Loma Larga next gold mine to open in Ecuador C
- Published: Dec 5, 2018, 5 AM
A feasibility study suggests that the Loma Larga gold mining project near Cuenca in southern Ecuador is anticipated to yield 2.6 million gold equivalent ounces over its 12-year lifespan, according to the project’s owner.
The study, conducted by DRA Americas on behalf of the mine owner, INV Metals, indicates an anticipated annual cost of $768 an ounce to extract the mine’s riches, including silver and copper ore as well as the primary goal, the gold.
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Gold equivalent ounces are derived from calculations that include the other anticipated byproducts, such as silver or copper, where: (Ounces of Byproduct Mined x Byproduct Price) / Gold Price = Gold equivalent ounces.
INV Metals has scheduled groundbreaking for 2020 and expects to begin producing its first gold concentrate from the Loma Larga site in 2021.
The owner identifies Loma Larga as one of five strategic mining projects explored in Ecuador. It is the next one to be financed and properly permitted in the South American nation.
Changes in the mine plan and other adjustments permitted an increase in estimates for Loma Larga’s mineral reserves, to 13.9 million metric tonnes, grading at 4.91 grams of gold per metric ton, 29.6 grams of silver per metric ton and 0.29 percent copper, according to INV Metals.
INV Metals Inc. is a Canadian mineral resource company headquartered in Toronto and focused on the development and exploration of the Loma Larga gold property.
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