Silvercorp Metals Inc. announced a significant legal victory for its El Domo project in Ecuador, with the Provincial Court of Bolivar dismissing an appeal on November 12, 2024. This decision definitively affirmed the environmental license for the project, confirming that the Ministry of Environment, Water, and Ecological Transition of Ecuador correctly discharged its environmental consultation obligations.
The legal clarity removes a major hurdle for the project's advancement, which was supported by the Attorney General's Office and over 800 individuals. This ruling allows Silvercorp's Ecuadorian subsidiary, Curimining S.A., to continue construction of the El Domo project without further legal challenges regarding its environmental permit.
Additionally, Silvercorp announced the repayment of a US$13.25 million early deposit to Wheaton Precious Metals International Ltd. This repayment ensures that the full US$175.5 million cash contribution from the precious metals purchase agreement will be available for Silvercorp to draw during the construction phase of the El Domo project, subject to certain conditions.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.