Adventus Mining Receives 98% Approval From Locals For El Domo – Curipamba Project, Clearing Path For Environmental Permit
Adventus Mining (TSXV: ADZN) is inching closer to the construction phase of its El Domo – Curipamba copper-gold project in Ecuador, revealing this morning that it has completed the final consultation phase of the environmental consultation process with high local approval.
The project, which is said to be one of the highest grade and lowest capital projects globally, saw 98% of people within the direct area of influence vote in support of the issuance of the environmental license. As part of the process, the Ministry of Environment, Water, and Ecological Transition of Ecuador, or MAATE, conducted six consultation assemblies with the public in the canton of Las Naves, presenting the project environmental management plan to those that will be impacted the most by the project. Following this, a vote was taken, wherein the El Domo – Curipamba project received this 98% approval rating from locals.
This approval now clears the way for the expected issuance of an environmental license for the project, enabling Adventus to proceed to the next stage of mine development.
READ: Adventus Mining To Acquire Luminex Resources, Creating Ecuador Focused Copper-Gold Developer
The El Domo – Curipamba project is largely owned by Adventus Mining, whom has a 75% stake in the asset, which it acquired from Salazar Resources (TSXV: SRL) in 2017. The project features a flat-lying VMS deposit with mineralization beginning just 30 metres from surface, with an October 2021 feasibility study outlining 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.
Adventus is currently targeting the start of construction for the second quarter of 2024, while it has already seen a powerline agreement entered into earlier this year. Key priorities for 2024, outside of beginning construction, include the receipt of all final permits, the completion of detailed engineering, and the finalization of full financing needs to bring the project to construction.
In terms of financing, a project financing package in 2022 was secured with Wheaton Precious Metals and Trafigura, which will provide up to US$235.5 million in support for the development of the project. The financing was provided through a mix of credit facilities, equity investments, and streaming rights for gold and silver.
Adventus Mining last traded at $0.25 on the TSX Venture.
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