Silvercorp Metals and JV partner Salazar Resources said the Provincial Court of Bolivar, in the province of Ecuador where the El Domo project is located, dismissed an appeal against the project’s environmental license.
This affirms the rights of its Ecuadorian subsidiary, Curimining, to continue construction of the copper-gold project.
Additionally, the Canadian-based miner announced the repayment of US$13.25 million previously drawn by Adventus Mining from Wheaton Precious Metals International under a precious metals purchase agreement.
Pursuant to the agreement, Adventus was required to deliver approximately 92.3 ounces of gold per month, starting July 2024, until the construction of El Domo reached certain milestones or these funds were repaid.
As a result of the repayment, the agreement’s full $175.5 million cash contribution will be available to be drawn by Silvercorp during construction, subject to certain conditions.
First production from El Domo is expected in 2026.
Source: Silvercorp Metals