CANADIAN INVESTMENT TEAM INC

News About Mining.

FOR THE SPECIALIZED CONSULTANT IN THE MINING THEME, DR NICOLÁS SALAZAR SIERRA, MINING CONSULTANT FOR LATIN AMERICA.

The figures projected by the government and large mining companies in Ecuador are billionaires. During these months, the strategic projects Mirador and Fruta del Norte will be operational. The Cascabel project “the largest in the world” has also been discovered. But there are clouds: illegal mining is more in force than ever and they have powerful political support. This is a series of 3 installments on the subject.

Cascabel is now the spoiled mine to guarantee that future. It is the largest in the world in copper, gold and silver, ratifies the official and one of the attorneys of the Sold Gold dealership, which owns the mine. They announced their multimillion dollar reserves (about 11 million tons of Copper) once they received the final results of the reserve studies. That would mean 25% of the world’s reserves of precious mineral, key to the industry. They also announced 23.3 million ounces of gold, and its high concentration of ore per ton.

As it is a publicly traded company, the announcement was to finance the USD 3,000 million initial investments that need investment. For now, one of the global giants, BHP, has already bought 11.1% of the shares. That was in September 2018. Then, the giant Newcrest bought 15.33% of the shares. An investment of USD 26,000 million is estimated in that mine, which is a second generation project, for about 50 years.

For Benalcázar, these projects are at great depths that “thank God” are far from illegal. The illegal ones, he explains, only work on the superficial veins, between the surface and up to 50 to 60 meters deep.

USD 3,000 MILLION DOLLARS IS THE EXPECTED INVESTMENT FOR THE CASCABEL MINE IN THE NEXT THREE YEARS. IT IS SAYED TO BE THE LARGEST MINE IN THE WORLD.

NEWS ABOUT MINING.
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