Adventus Mining Corp. and Salazar Resources Ltd have announced that the formal earn-in mechanics have been completed and Adventus is now a 75% owner of the Curipamba copper-gold project in Ecuador.
The participants have executed a shareholders’ agreement which will manage the respective rights and obligations as shareholders of the incorporated joint venture company that controls and owns the Curipamba project.
Curipamba ownership highlights:
- Adventus acquires 75% ownership stake in the Curipamba project, with the responsibility for initial development capital costs and receives 95% of future net cash flows from operations from Ecuadorian Curipamba holding company Curimining S.A. until all earn-in option expenditures and project capital costs funded by Adventus have been repaid (less Salazar historical investment credit of US$19.8 million, after which the Curimining free cash flows from operations shall be shared 75% Adventus and 25% Salazar).
- Total Earn-in Expenditures of US$44.1 million have been spent by Adventus on Curipamba up to 30 September 2021.
- Adventus continues to advance detailed discussions with potential financing partners for the capital to construct Curipamba. The start of detailed engineering, hiring of key construction personnel and completion of the investment agreement with the government of Ecuador is expected in 1Q22, while the ongoing review of the Environmental Social Impact Assessment by the government of Ecuador continues.
Read the article online at: https://www.globalminingreview.com/mining/06012022/adventus-mining-and-salazar-resources-form-jv-to-develop-the-curipamba-copper-gold-project/