China’s CMOC Group has signed a definitive agreement to acquire Lumina Gold (TSXV: LUM) in an all-cash deal valued at C$581 million ($421 million), marking a major step into Ecuador’s underdeveloped mining sector.
Lumina’s flagship asset, the Cangrejos gold-copper project, is considered the largest primary gold deposit in Ecuador. Located in the El Oro province in the country’s southwest, the project sits approximately 30 km southeast of the Pan American Highway and 40 km from the deep-water port of Puerto Bolívar.
The Canadian miner launched a feasibility study on the project in January 2024, building on its 2023 prefeasibility study. Updates to date include a larger and more advanced processing plant, with projected throughput increasing to 40,000 tonnes per day — up from the previously envisioned 30,000 tonnes.
Cangrejos hosts 659 million tonnes of probable reserves grading 0.55 gram per…
