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Luoyang Molybdenum (03993.HK) Agrees USD1.7B to Develop Gold Mine Project in Ecuador
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According to Ecuador's Ministry of Environment and Mining, Luoyang Molybdenum (03993.HK) has signed an agreement worth USD1.7 billion with Ecuador to develop a large-scale gold mine in the country. A spokesperson for Luoyang Molybdenum said the mine is currently still in the design and planning stage, and the agreement will accelerate the project's implementation. The company's local subsidiary, ODIN Mining del Ecuador SA, has finalized the terms for developing the Los Cangrejos deposit in El Oro Province. Luoyang Molybdenum acquired the project in June last year through its acquisition of Canada's Lumina Gold. The Ecuadorian government stated that it expects to obtain estimated economic benefits of approximately USD4.4 billion from the Los Cangrejos project, including patent fees, royalties, profits, taxes and other income. (mn/a) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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