CMOC to acquire Lumina Gold in $421M deal

CMOC Singapore, a subsidiary of China’s CMOC Group Limited, has signed a definitive agreement to acquire Lumina Gold Corp. (TSXV: LUM) in an all-cash deal valued at C$581 million ($421 million), marking a major step into Ecuador’s underdeveloped mining sector.Lumina’s flagship asset, the Cangrejos gold-copper project, is considered the largest primary gold deposit in Ecuador. Located in the El Oro Province in the country’s southwest, the project sits approximately 30 kilometers southeast of the Pan American Highway and 40 kilometers from the deep-water port of Puerto Bolívar.The miner launched a feasibility study in January 2024, building on its 2023 prefeasibility study. Updates to date include a larger and more advanced processing plant, with projected throughput increasing to 40,000 tonnes per day—up from the previously envisioned 30,000 tonnes.Cangrejos hosts 659 million tonnes of probable reserves grading 0.55 grams per tonne gold, 0.1% copper, and 0.69 g/t silver. This equates to 11.6 million ounces of gold, 1.4 billion pounds of copper, and 14.4 million ounces of silver. These are contained within an indicated resource of 1 billion tonnes grading 0.48 g/t gold, 0.09% copper, and 0.7 g/t silver—representing 3.7 million ounces of gold, 483 million pounds of copper, and 7 million ounces of silver.The 2023 PFS outlined a capital expenditure of $925 million and projected average annual gold-equivalent production of 469,000 ounces over a 26-year mine life.CMOC’s move highlights growing investor interest in Ecuador, which is rich in mineral resources but has historically lagged behind regional mining leaders Peru and Chile. While the country shares geological continuity with its neighbors, political and regulatory uncertainty have slowed the development of large-scale mining projects.Shares of Lumina Gold surged 31% on the Toronto Venture Exchange following the announcement, pushing its market capitalization to C$480 million ($348 million).The acquisition is expected to close in the third quarter of 2025, pending shareholder, regulatory, and court approvals. Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com