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Solaris, Government of Ecuador ink investment contract for Warintza copper-gold project

Kitco Media
By Vladimir Basov
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(Kitco News) - Solaris Resources (TSX: SLS) announced Thursday that the company and the Government of Ecuador have signed the Investment Contract for the Warintza copper-gold-molybdenum project, which ratifies the Investment Protection Agreement previously announced on June 9, 2022.

The company said that the Investment Contract provides for the following protections and incentives for the duration of the title of the project which extends with renewal to 2066: security of investment; stability of mining law; stability of taxes at a reduced income tax rate of 20% (25% previously); exemption from capital outflow tax (5% previously); exemption from import duties (up to 5% previously).

President and CEO Daniel Earle commented, "We are very grateful to the Government of Ecuador and our host communities for their support in reaching this major milestone. The Investment Contract provides a foundation of certainty, significantly de-risking the Warintza project by securing a stable regulatory and fiscal framework with international legal protections for the project while also enhancing its returns through permanent new tax incentives."

Solaris is a multi-asset exploration company, advancing a portfolio of copper and gold assets in the Americas, which includes: its primary focus, a world class large-scale resource with expansion and discovery potential at the Warintza project in Ecuador; discovery potential at its Ricardo project and optioned and owned grass-roots Tamarugo project in Chile; discovery potential at its Capricho and Paco Orco projects in Peru; and 60% interest in the La Verde joint-venture project with a subsidiary of Teck Resources in Mexico.

The company's Warintza project in Ecuador features a broad cluster of outcropping copper porphyry deposits anchored by a large-scale, high-grade open pit resource inventory at Warintza Central. Ongoing efforts are focused on rapid resource growth and further discovery drilling.

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Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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