{"id":1041044,"date":"2018-09-25T15:40:57","date_gmt":"2018-09-25T15:40:57","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=1041044"},"modified":"2018-09-25T15:40:57","modified_gmt":"2018-09-25T15:40:57","slug":"anglo-american-becomes-latest-top-miner-to-land-in-ecuador-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1041044","title":{"rendered":"Anglo American becomes latest top miner to land in Ecuador"},"content":{"rendered":"

By Cecilia Jamasmie<\/a><\/span> <\/p>\n

Diversified miner Anglo American (LON:AAL) has become the latest major miner to set foot in Ecuador by entering into an earn-in joint venture (JV) agreemen<\/a>t with Canadian precious and base metals firm Luminex Resources (TSX-V: LR) which spun out of Lumina Gold (TSX-V: LUM) in August.<\/p>\n

The deal gives Anglo the right to earn a 60% ownership interest in a JV company, which indirectly holds three copper and gold concessions \u2014 Pegasus A, Pegasus B and Luz \u2014 in return for an investment of $50 million plus a $7.3 million payment over a seven-year period.<\/p>\n

Anglo will have the right to earn an additional 10% ownership interest in the venture simply by funding all the required work up to a decision to construct a mine at the properties, taking its aggregate ownership to 70%.<\/p>\n

Deal with Luminex gives Anglo the right to earn a 60% ownership interest in a JV company, which indirectly holds three copper and gold concessions in Ecuador.<\/q><\/p>\n

Luminex will fund its 30% pro rata share of expenses related to the development and construction of a mine at the properties.<\/p>\n

Preparations are under way to continue exploration activities on the properties with Anglo American acting as manager and operator, the Vancouver-based company said<\/a>.<\/p>\n

During the first year of the agreement, Anglo will undertake an airborne magnetic ZTEM survey over the three concessions.<\/p>\n

\u201cHighly prospective\u201d location<\/strong><\/h4>\n

Ecuador has gained ground as a mining investment destination in the past two years thanks to a revised regulatory framework and a major investor engagement campaign<\/a><\/p>\n

In February, Australia’s Newcrest Mining (ASX:NMC) took a 14 percent stake in Lundin Gold<\/a>, which expects to bring its Fruta del Norte gold and silver mine<\/a> in southeastern Ecuador into production by the end of next year.<\/p>\n

Earlier this month, world’s largest miner BHP (ASX, NYSE:BHP) (LON:BLT) bought a 6.1% stake in SolGold<\/a> (LON:SOLG) (TSX:SOLG) to gain access to the explorer’s Cascabel copper-gold project in in northern Ecuador,<\/p>\n

Currently, the nation’s emerging mining sector employs 3,700 people, but the government estimates<\/a> the figure will rise to about 16,000 in the 2017-2020 period.<\/p>\n

Luminex Resources was formed earlier in August after Lumina Gold carried out a strategic reorganization, which saw it spinning out all of its concessions and properties, except the Cangrejos gold-copper project, to its shareholders through the new company.<\/p>\n

The post Anglo American becomes latest top miner to land in Ecuador<\/a> appeared first on MINING.com<\/a>.<\/p>\n

…read more<\/a> <\/p>\n

From:: Mining.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Cecilia Jamasmie Diversified miner Anglo American (LON:AAL) has become the latest major miner to set foot in Ecuador by entering into an earn-in joint venture (JV) agreement with Canadian precious and base metals firm Luminex Resources (TSX-V: LR) which spun out of Lumina Gold (TSX-V: LUM) in August. The deal gives Anglo the right […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1041044"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1041044"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1041044\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1041044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1041044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1041044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}