First Quantum terminates Ecuador option
Base metals miner First Quantum has terminated its earn-in option over the Orquideas copper/molybdenum concession of Luminex Resources in Ecuador.
First Quantum exited the option after the first five drill holes at Orquideas failed to produce significant mineralised intercepts, TSX-V-listed Luminex said on Wednesday.
The junior stated that it would decide whether to keep the concession or to relinquish it.
Further, First Quantum is reviewing progress and exploration data on, and whether to continue with, its earn-in option on Luminex’s Cascas concessions. For the time being, the miner’s earn-in option on Cascas would remain in place, as would the $7-million cash payment schedule over the five-year earn-in period.
First Quantum’s total required spend to earn 51% ownership of Cascas is $10.3-million.
The Canadian junior has BHP and Anglo American earning into some of its other projects in Ecuador.
Ecuador is a hot destination for junior copper prospectors. Major miners are taking less risky positions by entering into joint ventures or investing in juniors to gain exposure to projects in that country.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















