SolGold, a London-listed copper and gold exploration and development company, recently announced that its Cascabel copper-gold project in Ecuador could become one of the top 20 copper mines in South America. The news was welcomed by investors, as the company has been working hard to develop the project since it was acquired in 2014.
The Cascabel project is located in the Imbabura Province of Ecuador, approximately 140km northeast of the capital city of Quito. The project covers an area of approximately 5,100 hectares and has an inferred mineral resource estimate of 2.2 billion tonnes at 0.5% copper equivalent.
The project has the potential to become one of the largest copper mines in South America, with a mine life of at least 20 years. SolGold estimates that the project could produce an average of 265,000 tonnes of copper and 207,000 ounces of gold per year.
The Cascabel project has the potential to become an important contributor to the Ecuadorian economy. SolGold estimates that the project could generate an average of $1.2 billion in annual revenue and create up to 2,000 direct jobs. In addition, the project could provide indirect employment opportunities to thousands of people in the local communities.
SolGold has already completed a number of studies to assess the project’s technical and economic feasibility. The company is now in the process of obtaining the necessary permits and licenses to begin construction. The company expects to begin construction in 2021 and to begin operations in 2024.
The Cascabel project is an important part of SolGold’s strategy to become a major copper producer in South America. The company is also exploring other projects in Ecuador, Peru, and Colombia.
SolGold’s announcement of the potential of the Cascabel project is a major milestone for the company. The project has the potential to become a major copper producer in South America and could provide significant economic benefits to the region. SolGold’s focus on developing its copper assets is a positive sign for investors, and the company is well-positioned to benefit from the expected growth in global copper demand over the coming years.
