Cascabel will be the largest copper mine in Ecuador. The SoldGold company committed an investment of approximately USD 4.2 billion for capital expenditures over the 28-year life of the project.
The Ministry of Energy and Mines reported this Wednesday, June 5, that the mining exploitation contract was signed with the company SolGold, in charge of the Cascabel project, located in Imbabura. The signing was between the Deputy Minister of Mines, Diego Ocampo and the president of the Australian company SolGold, Scott Cadwell.
“This contract represents a new era of economic development for Ecuador, demonstrating our commitment to promoting investment and sustainable development in the mining sector,” said Vice Minister Ocampo.
Investments
As reported by the Ministry of Energy and Mines, SolGold will invest approximately USD 4.2 billion in capital expenditures over the 28-year useful life of the Cascabel project. In addition, this mining project will generate more than 3,700 jobs in the mine construction and production phases, according to the Ministry of Energy and Mines.
According to Government calculations, it will generate more than USD 6,700 million in income for the State, from sectoral and general taxes, as well as royalties of around USD 1,611 million. Cascabel is located in the Lita parish, in the Ibarra canton, and has an area of 4,979 hectares, rich in copper, gold and silver.
By: PRIMICIAS