China Molybdenum Co., Ltd. has acquired Lumina Gold Corp., gaining full ownership of the Cangrejos Project in Ecuador, which is projected to begin gold production by 2028.
Information on the Target
On June 24, 2025, China Molybdenum Co., Ltd. (CMOC) successfully completed the acquisition of Lumina Gold Corp., securing a 100% ownership stake in the Cangrejos Project, a gold mining operation located in Ecuador. This acquisition enhances CMOC's resource portfolio by adding significant gold reserves to its assets.
In Ecuador, CMOC has established a dedicated project team comprising experts from various departments including production technology, project development, human resources, finance, and ESG (Environmental, Social, and Governance) to accelerate the advancement of the Cangrejos Project. As of June 30, 2025, this team has officially commenced operations at the site, which is projected to begin producing gold by 2028, with an annual output estimated at approximately 11.5 tons.
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Industry Overview in Ecuador
The mining industry in Ecuador has recently experienced a renaissance, driven by favorable government policies aimed at attracting foreign investment and developing the sector. The country is rich in mineral resources, p
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