Salazar Resources and Adventus Mining have been granted an environmental license for their project in Ecuador, leading to a surge in their stock prices. The Ministry of Environment, Water, and Energy Transition has approved the construction and opera...
Shares of Salazar Resources and Adventus Mining surged in early trading on Monday following the news that they have been granted an environmental license for their project in Ecuador.
At 10:04 a.m. ET, Salazar Resources saw its shares rise by 36% to 8 Canadian cents (6 cents), while Adventus Mining experienced a nearly 13% increase, reaching C$0.31.
The Ministry of Environment, Water, and Energy Transition has granted the miners the environmental license for the construction and operation of the El Domo-Curipamba project.
With a 75% stake in the project, Adventus takes the lead, while Salazar Resources holds a 25% stake that is fully carried through to production.
Exploration at the El Domo site began in 2007, and the first discovery was made in 2008. In October 2021, both companies released their feasibility study, kickstarting the environmental licensing process in the following month.
"We are pleased to announce the approval for the construction and operation of El Domo, as this will create new opportunities for the people of central Ecuador," stated Chief Executive Fredy Salazar.
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