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Giron says no to mining, Loma Larga to relocate plant

A referendum in Giron canton in Azuay province in southern Ecuador on Sunday saw residents vote 86.87% against allowing mining activities in the territory.
Giron says no to mining, Loma Larga to relocate plant Giron says no to mining, Loma Larga to relocate plant Giron says no to mining, Loma Larga to relocate plant Giron says no to mining, Loma Larga to relocate plant Giron says no to mining, Loma Larga to relocate plant

Loma Larga in Ecuador

In response to the vote, INV Metals (TSX:INV), which is planning to develop its Loma Large gold-copper project nearby, said that it would relocate the proposed processing and tailings facilities outside of Girón canton.

The Loma Larga deposit is located in different cantons and the company said it would continue the engineering work required to locate the facilities in the same canton.

"Loma Larga will continue to advance towards development. We thank our employees for their hard work, as well as the Ministry of Energy and Non-renewable Resources and our local communities for their previous and ongoing support," said CEO Candace MacGibbon.

A November 2018 feasibility study on the Loma Larga gold-copper-silver project contemplates an underground mine with a daily production rate of about 3,000 tonnes per day in the early years growing to 3,400tpd in its fifth year to annually produce 206,000 ounces of gold over an initial 12-year mine life.

Shares in INV lost about 10% in the days leading up to the referendum and closed Monday at C$0.54 valuing the company at $52 million. They have lost about 13% in value so far this year.