Luoyang Molybdenum Co., Ltd. has successfully acquired the Cangrejos Project in Ecuador, enhancing its gold resource portfolio and positioning for future growth.

Target Information

On June 26, Luoyang Molybdenum Co., Ltd. announced the successful acquisition of Lumina Gold Corp., thereby securing 100% ownership of the Cangrejos Project, a significant gold mining asset located in Ecuador. This transaction marks the company's strategic entry into gold resources, expanding their portfolio. The completion date for this acquisition was officially recorded on June 24, 2025.

Located in the southwestern province of El Oro, the Cangrejos Project is positioned within the globally recognized Andean multi-metallic mineral belt, approximately 1,100 meters above sea level. According to a pre-feasibility study conducted in 2023, the mine holds an estimated resource volume of 1.376 billion tons, with an average gold grade of 0.46 g/t, containing approximately 638 tons of gold. The mine is projected to have a lifespan of 26 years. Ongoing explorations within the mining rights and deeper deposits suggest a potential increase in resource reserves.

Industry Overview in Ecuador

Ecuador presents a favorable investment climate for the mining sector, benefiting from a reputation as one of the more business-friendly countries in Latin America. The Free Trade Agreement b