2023-07-21 08:24:05 ET
Ecuador's government said Thursday it concluded negotiations with Australian miner SolGold ( OTCPK:SLGGF ) to develop the Cascabel copper-gold mine , which could require a nearly $5B investment over the lifetime of the project.
The mine could generate $35B in exports while attracting $8B in royalties and taxes to state coffers during its operating life, the government said.
Initial mineral reserves at Cascabel are estimated at 3.3M metric tons of copper, 9.4M oz of gold and 30M oz of silver, according to company data.
Construction of the mine is expected to begin in 2025, with operations starting in 2030, the ministry said.
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SolGold clinches deal with Ecuador to launch $5B mining project