ADVZF - Adventus Mining Announces the Signing of an Investment Agreement with the Government of Ecuador for the Development of the Condor Project | Benzinga

TORONTO, March 5, 2024 /CNW/ -  Adventus Mining Corporation ("Adventus" or the "Company") (TSXV:ADZN) (OTCQX:ADVZF) is pleased to announce the signing of an Investment Agreement ("IA") with the Government of Ecuador for the development of the Condor mining project located in southeastern Ecuador (the "Project"). This important milestone reached between the Government of Ecuador and Adventus provides a foundation for the continuing advancement of the Project towards development and for the negotiation of the Investment Protection Agreement ("IPA") that would be required for future mining construction and operations if the Project reaches that stage of advancement. The IA is a statement of mutual interest between Adventus and the Government of Ecuador, through the Ministry of Production, Foreign Trade, Investment and Fisheries, to negotiate the terms and conditions for a future IPA that is expected to outline the Project´s scope, investment commitments, timelines and responsibilities and to work together towards obtaining all necessary approvals, licences and permits under Ecuadorian law and international standards.

The IA explicitly covers an investment commitment by Adventus, totaling a minimum of US$100M, which includes US$52 million of historical spending made on the Project from 2010 to 2023 and the future investment commitment of US$48 million for the period between 2024 and 2038. The IA also extends to include any additional investments made by Adventus during the period, which would be included for investment protection in the future IPA.