aris gold corp said monday that has acquired a 20 jointventure interest in a gold project in colombia from an abu dhabibased investment company for 100 million and that it will become its operator the vancouverbased gold producer said it has entered into a definitive agreement with mdc industry holding company llc a subsidiary of mubadala investment company pjsc for a 20 stake of the joint venture it said that it has also an option to increase the ownership to 50 the company said that soto norte is designed as an underground mine with a 26 millionmetric ton a year processing capacity the initial capital cost is estimated to be about 12 billion which will include contingency and preproduction costs aris said the feasibility study also estimates an average production of 450000 ounces of gold a year with a life of mine average allin sustaining costs of 471 an ounce aris will have to pay an additional 300 million if it chooses to exercise its option to acquire an additional 30 in the jv the company said