Overview

• CMOC Singapore, a subsidiary of China’s CMOC Group, has entered a binding agreement to acquire Lumina Gold for C$1.27 per share, valuing the deal at C$581 million.
• The transaction includes a US$20 million interim financing facility in the form of convertible notes, supporting the development of the Cangrejos project in Ecuador.
• Shareholders holding 52.3% of Lumina shares have agreed to back the acquisition, with remaining approvals from the TSX Venture Exchange and British Columbia Supreme Court pending.
• Cangrejos, one of Latin America’s largest undeveloped gold-copper projects, is projected to produce 9.8 million ounces of gold and 1.1 billion pounds of copper over 26 years.
• The deal includes a non-solicitation covenant, a fiduciary out, and a C$23.28 million termination fee, with completion expected in Q3 2025.