After months of negotiations with shareholders and creditors, private equity firm Minería Activa has acquired a 90% stake in mining company Pampa Camarones SA. The founding shareholders Samsung C&T of South Korea and Pampa Mater, a subsidiary of construction firm Arrigoni, will retain 10% of the shares.
Three years after acquiring Andina Minerals for C$103M, Hochschild Mining (LON: HOC) is returning to the Volcan gold project in Region III.
When it bought the firm boasted that it acquired the asset at a significant discount to Andina’s historic share price and paying just US$10/oz Au of resource, compared to an average of US$167/oz in other comparable deals.
A series of legal modifications by the Ecuadorian government to attract mining companies to the country is opening up its significant geological potential to investment. Once considered underexplored by many geologists, that situation is rapidly changing.
Chile will only be able to fully realize its geological potential if geologists find new ways to make mineral discoveries. New technologies have become a key ally in this quest and many were on display at Chile Explore Congress 2016, with presentations by Corescan, Csiro, High Power Exploration (HPX) and Mira Geoscience.