2024-08-15 00:18:56
With this investment, Australian SolGold plans to complete the Feasibility Study for the Cascabel Project and begin construction of key infrastructure.
Australian company SolGold has secured financing for the first USD 750 million for the development of the Cascabel mining project, which aims to be the largest underground copper mine in the country. This capital comes after the signing of the Cascabel exploitation and development contract between the Australian company and the Ministry of Energy and Mines on June 5, 2024.
On Monday, July 15, SolGold announced that this investment is intended for two priority actions: USD 100 million for risk mitigation, obtaining permits and completing the Cascabel Project Feasibility Study. USD 650 million for the start of construction of key infrastructure for the mining project. “This financing will allow SoGold to advance technical studies, environmental planning and the design of the necessary structures,” says a statement from the company.
The Cascabel project
The Cascabel mining concession, located in Imbabura, covers an area of 4,979 hectares. After almost eight years of exploration, it is projected that copper will be extracted from there between 2030 and 2051. SolGold, a mining giant based in Brisbane, Australia, is in charge of this project.
By: PRIMICIAS