Project Overview
The Cangrejos Gold-Copper Project is 100% owned by Lumina Gold and is located in the El Oro Province of southwest Ecuador, approximately 30 km from the provincial capital of Machala. Cangrejos is the largest primary gold deposit in Ecuador and consists of two open pit mines, Cangrejos and Gran Bestia. Mineral processing will include crushing, HPGR and ball mills, copper concentration, CIL treatment, gold-rich doré and thickening and filtering of the combined CIL and flotation tails.
The Cangrejos deposits are gold-copper porphyry style with mineralization associated with a sequence of intercalated porphyritic dioritic intrusions and hydrothermal breccias. Better gold grades correlate with potassic alteration and chalcopyrite-bornite occurring as fine disseminations and in quartz veins.
Both pits will be mined with conventional hard rock open pit mining methods. Life of mine strip ratio is low at 1.26 and the project also benefits from its low elevation and proximity to the Bolivar port.
The Project is proposed to be developed in three phases of staged increases in daily milled throughput with 30 kt/d in Year 1, 60 kt/d in Year 4 and 80 kt/d in Year 7. The selected processing includes crushing, HPGR and ball mills, copper concentration circuits, CIL treatment and thickening and filtering of the combined CIL and flotation tailings.
A Preliminary Feasibility Study for Cangrejos was completed in April 2023 and forecasts average payable production of 371 thousand ounces of gold and 41 million pounds of copper over a 26-year mine life.
Stream Details
| Date of Contract |
16-May-23 |
| Term |
Life of Mine |
| Stream |
6.6% until 700 koz of gold received, reduced to 4.4% thereafter |
| Upfront Consideration |
$300M |
| Per Unit Production Payment |
18% of spot gold until the uncredited portion of the upfront payment is reduced to zero, 22% of the spot gold price thereafter |
For more information on the Cangrejos Project, please visit: www.luminagold.com (opens in new tab)