Lumina Gold’s (TSXV: LUM, OTCQX: LMGDF) just recently signed rare-earth elements purchase contract with Wheaton Rare-earth elements (TSX: WPM, NYSE: WPM) will assist advance Lumina’s one hundred percent owned Cangrejos job in Ecuador, according to Marshall Koval, the business’s president and CEO.
” This is a wonderful offer for Wheaton, for Lumina Group, Lumina Gold and for the nation of Ecuador. It truly offers us third-party confirmation that the job is on the course towards advancement,” Koval stated.
Under the offer, Wheaton will be putting US$ 300 million into the job. “There’s US$ 48 million that’ll assist take us through the expediency research study phase and allowing phase. And after that there’s US$ 252 million for the building of the job once the building choice is made. And generally, what we’re doing is we’re streaming 6.6 percent of the gold production with Wheaton,” Koval stated.
” It’s rather a big job. We have actually scaled it at first at 30,000 tonnes daily throughput. And after that in year 4 it will go to 60,000, and by year 7 it’ll go to 80,000.”
In April, Lumina Gold revealed a favorable prefeasibility research study for Cangrejos that shows a US$ 2.2 billion net present worth, 26 year mine life and production of 371,000 ounces of gold and 41 million pounds of copper each year.
View the complete interview with Lumina Gold President and CEO Marshall Koval above.
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