Loading ...Australia’s top gold miner boosts bets on Ecuador’s riches
Not much Blue Sky here:
The Lundin Group unit, which acquired the property from Kinross Gold in October 2014, said it secured a 25-year concession for the property in exchange for a US$65mn advance royalty payment over the next two years, US$25mn of that payable upon executing the agreement. Lundin also agreed to pay a 5% net smelter royalty on production, the company said.
Lundin will also pay a 70% windfall tax if gold and silver prices rise beyond established thresholds and once the company has recovered its investment, it said. The Ecuadoran government stands to receive a 50% share of all cumulative benefits from the mine, according to the company.
http://www.bnamericas.com/en/news/mining/ecuador-lundin-strike-fruta-del-norte-deal