https://www.engineeringnews.co.za

First Quantum terminates Ecuador option

8th August 2019

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

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.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

SafeQuip
SafeQuip

SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...

VISIT SHOWROOM 
The Beneficiation Academy
The Beneficiation Academy

The Beneficiation Academy is a certified training institution that follows all compliance legislation and is accredited with various Sector...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.049 0.087s - 140pq - 2rq
Subscribe Now