Luoyang Molybdenum Agrees USD1.7B to Develop Gold Mine Project in Ecuador
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Luoyang Molybdenum has signed a USD1.7 billion agreement with Ecuador to develop a gold mine project in El Oro Province. The project, still in the design phase, is expected to yield economic benefits of approximately USD4.4 billion for Ecuador, including royalties and taxes. Luoyang Molybdenum's local subsidiary, ODIN Mining del Ecuador SA, will oversee the development of the Los Cangrejos deposit, acquired through the purchase of Lumina Gold last year. The agreement aims to expedite the project's implementation.
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