Business
Cascabel Investment Protection Agreement
Cascabel Investment Protection Agreement.
About this update from SolGold PLC
[{"type":"text","content":"\n \n \n \n RNS Number : 2468T\n SolGold PLC\n 23 November 2021\n \n \n \n \n 23 November 2021\n \n \n SolGold plc\n \n \n (\"SolGold\" or the \"Company\")\n \n \n Cascabel Investment Protection Agreement \n \n \n \n \n \n The Board of Directors of SolGold \n (LSE & TSX: SOLG) \n is pleased to announce the signing of a preliminary commitment declaration with regard to an Exploration \n Investment Protection Agreement (\"IPA\") for the Cascabel project in northern Ecuador. The declaration was signed on 19th November 2021 in Quito, Ecuador between Mr. Guillermo Lasso Mendoza, President of Ecuador, and Mr. Andrew Taunton, Vice President of SolGold's Ecuador subsidiaries representing SolGold plc and SolGold Finance AG (together the \"Investors\"), and Exploraciones Novomining S.A. and SolGold-Ecuador S.A. (together the \"Receiving Companies\").\n \n \n The terms of the IPA, submitted by application to the \n \n Ministry of Production, Foreign Trade, Investments and Fisheries (\"MPCEIP\")\n \n of Ecuador, includes an intention to invest a total of approximately US$430 million over the 10 years between 2013 and 2023 in minerals exploration activities in the Cascabel mining concession, in the canton of Ibarra, province of Imbabura, Ecuador. The US$430 million total includes both historical investments, with a total of approximately US$238 million \n \n estimated through to the end of 2021\n \n , and planned future investments through to the end of 2023 when the Exploration Phase of activities as defined under the mining law is anticipated to finish.\n \n \n On 30th August 2021, the \n \n Strategic Committee for the Promotion and Attraction of Investments (\"\n \n CEPAI\"), the body in charge within the MPCEIP, analysed the legal and technical reports required to approve the SolGold application by the Investors and Receiving Companies and, by means of Resolution No. 065-CEPAI-2021, and with the unanimous vote of its members, recommended the execution of the IPA. In this context, the undersigned parties confirmed the commitment between the Ecuadorian State, the Investors and the SolGold Receiving Companies to execute the above-mentioned Exploration IPA in compliance with Ecuadorian law. \n \n \n Once the IPA has been executed, the Ecuadorian State will grant the SolGold investor companies the applicable pr...