Adventus Mining (TSXV: ADZN) has officially seen an environmental license issued for its flagship El Domo-Curipamba project by the Ministry of Environment, Water, and Energy Transition in Ecuador.
The approval concludes a two year process initiated by the company in November 2021, when it submitted an Environmental and Social Impact Assessment along with an Environmental Management Plan to the Ministry. The 7,000 pages of data provided consist of comprehensive details on the impact of transitioning the El Domo-Curipamba project into an operating mine.
Official approval for the project follows the company receiving 98% approval from persons within the direct area of influence of the project in December, following an environmental consultation process conducted last year.
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Construction at El Domo is said to begin according to previous guidance, with Adventus in October stating that construction was targeted to begin in the second quarter of 2024. Key priorities for 2024 are said to include the receipt of all final permits, the completion of detailed engineering, and the finalization of full financing needs to allow for the project to enter the construction phase.
The El Domo-Curipamba project is 75% owned by Adventus, while Salazar Resources (TSXV: SRL) maintains a 25% interest. The project consists of a VMS deposit, which in October 2021 a feasibility study estimated proven and probable reserves amounting to 124.9 kt of contained copper, 16.2 kt of contained lead, 161.4 kt of contained zinc, 525 koz of contained gold, and 9,517 koz of contained silver. Additional resources exist in the indicated and inferred category as well.
Separately, on Friday, Luminex Resources (TSXV: LR) indicated that shareholders had approved the acquisition of Luminex by Adventus Mining. With shareholders providing approval, that transaction is now slated to close later this week, bringing together two operators in Ecuador that combined will have land claims on over 135,000 hectares across 13 projects.
The acquisition of Luminex will add Ross Beaty’s Lumina group to Adventus’ shareholder base, while establishing an entity that is only 32% owned by retail investors. Ross Beaty is expected to be a substantial shareholder of the resulting issuer with a 13% stake on an undiluted basis.
Adventus Mining last traded at $0.27 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
