Copper miner First Quantum Minerals (FQM) has signed a formal earn-in agreement with Vancouver-based junior Lumina Gold to earn into the Orquideas and Cascas gold/copper concessions in Ecuador.
In terms of the previously announced five-year agreement, FQM has committed to contribute $1.5-million to the development of exploration work in the first year. The company has an option of contributing up to an additional $37-million over the course of the subsequent four years of the earn-in agreement.
Pursuant to the terms of the earn-in agreement, Lumina will receive $100 000 due upon signing, and will be reimbursed about $840 000 for expenditures made on the properties from September 2017 to mid-May 2018.
Work is ongoing at Orquideas and Cascas under the supervision of FQM, with Lumina acting as operator.