By Niall McGee
The Globe and Mail, Toronto
Monday, April 21, 2025
Ross Beaty-backed Lumina Gold Corp. has agreed to be acquired by a subsidiary of China’s CMOC Group Ltd. for $581 million.
Vancouver-based Lumina is developing the Cangrejos gold project in Ecuador. In 2023 the company published an engineering study that showed the potential for a mine to produce 9.8 million ounces of gold, 7.8 million ounces of silver, and 1.1 billion pounds of copper over 26 years. The capital cost for the initial phase of the project was projected at US$925 million.
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Well-known Canadian mining financier and philanthropist Beaty is Lumina's biggest shareholder.
CMOC Singapore Pte. Ltd. is offering to pay $1.27 a share in cash to Lumina shareholders, a 41% premium to the stock's closing price on Thursday. CMOC Group is a major global producer of molybdenum and tungsten in China, of copper and cobalt in the Democratic Republic of Congo, and of niobium and phosphate in Brazil.
CMOC is publicly traded, but one of its largest shareholders is Luoyang Mining Group, a state-controlled entity in China. ...
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