Adventus Mining (TSXV: ADZN) has progressed past another major hurdle as it relates to the development of its flagship El Domo – Curipamba project in Ecuador.
The company has seen the Ministry of Energy and Mines of Ecuador grant a permit for the approval of the design, construction, operation, and maintenance of a tailings storage facility for the copper-gold project. In combination with the recently received Environmental License, the company is able to advance the project towards a construction decision. That decision is expected within the next several months, before the close of the first half of 2024.
The tailings storage facility permit is crucial for the El Domo project, and the start of the construction of the facility enable Adventus to begin drawing on a massive US$180.5 million financing package that it arranged with Wheaton Precious Metals last year. Of that financing package, US$13 million was available for pre-construction activities, while US$162 million is to be paid out over four staged installments during construction.
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READ: Adventus Mining Granted Environmental License For El-Domo Copper Gold Project
The tailings facility is said to be constructed using a downstream method, using rock-fill. The facility, who’s permit application consisted of a 1,300 page document that included 12 specific technical studies, is set to comply with Ecuadorian regulations, as well as design requirements of the Canadian Dam Association’s guidelines.
The approval follows Adventus earlier this week closing on the acquisition of Luminex Resources, an explorer focused on Ecuador with twelve separate projects in the region.
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.
