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Https://www.mining.com/ecuadors-mining-future-uncertain-as-socialist-leads-election/

I think it's still preferable for Noboa to win !

It doesn't help when you're posting under two separate names Brian/Rodney.....!

Exactly Tos1963..... what the hell is the point of discovering copper if you can't sell it ?

I have to say I've no longer any confidence in the clowns running the Solg show . What a laughing stock...

I doubt Musk would run as president , his ambitions are higher than that . The office would hold him back

However, it is good that a man of his genius is spending time sorting out the bureaucracy in government . And great that Trump has signed him up for the job . Anything must be better than the calamity years of Biden and Kamala....

We're going down with the price of copper

Trouble is....we never go up with the price of copper

I won't be voting for the board who's presided over this catastrophic share price at the AGM, that's for sure...

3

One of the only two mines currently in production, Northern fruit8.5 MW of energy is already self-sufficient, which is just over half of the 17 MW consumed by the project, said Juan José Herrera, representative of the Lundin Gold company. The firm has been working on its own power generation since 2023 and plans to bring more generators to the country in the coming weeks.

Herrera said that at the beginning of October of this year, in the face of the energy crisis and energy rationing, the National Electricity Operator (Cenace) asked the company to reduce the consumption of the mine, before which it proceeded without complications. The mine is self-sufficient during the hours from 08:00 to 18:00.

According to information shared in this newspaper by Lundin Gold, the approximate cost of self-generation since the energy crisis began it is greater than $ 1.5 million, which have been fully assumed by the company.

Electricity fee

With the announcement of the president Daniel Noboa of “eliminate the electric ” subsidy to mining companies, during the event on Friday a panel was installed that dealt with the debate that has been generated around the issue.

The large mining companies are Lundin Gold and Ecuacorriente, which are listed in high voltage group 2 (AV2), where there are also companies from other industries. In space it was emphasized that rates “do not constitute a subsidy ”, that are approved by the Government and are established in the tariff sheet.

The Mining Chamber reiterated that it is not a specific subsidy for any sector, that the value paid by the two large mining companies (Lundin Gold and Ecuacorriente) is lower because they connect directly to the transmission system, for which have made millionaire investments for the installation and maintenance of equipment and cables.

In addition, it was highlighted that the benefit is not only for mining projects, but also for communities that receive electricity, since previously they did not have access to the service.

2

In the first production phase, the operation of the Cascabel project will require about 90 MW; and, when it is in full capacity, it will consume around 180 MW. Sánchez stressed that the hydroelectric plant will have a positive impact for the mine, but also for the surrounding community and for the country.

The company Lumina Gold, who is in charge of the gold and copper project Crabs, which is located in the province of El Oro, analyzes building three 50 MW plants each one, said Diego Benalcázar, vice president of the company.

He commented that the “energy consumption is key ” for the development of the industry. And he pointed out that, “although the Constitution gives the right to access regulated energy (by the State), you cannot claim to take energy from the country as such ”. He added that the bureaucratic procedures of public entities are required to be agile.

Regarding the status of the Cangrejos project, which is the largest gold deposit in Ecuador and number 26 in the world, according to pre-feasibility studies, Benalcázar reported that for the second quarter of 2025 it is expected to have the feasibility study.

1

By:

Vanessa Silva Cruz

October 18, 2024 - 3:10 p.m.

Before energy situation Ecuador is going through due to the generation deficit, several companies mining they plan to build their hydroelectric plants or analyze implementing other solutions to self-sufficiency in energy and not depend on state supply. In recent days, the Minister of Energy and Mines in charge, Inés Manzano, indicated that the projects that come into operation must have their own generation.

For the large-scale project Cascabel, located in Imbabura, the SolGold company will build a hydroelectric power station with capacity of 240 megawatts (MW), Luis Mario Sánchez, representative of the company, announced during a conference organized by the Ecuadorian Mining Chamber (CME), on Friday, October 18, in Quito.

Sánchez explained that within the conditions that the Ministry of Energy and Mines proposed for the signing of the exploitation contract, it was considered that the mine has its own energy supply. SolGold signed the exploitation contract with the Ecuadorian State in June this year.

The 180 kilowatts that the State will subsidize are equivalent to half the consumption of an average family

“We were already living at that time, June of this year, the energy shortage. SolGold investors are very sensitive to the problems that exist. We are aware that (energy) generation is probably going to continue to be a major challenge in the coming years and much more about it. year 2030, which is when we wait start operations”, Sánchez exposed to the auditorium.

In this context, he announced that the company has already signed a memorandum of understanding with a local consortium, which is allied with companies from Brazil and Argentina, for the hydroelectric design, which will rise near the mine.

Nobody should discount the possibility we all used to think the most likely - that a hopeful bid will emerge from nowhere that will trigger further bids . I see corporate action before Xmas

Byron Bay might still get his payday sooner than we think ...

If BHP and Newmont are "busy" at the moment then that would be a very good time for another major to launch a bid... :)

It could happen at any time

Oops .... won't let me

try this link figes

*************solgold

Https://x.com/Brien_Lundin/status/1823475745303175472?t=ZCv5-_mgTF_u8c2WQQ7uCw&s=19

Just musing here to pass the time but Filos take out price was about 18% above their all time high share price .

With solg our high price in the last 5 years was 42p - I wonder how many would jump at a similar offer.... which would be a round 50 pence per share. Most of us I'd guess ....

Https://www.newswire.ca/news-releases/bhp-and-lundin-mining-to-acquire-filo-for-c-4-5-billion-804358875.html

Good work, DBW , and very much appreciated . Good to see Scott talking of sensible numbers for fair value. Good stuff

We get a bit of coverage on here from 17.30 mins. It all helps .....

https://youtu.be/rLUGXIhl2q4?si=YllM_-l20tK192aI

Dreamboat. If you go to the settings and open the link below in the app you can then go to captions and have it translated to English

https://m.youtube.com/results?search_query=solgold+ecuador&sp=EgIIAg%253D%253D

You're more tolerant than me ,FTJNY...... I have 35 ! :)

Maybe I'm missing something but the Lundin share price hardly moved during the period HH mentions