-- China Molybdenum (SHA:603993, HKG:3993), or CMOC Group, agreed to develop the Los Cangrejos deposit gold mine in Ecuador in a $1.7 billion deal, Bloomberg News reported Tuesday, citing a statement from the country's environment and mining ministry.
The deal was made through a subsidiary, ODIN Mining del Ecuador, the report said.
A spokesperson for CMOC said the deal will accelerate the implementation of the project, which is currently in the design-and-planning stage, the media outlet said.
The copper and cobalt producer took over the project in June 2025 through the acquisition of Canada-based Lumina Gold, according to the media outlet.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)