Cascabel effect on Ecuador Ranking24 Dec 2018 10:29
https://theworldnews.net/ec-news/ecuador-escala-posiciones-en-el-ranking-de-oro-y-cobre
Ecuador has climbed positions in the mining rankings because it has large reserves of gold and copper in the world, which will be exploited in the next decade.
The mining project that has elevated us in these qualification charts is Cascabel, located in the Lita and Carolina parishes in the province of Imbabura.
According to the ranking shown by SoldGold, the Australian mining company majority shareholder of ENSA, which manages this mining field, Cascabel holds the first position in the reserves ranking with 23,000 million ounces of gold , and the sixth copper reserves, with 10.9 million tons.
Jason Ward, president of SolGold, explains that they are very interested in copper exploitation, since this element is required for alternative energy, renewable energy, such as electric cars: "They use five times more copper than normal cars," he says. Two weeks ago this company showed the progress of its activity in the Cascabel project that has gone from the advanced exploration phase to the pre-feasibility phase.
Two other mining projects are in that same ranking.
In copper, the Mirador project , which is located in the province of Zamora Chinchipe and is managed by Ecuacorriente, occupies the seventh position in that list, with 10.2 million tons of copper reserves.
The Fruta del Norte project , however, also in that Amazonian province and managed by Lundin Gold, is fourth in the gold ranking with 9.4 million ounces.
Ward commented that his company SolGold has been working in Ecuador for six years, and he achieved the discovery in Alpala, where the porphyry deposit was found.
They decided to invest in the country, especially because of the geology, since the Andes are in the "most important copper belt in the world".
The Cascabel project, which occupies some 5,000 hectares of concessioned territory, has been able to attract the interest of the largest companies worldwide, notes Andrew Taunton, vice-president of SolGold.
BHP acquired a 6% stake in SolGold last September, for an amount of $ 59.2 million and increased it in October to 11.2% for another $ 59.2 million. Meanwhile, Newcrest has a 14.5% stake.
The Cascabel project mine could begin its construction in 2021 and would eventually employ more than 7,000 workers. Currently, there are 414 employees in the surrounding area, of which 99% are Ecuadorians and the remaining 1% are foreigners.
Taunton also comments that the company has six other concessions and they total an assigned territory of 350,000 hectares throughout the country. (I)
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