Wheaton acquires gold stream from Lumina Gold's Cangrejos project in Ecuador for $300M Wheaton
- Wheaton Precious Metals announced on Tuesday that its wholly-owned subsidiary has entered into a definitive precious metal purchase agreement with Lumina Gold in respect to its 100% owned Cangrejos gold-copper project located in Ecuador.
Wheaton noted that Cangrejos, Ecuador’s largest primary gold deposit, is forecast to be a high-margin mine in the lowest half of the cost curve with a 26-year mine life, adding that attributable production is forecast to average over 24,000 ounces of gold per year for the first ten years of production and over 24,500 ounces of gold per year for the life of mine.
President and CEO Randy Smallwood commented, "The Cangrejos project is an excellent addition to Wheaton's existing portfolio of high-quality, low-cost assets as it should provide accretive, long-term growth as well as significant exploration potential.
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