This is the first agreement of its kind in Colombia to resolve an investor–state arbitration. It demonstrates our shared commitment with the government of Colombia to work together to enhance security, promote responsible mining practices, and support sustainable development.”

Under the settlement, no cash payments were made or contemplated. Instead, the agreement is structured around a series of performance obligations by Aris Mining and multiple Colombian government entities.

These include three “pillar agreements” covering formalisation of mining in the Marmato area, collaboration with the National Police, and cooperation with the Ministry of Defence. Additional commitments involve working with the Attorney General’s Office to support enforcement actions, and oversight by regional environmental authority CORPOCALDAS to ensure compliance and apply sanctions where required.

Each party will bear its own costs from the arbitration and settlement process. The agreements will remain in effect for ten years, overseen by a joint committee made up of representatives from Aris Mining and ANDJE.

Aris Mining operates the Segovia Operations and the Marmato Complex in Colombia, producing 210 955 oz in 2024. With expansions under way, the company is targeting more than 500 000 oz/y from 2026. It also holds interests in the Toroparu project in Guyana and the Soto Norte joint venture in Colombia, where permitting preparation continues.