The mining board that laid a basis for competition between Newcrest and BHP in Ecuador believes that more gold and copper will surface in the exploration hot spot. Malcolm, the man who safeguarded the Cascabel tenement ten years ago, stated that he was not amazed that Fortescue Metals Group and Hancock Prospecting were also interested in Ecuador. The CEO for Sunstone Metals explorer, Mr. Norris, said that Cascabel might end up being enormous for Newcrest and BHP. Norris believes the system is vast and that more is expected to unfold.
Cornerstone Capital and SolGold Competition for Cascabel
Norris’s commentaries came during an awful spat involving Cornerstone Capital and Sol Gold scramble over Cascabel ownership. Cornerstone Capital is listed in Toronto whereas SolGold is London-listed. The major shareholders of SolGold are BHP at eleven percent and Newcrest at 15.2 percent.
For decades, copper has been a necessary ingredient for various industrial processes. However, the demand is boosted explicitly by the increase of electric vehicles and renewable energy. This is the reason why SolGold has depicted the metal as the most recent iron ore and Ecuador as the world’s modern Pilbara. Norris further admitted the nation is sufficient in terms of a steady mining jurisdiction, transport, and resources. Compared to neighboring nations, the country has not experienced the level of exploration. With this said, Ecuador will have lots of breakthroughs of gold and copper system in the next decade.
Rationalization of Approval Procedures
The same group that engaged Tujuh Bukit and Cascabel is currently at Sunstone and is expected to commence mining in southern Ecuador in its Bramaderos tenement. The authorization procedures for drilling took almost two years. This duration is lengthy compared to the nine months it did for Cascabel. Many companies have also lodged numerous applications. However, Ecuador is simplifying the long and outdated authorization process.