The milestone is the product of a $5 million, multi-year program focused on environmental and community work, Adventus Mining chief executive Christian Kargl-Simard said in the statement.
The Curipamba-El Domo project has also received a technical feasibility certificate from the energy and mining ministry for the construction of the tailings and waste rock facilities at the El Domo deposit, a key requirement for the environmental license.
The miners noted El Domo has been singled out by Ecuador as a strategic project that will provide economic investment opportunities for the country.
If built, it will be the third operating mine considered key by the Andean country, together with the Mirador copper mine, run by China-backed Ecuacorriente and Lundin Gold’s (TSX: LUG) Fruta del Norte gold mine.
Locals will be employed during the construction and development phases, with nearly 400 permanent jobs created during operations.
The project is also expected to bring $376 million in taxes and royalties into the state’s coffers over the 10-year mine life outlined by the completed feasibility study on El Domo, which does not include the additional development of underground resources identified, the company said.
Pre-construction work is expected to begin in the fourth quarter of this year and full-scale construction in the second quarter of 2023.
