{"id":1090627,"date":"2018-12-18T15:16:16","date_gmt":"2018-12-18T15:16:16","guid":{"rendered":"http:\/\/www.mining.com\/?p=959636"},"modified":"2018-12-20T15:16:16","modified_gmt":"2018-12-20T15:16:16","slug":"australias-top-gold-miner-boosts-bet-on-ecuador-copper-project","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1090627","title":{"rendered":"Australia’s top gold miner boosts bet on Ecuador copper project"},"content":{"rendered":"

Australia\u2019s largest gold producer, Newcrest Mining (ASX: NCM) has upped its holdings in Ecuador-focused explorer SolGold<\/a> (LON, TSX:SOLG), which is developing the Cascabel copper-gold project in the country\u2019s north.<\/p>\n

The deal further bolsters Newcrest\u2019s position in SolGold against No.2 shareholder, BHP, as it raises its stake in the junior miner to 15.33% from 13.83%.<\/p>\n

In September, BHP bought Guyana Goldfields\u2019 6.1% stake in SolGold<\/a> for $35 million. It nearly doubled its stake the following month to 11.1%, triggering speculation of a potential takeover battle with Newcrest.<\/p>\n

SolGold’s Cascabel copper-gold project, in Ecuador’s north, is one of the very few new ones expected to come online in the near future.<\/q><\/p>\n

Miners are\u00a0scrambling\u00a0for copper projects amid forecasts that demand of the metal will significantly outstrip supply from 2020, due to increasing demand for power generation and electric vehicles (there are 300kg of copper in an electric bus and nine tonnes per windfarm megawatt).<\/p>\n

The Cascabel project is one of the few new ones expected to come online in the near future. According to Colin Hamilton, director of commodities research at BMO Capital Markets, the current copper pipeline is\u00a0the lowest seen this century<\/a>, both in terms of numbers and capacity.<\/p>\n

\u201cAfter delivery of Cobre Panama (with the main ramp early next year) we are left with a gap until we see the next batch of 200ktpa-plus projects in 2022-23. This is when the likes of Kamoa, Oyu Tolgoi Phase 2, and QB2 are likely to offer meaningful supply growth,\u201d Hamilton said in April.<\/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\u00a0major investor engagement campaign<\/a>\u00a0that has already attracted around 420 applications for concessions in less than a year.<\/p>\n

BHP CEO Andrew Mackenzie himself said the investment allowed the world\u2019s No. 1 mining company to tap into a \u201chighly prospective\u201d mining destination, partly\u00a0given its relatively untapped reserves.<\/p>\n

In March, mining giant Anglo American (LON:AAL),\u00a0landed in the South American country. Through a deal with Canadian junior Lumina Gold (TSX-V:LUM) (OTC:LUMAF), the company plans to develop two copper and gold concessions there.<\/p>\n

Currently, the nation\u2019s emerging mining sector employs 3,700 people, but\u00a0the government estimates<\/a>\u00a0the figure will rise to about 16,000 by 2021.<\/p>\n

The post Australia’s top gold miner boosts bet on Ecuador copper project<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Newcrest Mining has upped its holdings in Ecuador-focused explorer SolGold to 15.33% from 13.83%, nudging further ahead of the company’s second biggest shareholder BHP.<\/p>\n

The post Australia’s top gold miner boosts bet on Ecuador copper project<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"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":[404,369,683,684,685,440],"tags":[15,33,39,48,71],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1090627"}],"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\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1090627"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1090627\/revisions"}],"predecessor-version":[{"id":1091163,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1090627\/revisions\/1091163"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1090627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1090627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1090627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}