Silvercorp Metals Unit Granted Approval to Continue El Domo Project in Ecuador

MT Newswires Live11-15

Silvercorp Metals (SVM) and Salazar Resources said Friday that a provincial court has upheld a lower court decision affirming the rights of their Curimining joint venture to continue construction of the El Domo project in Ecuador.

The court rejected an appeal against the lower court decision, which ruled that Ecuador's Ministry of Environment, Water, and Ecological Transition "correctly discharged its environmental consultation obligations" before granting an environmental license for the project, the companies said.

Additionally, Silvercorp said $175.5 million under a precious metals purchase agreement is now available to be drawn during construction following the repayment of $13.25 million in funds previously drawn by Adventus Mining from Wheaton Precious Metals.

Shares of the company were down 2.5% in recent Friday trading.

Price: 3.88, Change: -0.10, Percent Change: -2.51

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