Adventus Mining Completes Additional Early Deposit Drawdown from Wheaton Precious Metals and Provides ESG and Carbon Update
TORONTO, Feb. 13, 2023 /CNW/ - Adventus Mining Corporation ("Adventus Mining") (TSXV: ADZN) (OTCQX: ADVZF) is pleased to announce that it has completed an additional drawdown process for a US$250,000 early deposit from Wheaton Precious Metals International Ltd. (the "ESG Deposit") as part of its US$175.5 million precious metals stream commitment to the El Domo copper-gold project (see January 17, 2022 news release). The ESG Deposit is in addition to the US$13M drawn in December 2022, and will be consolidated into the full US$175.5 million partial precious metals stream (see December 5, 2022 news release). The ESG Deposit is expected to fund select 2023 project community and social development initiatives at El Domo and the greater Curipamba district areas as part of pre-construction activities and Adventus Mining's continuing work to advance environmental, social and governance standards.
The following is a sample of some of Adventus Mining's ESG initiatives with its El Domo project communities, which are being done in parallel with the active environmental licensing process with the Government of Ecuador. Adventus Mining leads these activities with transparency and open community consultation, and invites stakeholders and investors to contact the company for more information as well as for future funding and partnership opportunities.
Training and Development Partnership with ESPOL University
In June 2019, Curimining S.A., the El Domo project subsidiary of Adventus Mining and Salazar Resources Ltd., signed an inter-institutional agreement with Escuela Superior Politécnica del Litoral ("ESPOL"), a public university in Guayaquil, Ecuador. As part of the agreement a training program was commenced in 2022, which focuses on technical trades and the support of local businesses. The 2022-2023 program provides training to 265 individuals from the local project communities in courses such as electrical installations, telecommunications, civil works, health and safety, and food preparation.
Mine Operator Training Supported by Stracon-Ripconciv
A mine operator training program is being executed in partnership with the Stracon-Ripconciv Joint Venture (see November 17, 2022 news release) and the Universidad Técnica Particular de Loja ("UTPL"), which is taking place in the town of Las Naves through an agreement with the University of Bolivar. The 2022 program started with equipment maintenance training, of which 25% of the participants are female. The equipment operator and mine truck driver training will commence in 2023, and will include more than 100 people from the Las Naves area.
Promotion of Local Suppliers and Service Providers
Adventus Mining and Curimining consider the promotion of local suppliers and service providers to be a key component of El Domo's contribution to sustainable economic development in the region. With El Domo's advancement, Curimining is already a major purchaser of local goods and services, and directly and indirectly employs many local residents. One example of our commitment to development of local service providers is the development of community catering services, which has shown measurable and particular benefit to women in the local communities in the direct and indirect area of influence.
Community Sports Training, Local Arts and Initiatives with Nobis and Salazar Foundations
For over ten years, Curimining has been a strong supporters of the arts, culture and sports in the project communities through a variety of youth and adult programs. While the global pandemic put a number of local programs on hiatus for public health reasons, Curimining has resumed these regular community activities and continue to work with the Nobis Foundation and Salazar Foundation to further develop tailored programs in support of El Domo project development. These programs provide an important opportunity particularly to underprivileged youth and women in communities where support is otherwise limited. Examples include:
- Elementary school art competition and a bursary program which provides economic support to local children.
- Grupo de Danza, which actively promotes and supports local culture through performance arts. Youth teams have resumed their representation of project communities in dance competitions across Ecuador.
- Partnership with local professional football club: Mineros Sporting Club S.A. and the Salazar Foundation to establish a youth football program which has grown substantially to seven communities in the El Domo and Curipamba region. The community program includes both a competitive program for adults and a skills development program for youth, which involves more than 200 local boys and girls.
Community Roundtables for El Domo Engagement
Since 2021, Curimining has encouraged a participatory dialogue process through community round tables for the El Domo project that are led by an impartial third party – INSUCO INTL. The purpose is to engage local and regional stakeholders in a territorial approach that addresses key community issues and concerns. In 2021, a pilot program was rolled out in two key communities of interest, and based on the success, the program was expanded in 2022 to be open to all regional communities. Five themes have been identified from community feedback thus far, including: local and regional governance, community security, sustainable economic development, employment and local business development, and environmental sustainability. Participation in the dialogue tables is typically between 40 to 70 individuals from local and regional government, community, civil society, businesses, and academia. The roundtables will continue every six weeks throughout 2023 and are expected to further support the El Domo environmental licensing process.
Development of Carbon and Climate Change Strategies for El Domo
In 2022, Adventus Mining worked with Invert Inc. to complete an initial evaluation of carbon and greenhouse gas emissions for El Domo, covering Scope 1 and 2 emissions. Key study findings for El Domo included:
- Emissions inventory and forecast, including life-of-mine model that categorizes scopes and activity types
- Identification and quantification of emissions reduction strategies, by review of relevant technologies, target setting, and carbon risk management – including unique advantages and opportunities in Ecuador
- Incorporation of recommended emissions reduction initiatives that are in alignment with corporate and project objectives
The study confirmed that El Domo's future carbon footprint is expected to directly benefit from the planned connection to the national power grid, which is already over 80% supplied by renewable sources, proximity to deep water ports, and solar factor for energy generation and plant-life growth. In addition, unique carbon reduction and electrification opportunities could be secured as part of the future underground mine studies and expansion. As one of the highest grade and lowest capital intensity copper-gold projects globally, El Domo also has the opportunity to become one of the lowest-quartile greenhouse gas emissions intensity operations.
In 2023, Adventus Mining plans to further expand and explore these findings commercially. For example, El Domo's advantageous location and the greater 215 km2 Curipamba district area could provide unique carbon sinking and credit opportunities – beyond the purchase of carbon offsets from third parties. Although Ecuador has yet to enact a national level emissions trading scheme, five other jurisdictions in Latin America have done so and various Ecuadorian stakeholder groups and government agencies continue to build momentum through dialogue.
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus Mining is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains "forward -looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements are based on the beliefs, expectations, and opinions of the management of the Participants as of the date the statement is published, and Adventus Mining assumes no obligation to update any forward-looking statement, except as required by law. In certain cases, forward–looking statements can be identified by the use of words such as "plans", "expects", "outlook", "guidance", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology.
Forward-looking information herein includes, but is not limited to, statements that address activities, events, or developments that Adventus Mining does not undertake or anticipate will or may occur in the future. Although Adventus Mining has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.
SOURCE Adventus Mining Corporation