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The Government of Ecuador Commits to Complete an Investment Protection Agreement for the Curipamba - El Domo Copper-Gold Project
The Government of Ecuador Commits to Complete an Investment Protection Agreement for the ...
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[{"type":"text","content":"\n \n \n \n The Government of Ecuador Commits to Complete an Investment Protection Agreement for the Curipamba - El Domo Copper-Gold Project\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 13, 2022\n \n \n /CNW/ -\n \n Adventus Mining Corporation\n \n (\"Adventus Mining\") (TSXV: ADZN) (OTCQX: ADVZF) and\n \n Salazar Resources Limited\n \n (\"Salazar\") (TSXV: SRL) (OTCQX: SRLZF) (collectively the \"Participants\") are pleased to announce a preliminary commitment between the Ministry of Production, Foreign Trade, Investments and Fisheries and Adventus Mining and Salazar with regard to an Investment Protection Agreement (\"IPA\") for the Curipamba - El Domo copper-gold project in\n \n Ecuador\n \n (the \"Project\"). Adventus Mining and Salazar have been advancing discussions with the Government of\n \n Ecuador\n \n on the terms and conditions of the IPA since the start of 2022.\n \n \n \n \n \n \n \n \n \n The application submitted to the Ministry of Production, Foreign Trade, Investments and Fisheries of\n \n Ecuador\n \n in\n \n March 2022\n \n , includes a commitment to invest a total of approximately\n \n US$270 million\n \n over the next 12 years at the Project, which is located in the canton of Las Naves, Bolivar Province. This future investment is in addition to the historical investment of approximately\n \n US$50 million\n \n by the Participants up to the end of 2021. In return for the investment, Adventus Mining and Salazar are negotiating government guarantees on security of title and investment, reduced tax burdens on both income taxes and the capital outflow taxes, guarantees on infrastructure development, among other items, which are customary features in similar agreements the government has established on other major Ecuadorian mining projects.\n \n \n Adventus Mining's President and Chief Executive Officer,\n \n Christian Kargl-Simard\n \n , stated: \"The IPA commitment declaration by the Government of\n \n Ecuador\n \n is another significant milestone in the dev...