The Canadian company Dundee Precious Metals Inc. (DPM) signed an agreement to acquire all the shares of INV Metals, owner of the Loma Larga project located in southern Ecuador. This transaction will integrate a high-quality gold project at an advanced stage into its portfolio, according to the company.
Currently, DPM has a 23.5% stake in INV Metals.
The Loma Larga project is located in the Western Andes mountain range, in the Azuay province, 480 kilometers (km) south of Quito. The property consists of three mining concessions (Cerro Casco, Río Falso and Cristal) that cover an area of 8,000 hectares.
In March 2020, INV Metals announced the positive results of its feasibility study at the Loma Larga property. This study contemplates an underground mine with a production of approximately 3,000 tons per day in the first years, reaching 3,400 tons per day in the fifth year.
Dundee Precious Metals Inc. has mining operations in Bulgaria and Namibia.