Silvercorp Provides Positive El Domo Legal Update and Announces Repayment of Wheaton Early Deposit
Silvercorp Metals announces two significant developments for the El Domo project in Ecuador. First, the Provincial Court of Bolivar dismissed an appeal against the project's environmental license, affirming Curimining's rights to continue construction. Second, the company repaid the US$13.25 million early deposit previously drawn from Wheaton Precious Metals under their precious metals purchase agreement (PMPA). This repayment ensures the full $175.5 million PMPA contribution remains available for construction, subject to conditions.
Silvercorp Metals annuncia due sviluppi significativi per il progetto El Domo in Ecuador. Innanzitutto, la Corte Provinciale di Bolivar ha respinto un appello contro la licenza ambientale del progetto, confermando i diritti di Curimining di continuare i lavori di costruzione. In secondo luogo, la società ha restituito il US$13,25 milioni di deposito anticipato precedentemente prelevato da Wheaton Precious Metals nell'ambito del loro accordo di acquisto di metalli preziosi (PMPA). Questo rimborso garantisce che il contributo totale di $175,5 milioni PMPA rimanga disponibile per la costruzione, soggetto a determinate condizioni.
Silvercorp Metals anuncia dos desarrollos significativos para el proyecto El Domo en Ecuador. Primero, el Tribunal Provincial de Bolívar desestimó una apelación contra la licencia ambiental del proyecto, afirmando los derechos de Curimining para continuar la construcción. En segundo lugar, la empresa reembolsó el US$13.25 millones de depósito anticipado previamente retirado de Wheaton Precious Metals en virtud de su acuerdo de compra de metales preciosos (PMPA). Este reembolso asegura que la contribución total de $175.5 millones del PMPA permanezca disponible para la construcción, sujeta a condiciones.
Silvercorp Metals는 에콰도르의 엘 도모 프로젝트에 대한 두 가지 중요한 발전을 발표했습니다. 첫째, 볼리바르 지방 법원이 프로젝트의 환경 허가에 대한 항소를 기각하며, 커리마이닝이 건설을 계속할 권리를 확인했습니다. 둘째, 이 회사는 귀금속 구매 계약(PMPA) 하에 Wheaton Precious Metals에서 이전에 받은 US$13.25 백만 조기 예치금을 상환했습니다. 이 상환은 전체 $175.5 백만 PMPA 기여금이 조건부로 건설에 사용할 수 있도록 보장합니다.
Silvercorp Metals annonce deux développements significatifs pour le projet El Domo en Équateur. Tout d'abord, la Cour provinciale de Bolívar a rejeté un appel contre la licence environnementale du projet, confirmant les droits de Curimining à poursuivre la construction. Deuxièmement, la société a remboursé le 13,25 millions de dollars versés d'avance sur un dépôt précédemment tiré de Wheaton Precious Metals dans le cadre de leur accord d'achat de métaux précieux (PMPA). Ce remboursement garantit que la contribution totale de 175,5 millions de dollars du PMPA reste disponible pour la construction, sous réserve de certaines conditions.
Silvercorp Metals kündigt zwei bedeutende Entwicklungen für das El Domo-Projekt in Ecuador an. Zuerst wies das Provinzgericht von Bolívar eine Berufung gegen die Umweltgenehmigung des Projekts zurück und bestätigte damit die Rechte von Curimining, mit dem Bau fortzufahren. Zweitens hat das Unternehmen die US$13,25 Millionen an zuvor aus Wheaton Precious Metals im Rahmen ihrer Edelmetallkaufvereinbarung (PMPA) gezogenes frühzeitiges Darlehen zurückgezahlt. Diese Rückzahlung stellt sicher, dass der gesamte Betrag von $175,5 Millionen PMPA weiterhin für den Bau zur Verfügung steht, vorbehaltlich bestimmter Bedingungen.
- Court dismissal of environmental appeal allows project construction to continue
- Full access to $175.5 million PMPA funding maintained for construction
- Elimination of monthly gold delivery obligations (92.3 ounces) to Wheaton
- Company incurred $13.25 million cash outflow for Wheaton repayment
Insights
The dismissal of the constitutional protective action appeal by the Provincial Court of Bolivar represents a significant legal victory for Silvercorp's El Domo project. The court's decision, supported by both the Attorney General's Office and over 800 individual third parties, validates MAATE's environmental consultation process and effectively removes a major regulatory hurdle for the project's development. This ruling establishes a strong legal precedent for mining operations in Ecuador and significantly reduces the project's legal risk profile.
The repayment of the
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Constitutional Protective Action Against El Domo Project Dismissed
The Court dismissed the appeal and affirmed the lower court decision that the Ministry of Environment, Water, and Ecological Transition of
Repayment of
As at September 30, 2024, Wheaton had advanced a total of
As a result of the repayment, the PMPA's full
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com.
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Salazar Resources Limited is focused on creating value and positive change through discovery, exploration, and development in
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Silvercorp Metals Inc.
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Phone: (604) 669-9397
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SOURCE Silvercorp Metals Inc
FAQ
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