Adventus Mining has reached an investment agreement (IA) with the Government of Ecuador for the development of the Condor mining project in south-eastern Ecuador.

This agreement lays the groundwork for the project’s progression and the negotiation of an Investment Protection Agreement (IPA), which will be crucial for future construction and operations if the project advances to that stage.

The IA represents a mutual commitment between Adventus and the Ecuadorian Government, through the Ministry of Production, Foreign Trade, Investment and Fisheries, to discuss the terms for a future IPA.

The expected IPA will detail the project’s scope, investment commitments, timelines and responsibilities, as well as the collaborative effort to secure all necessary approvals, licences and permits under Ecuadorian law and international standards.

As per the agreement, Adventus will invest at least $100m in the Condor project, which includes $52m of historical expenditure from 2010 to 2023 and a future investment of $48m for the period 2024–38.

The IA also accounts for any additional investments by Adventus during this period, which would be protected under the future IPA.

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Additionally, Atico Mining entered an investment agreement with the Ecuadorian Government for its wholly owned La Plata mining project.

The La Plata project, spanning 2,300 hectares with a 9km length, features two VMS (volcanogenic massive sulphide) lenses and nine exploration targets.

Atico has committed to investing more than $157m, reflecting a shared interest with the Ecuadorian State in initiating new mining ventures.

The agreement with Atico outlines the company’s investment across various phases of the La Plata project, including exploration, development, construction and initial operations.

The Ecuadorian State agreed to support the project’s advancement by facilitating the necessary approvals, licences and permits, ensuring compliance with local and international standards.

Atico has said that this agreement aligns with its strategy to generate employment opportunities for the youth and attract responsible mining investments in Ecuador.