The Republic of Ecuador is located in north western coast of South America bordered by Columbia on the north and Peru on the east and south. Historically, the country has been mined for an abundance of minerals including gold, silver, copper, zinc, uranium and lead. Ecuador has implemented several revisions to Mining Laws in relation to ownership, development and taxation to promote investment and growth. Foreign investors and domestic investors receive the same treatment under the applicable laws of Ecuador and are equally able to hold mining rights in accordance with the Mining Law as implemented in 2009. In July 2013, the modern Mining Law was amended to distinguish between large, medium and small scale mining operations, and in August 2018 the Productive Development Law was passed which amended the Mining Law, modifying the mining royalty from 5% – 8% to 3% – 8% (for medium and large scale mining) as well as eliminating the windfall tax.
- Indicated Resource: 991koz Au (6.6Mt @ 4.7 g/t Au)(1)
- Inferred Resource: 1.1Moz Au (7.8Mt @ 4.4 g/t Au)(1)
- Early stage major copper-gold porphyry complex.
PORTOVELO GOLD PLANT (ECUADOR)
- Currently largest fully-permitted operating CIP plant in Ecuador.
- Legacy project with previous production and >5Moz historical production in the district.
- High grade gold discovery with outcropping mineralisation
1: Foreign Mineral resource estimate effective 31 December 2018. See “Notes to Mineral Resources” and “Foreign Estimate Related Disclosure”
1 The Mineral Resource Estimates for Dynasty Gold Project is not reported in accordance with the JORC Code 2012. A competent person has not done sufficient work to classify the foreign estimate as mineral resources in accordance with the JORC Code 2012. Please refer ASX announcement 31 January 2020