Bustamante Fabara | View firm profile
Quito, Ecuador – April 24, 2025 – On April 20, 2025, Lumina and CMOC Group Ltd (CMOC) entered into an Arrangement Agreement under which CMOC will acquire all of the issued and outstanding common shares of Lumina Gold Corp., in a transaction valued at approximately USD $427 million, payable in all cash.
Through this acquisition, CMOC adds the Cangrejos Project to its portfolio. The project is located in El Oro Province, in southwestern Ecuador, and is considered the largest primary gold deposit in the country, it is currently in the exploration stage, and is expected to enter the exploitation phase in Q4 2025. It has a signed binding term sheet of the Exploitation Contract with the Government of Ecuador.
BUSTAMANTE FABARA acted as local legal counsel to CMOC, leading the legal and social due diligence of the project, as well as advising on its regulatory and environmental status of the mining project. The transaction was led by partner Rafael Valdivieso and director Bruno Pesantes.
This transaction marks a milestone for the development of Ecuador’s mining sector, standing out as one of the most significant deals in the industry in recent years due to its size, impact, and strategic relevance.
About BUSTAMANTE FABARA
BUSTAMANTE FABARA is one of Ecuador’s leading law firms, with a strong track record advising on complex financial transactions, environmental initiatives, and international projects. With over 120 lawyers and 190 total team members, the firm continues to lead the shaping of Ecuador’s legal landscape.
About CMOC
CMOC (CMOC Group Ltd.) is one of the world’s leading mining companies, with diversified operations in copper, cobalt, molybdenum, tungsten, niobium, and phosphates. With a presence in Asia, Africa, and the Americas, CMOC is known for its focus on sustainability, technological innovation, and responsible resource development.
About Lumina Gold Corp.
Lumina is a Canadian company focused on the exploration and development of gold projects in Ecuador. Its flagship asset, the Cangrejos Project, has been identified as one of the largest and most advanced gold deposits in Ecuador, with significant large-scale development potential.
Press contact:
María José Sotomayor Hidalgo
Director of Marketing and Comunicaciones
BUSTAMANTE FABARA
Email: [email protected]
Phone: 0989728788
Bruno Pesante
Rafael Valdivieso
