Luminex reaches ‘historic’ agreement with informal miners around Ecuador gold project

The new area, called Royropata, is not in the current permitted area, but the company believes that the discovery “has the potential to secure the medium-term future of the Pallancata mine.”

The first drill hole returned 4.69 metres of 5.15 g/t gold starting 171.5 metres downhole, including 2.2 metres of 9.38 g/t gold.

Additional royalties would be assessed at rates fluctuating from 8% to 26% based on miners' operating margin.

The South vent raise has been under construction for the past three years.

BHP and Antofagasta said a mining royalty bill in the country would affect competitiveness and encourage miners to reevaluate investments.

The Copper Mark extends its responsible mining assessment already covering a fifth of global copper production, to molybdenum, nickel and zinc with the launch of a pilot program. 

Both fatalities occurred on Sunday at the Cauchari-Olaroz project in Argentina.

Residents of Ecuador's capital Quito on Monday delivered hundreds of thousands of signatures to the country's electoral court in a bid to ban mining.

President Luis Arce’s economic plan calls for five new mines to be brought into production by the time he faces elections in 2025.