Green Oil has agreed to serve as contractor for development of specific mine concessions within Dynasty Metals & Mining’s Goldfield project in southern Ecuador.

Under the three-year agreement, Green Oil’s focus will be on surface excavation of mineralised material on three of Dynasty’s mining concessions within the project.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The company is required to excavate a minimum of 400t per day initially, and 750t daily by the beginning of the third month of starting of mining activities.

"This project has a mineral resource of approximately 1.1 million ounces of gold in the measured and indicated categories contained in nearly seven million tonnes."

Green Oil can mine open pitable surface material ,and Dynasty has the right to explore and develop all underground mineralisation on the three concessions.

Dynasty Metals & Mining CEO Robert Washer said: "This project has a mineral resource of approximately 1.1 million ounces of gold in the measured and indicated categories contained in nearly seven million tonnes.

See Also:

"Green Oil has both the earth moving expertise, as well as the appropriate equipment required to allow this project to begin generating cash, which may be used for future expansion and working capital."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

After securing government approval, Green Oil is set to begin construction of two roads connecting the project area to a main transportation route.

The company will also be responsible for transportation of mineralised material from the point of excavation to the Zaruma processing plant 180km away.

The compensation for Green Oil will be based on the cash equivalent of 35% of refined gold sales and 10% of refined silver sales from the concessions defined under the agreement.