As the country's third modern metals and mining project to have secured a production focused investment contract with the Government of
- Storage and Use of Explosives:
El Domo has received authorization from the local municipality and design approval from the local municipal fire department for the installation of the project's explosives storage related infrastructure. The authorization and approval granted are prerequisites for the final authorization from the Joint Command of theArmed Forces of Ecuador . - Tailings Dam Construction Permit: The first step of this process was successfully completed with the design review and favourable technical report from the
Ministry of Energy andMines of the Government ofEcuador . The design is now under review by the Government'sAgency of Regulation and Control . A favourable technical report from theAgency of Regulation and Control is the second and final step prerequisite for the issuance of the Tailings Dam Construction Permit. - Water Usage Permit: Request for water usage permits for
El Domo construction have been submitted and admitted for processing by MAATE and are currently under review. - Environmental License: As previously reported by the Participants (see new releases dated
August 2 andSeptember 11, 2023 ) theConstitutional Court of Ecuador is reviewing a claim of unconstitionality of the Presidential Decree 754 which regulates the process for the environmental consultation processes across all public and private sectors and industries – not limited to the metals and mining sector. Completion of the environmental consultation is the final step required for the issuance of the environmental license forEl Domo which will allow for construction to commence. OnSeptember 7, 2023 , theConstitutional Court declared the case a priority and the public hearing occurred onSeptember 18, 2023 . TheConstitutional Court is now in the process of formulating its decision, and while there is no established timeline, the Participants expect that a ruling could be issued within 45 days of the hearing. A supportive ruling would provide a clear path forward forEl Domo to complete the environmental consultation and receive the environmental license, which would allow for the ramp-up of employment and training plans in support of construction and future operations.
Neither the
This release contains certain "forward looking statements" and certain "forward-looking information" as "defined under applicable Canadian and
Forward-looking statements relate to future events or future performance and reflect the Participants expectations or beliefs regarding future events. Forward-looking statements include but are not limited to: the discussions regarding strategies for the development of El-Domo; the adoption of a strategy and the timing thereof; the obtaining of key approvals, permits and environmental licensing approval for the El-Domo and the timing thereof; the start of construction at El Domo and the timing thereof; and the timing and resolution of the Court. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to the exploration, development, production, recoveries and other anticipated or possible future developments at El Domo, including, without limitation, that exploration, development and production activities will not occur or be as anticipated and that environmental licensing will not be approved; failure to obtain the environmental licensing approval for the El-Domo along with other key permits and approvals and to start construction; the Court will not have a favorable ruling or in the expected time period; and general economic, business and political conditions.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among other things, include: business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of copper or certain other commodities; change in national and local governments, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
The Participants undertake no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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