Ecuador’s government announced on Thursday that it has successfully concluded negotiations with Australian miner SolGold (OTCPK: SLGGF) to move forward with the development of the Cascabel copper-gold mine. The ambitious project is anticipated to require a substantial investment of nearly $5 billion over its operational lifespan.
According to government projections, the Cascabel mine has the potential to yield approximately $35 billion in exports, providing a significant boost to the country’s economy. Additionally, the state stands to gain around $8 billion in royalties and taxes from the mining operations during its operating life.
Based on company data, initial estimates for mineral reserves at Cascabel are impressive, with approximately 3.3 million metric tons of copper, 9.4 million ounces of gold, and 30 million ounces of silver projected to be available for extraction.
The timeline for the mine’s development is set to commence with construction beginning in 2025, followed by the start of full-fledged operations in 2030, as reported by the ministry.
The Cascabel copper-gold mine project represents a significant milestone for Ecuador’s mining sector and has the potential to be a major player in the global market for copper and gold resources.
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