CMOC to Acquire Lumina Gold for $420 Million
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Lumina Gold and CMOC Group have entered into an arrangement agreement where CMOC will acquire all of the issued and outstanding common shares of Lumina for a total equity value of approximately $420 million (C$581 million).
“After advancing the Cangrejos Project for more than 10-years and taking it from no defined resources to being poised to be one of the largest gold projects globally, the Lumina Group is excited for the transition of the Cangrejos project to CMOC,” said Marshall Koval, CEO of Lumina.
“The Lumina team looks forward to working with CMOC and all existing stakeholders to ensure the successful future development of the project,” added Koval.
The transaction will be carried out by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The parties anticipate completion of the transaction in the third quarter of 2025.
CMOC engages in the non-ferrous metal mining and processing business, which includes the mining, beneficiation, smelting and refining of base and rare metals, and mineral trading business. With its main business activities spread over four continents: Asia, Africa, South America, and Europe. The company is the world’s leading producer of copper, cobalt, molybdenum, tungsten, and niobium and a leading producer of phosphate fertilizer in Brazil.
Lumina Gold is a Vancouver, Canada based development company focused on the Cangrejos project located in El Oro Province, southwest Ecuador. In 2023, the company completed a pre-feasibility study for the project, which is the largest primary gold deposit in Ecuador. Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects.
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