Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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20 pathetic asks of 967 in a row trying to give illusion of sell depth
Won’t wash
@schlemiel Scott said they are looking at "non dilutive" financing, so it won't be a placing.
For anyone with L2 the lurker is back
967
17.950
18,053
18,155
Rk1
It's not a criticism fella but a positive development. It suggests investors are still willing up to 'cough up' funding because they can see material value enhancement and have confidence in SOLG management. Looks all good, famous last words
good fortune
For the first time in years, an MM is near the top of the bid (Stiefel)
Likely only because someone’s asleep at the wheel, they last moved at 833am
Thank you for the article!
Schlem...no placing!
He very specifically said:
"non dilutive...non equity..."
'Last year we invested around US$30mn and our projection is that in 2024 and 2025 we will spend US$30mn each year '
Well, if this is the case then a placing of some form funding is in the pipeline
BNamericas: An agreement was signed with the government last year. Has there been any progress on the terms of that agreement?
Caldwell: Last year we signed an agreement on the terms of the mining contract with the State. The [final] contract has yet to be signed, which is scheduled for the coming months.
Another issue that’s still pending is signing with the Ecuadoran government the second investment protection contract [IPA]. In 2021 we signed a first contract, but the new one will include the protection of the mine and its development.
One of the most important agreements that’s missing is the environmental license that the environment ministry must give to build the mine. We have begun to work with this entity in certain areas.
I would also like to add that a few weeks ago, in Canada, at the PDAC meeting, President Daniel Noboa made some presentations and I want to say that what he mentioned was more than encouraging, knowing that his government is working in different areas and types of requirements that mining companies need to be able to invest in Ecuador.
We found everything he said at the convention very interesting.
We hope that the more these issues advance, our project will also advance and we’ll obtain the permits required to invest more and more in Ecuador.
BNamericas: The mining sector in Ecuador constantly criticizes the time it takes for permits to go from one phase to another. Is that also something the government is working on?
Caldwell: The president mentioned at the event that his government will work to promote mining and that if all the requirements that Ecuador has for mining companies are met, we’ll obtain permits.
Another important issue is that this is a multigenerational project. In both the previous study and the current one, it’s planned to last many years. We estimate around 75 years. This is what we mean by multigenerational and this is what makes this such an important project for Ecuador.
The studies consider two stages, a third could be added over the years, but obviously more engineering studies would be necessary.
BNamericas: How long can the feasibility studies take and when is construction of the mine expected to begin, taking into account next year's presidential elections?
Caldwell: Taking into account the different variables, we plan to have our feasibility study ready in June 2025. Considering the time that may be required to obtain all the permits and the different variables, hopefully we can begin construction of the mine in June or in the second half of 2026, if everything goes well.
BNamericas: What amount of royalties and taxes are expected with Cascabel?
Caldwell: The estimated amount is around US$7bn.
BNamericas: How do you see the future of mining in Ecuador, its strengths and weaknesses?
Caldwell: Ecuador has great mining potential. I think another Cascabel project can be found. The geology of this country is impressive.
Considering the efforts being made in the world for the energy transition and the fact that copper is a basic mineral for this objective, citizens, the government and those who seek the development of resources and those who are against must decide whether or not they take advantage of the great potential that this country has in various areas where sustainable mining can be carried out.
BNamericas: What is the investment made so far in Ecuador, and what are the investment projections for 2024 and 2025?
Caldwell: We have invested just over US$300mn in Ecuador in Cascabel and in the other projects we have in the country.
Last year we invested around US$30mn and our projection is that in 2024 and 2025 we will spend US$30mn each year because at the moment we don’t have the necessary permits to be able to make larger investments. As we have these permits, investments will increase.
Courtesy of the slug
Ecuadoran President Daniel Noboa's presentation at the recent Prospectors and Developers Association of Canada (PDAC) conference in Toronto piqued the mining industry's interest, which hopes to see several projects come online in the Andean nation over the next decade.
Ecuador has only two major mines in production: Fruta del Norte (Lundin Gold) and the Mirador copper mine (China’s Ecuacorriente).
But construction at the Curipamba copper-gold project, scheduled for June, and progress at La Plata polymetallic project, which should obtain construction permits this year despite strong opposition from anti-mining groups, raise expectations for additional projects such as Cascabel, Cangrejos, Loma Larga, Cóndor, El Guayabo, Warintza and Panantza-San Carlos.
BNamericas talks with Scott Caldwell, CEO of Australia’s SolGold and president of SolGold Ecuador, about the underground Cascabel project in the northern province of Imbabura, which is expected to produce 2.9Mt of copper, 6.9Moz of gold and 22Moz of silver during its first 28 years.
BNamericas: There have been delays to the originally announced plans for the start of construction of the mine in 2024. What influenced the delay?
Caldwell: I think those announcements were a bit optimistic given that, for example, to receive the environmental license you need engineering studies, design studies in general.
We’re currently advancing these studies and hope to complete them as soon as possible. We don’t have an exact date because it’s very difficult to predict due to the different types of requirements that are needed. However, we’re working hard to obtain these permits and move forward with the project.
BNamericas: The new prefeasibility study recently presented considers a phased block cave mine. What is the fundamental difference with the previous study and what will each phase consist of?
Caldwell: The basis of the studies is the same and both lead us to the same result.
The fundamental difference is the optimization that is handled in this study, which brings us much closer to being able to develop the project and start construction.
The total estimated investment is around US$4.21bn for the two stages that comprise the mine.
In the first stage, the investment will be US$1.93bn, which includes the construction of the mine, construction of the concentrator, the expense to take the concentrates to the port and the necessary infrastructure and camps.
In the second stage, from year four to 28, around US$2.27bn will be invested to expand the processing plant and tailings dam, among other items.
Opex during the 28 years will be around US$8.97bn. Doing the project in stages gives greater feasibility for construction.
The creation of both direct and indirect jobs is also similar to that established in the previous study, around 3,800 direct, the maximum peak during construction of the mine, and about 1,000 permanent jobs during the