Adventus and Salazar secure $235.5m to build Ecuador project
TSX-V-listed juniors Adventus Mining and Salazar Resources have secured $235.5-million to advance, and following a construction decision, build the Curipamba project, in Ecuador.
The copper project will require a capital investment of $248-million, according to the feasibility study.
The companies secured $180.5-million from precious metals streaming and royalty firm Wheaton, of which $175.5-million is an upfront cash consideration. The companies have earmarked $13-million for preconstruction activities and $500 000 for local community development initiatives as part of the Curipamba project prior to production.
Wheaton will also provide up to $5-million in equity to Adventus Mining.
Wheaton will buy 50% of the payable gold production up to 150 000 oz having been delivered, thereafter, dropping to 33% of payable gold production for the life-of-mine (LoM), and 75% of the payable silver production until 4.6-million ounces have been delivered, thereafter 50% for the LoM.
Further, Trafigura will provide Adventus with a facility of $45-million, $5-million of which can be paid on an early deposit basis for preconstruction activities.
The Curipamba project will initially be an openpit development, producing an average of 10 463 t/y of copper and 21 390 t/y of copper-equivalent. The openpit has mineral reserves of 6.5-million tonnes at 1.93% copper, 2.49% zinc, 2.52 g/t gold, 45.7 g/t silver and 0.25% lead.
The underground mine, which will start after the completion of the openpit, has indicated and inferred mineral resources of 1.9-million tonnes at 2.72% copper, 2.38% zinc, 1.37 g/t gold, 29 g/t silver and 0.11% lead, respectively.
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