China’s CMOC agrees US$1.7 bil deal for Ecuador gold project

Tue Apr 28 2026

China’s CMOC Group Ltd signed a US$1.7 billion (RM67.13 billion) agreement with Ecuador to develop a major gold mine in the South American country.

ODIN Mining del Ecuador SA, a local unit of the Chinese miner, finalised conditions for developing the Los Cangrejos deposit in El Oro province, according to a statement from the ministry of environment and mining. CMOC acquired the project in June last year through its takeover of Canada’s Lumina Gold Corp.

At present, the mine remains in the design-and-planning phase and the agreement will “accelerate the project’s implementation", a CMOC spokesman said by text message. The company’s shares — which have almost tripled over the past 12 months — fell as much as 4.1% in Hong Kong on Tuesday.

Ecuador’s fledgling mining sector has been in flux over the past year, as the government pursues a host of new regulations. The moves in the sector have included fees, which were challenged by miners, as well as a revamp of how costs are calculated for electricity supplies.

The state will get an estimated US$4.4 billion in economic benefits from the Los Cangrejos project, the ministry said, citing patents, royalties, profits, tax and other items. The latest round of negotiations on the venture started earlier this year, before concluding in March, according to the statement.

Source: https://theedgemalaysia.com