China’s CMOC Group Ltd. has signed a $1.7 billion agreement with Ecuador to
develop the Los Cangrejos gold mine in El Oro province, according to the
country’s environment and mining ministry. The project will be developed through
CMOC’s local unit ODIN Mining del Ecuador SA and remains in the design phase,
with the agreement aimed at accelerating implementation. CMOC acquired the asset
via its takeover of Lumina Gold last year. Its Hong Kong-listed shares fell as
much as 4.1% after the announcement.
