Adventus awards mining contract for El Domo copper-gold project in Ecuador
(Kitco News) - Adventus Mining (TSXV: ADZN) announced Thursday that negotiations have concluded for the award of the open pit mining contract to a joint-venture between STRACON S.A., a Peruvian mining contractor with operations throughout the Americas, and RIPCONCIV, an Ecuadorian infrastructure construction contractor for the development of the El Domo - Curipamba copper-gold project located in central Ecuador.
The company said that the contract term is for a duration of 48-months which is projected to include the construction period as well as the first two years of operations, adding that Adventus Mining and the STRACON-RIPCONCIV JV have the option to extend the contract further upon mutual agreement between the parties.
“This contract is the largest anticipated to be awarded for the project and includes scope generally consisting of open pit pre-strip and mining, and construction of the tailings facility, waste rock facilities, and associated mine infrastructure,” Adventus noted in its press release.
According to the company’s statement, the STRACON-RIPCONCIV JV partners have also confirmed an equity commitment to Adventus Mining for a total of US$5 million.
Adventus Mining is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit.
The company indicated that El Domo - Curipamba is one of the highest grade and lowest capital intensity copper-gold projects not just in the Americas, but globally.
In addition, Adventus Mining is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Limited as the funding participant.