CMOC Group has officially completed the purchase of 100% equity in the Cangrejos Gold Project in Ecuador, marking a significant step in the company’s expansion into the global gold market. The acquisition was finalized on June 24, 2025.
Just two days later, on June 26, CMOC Chairman and Chief Investment Officer Liu Jianfeng met with Ecuadorian President Daniel Noboa in Beijing to discuss the project and future development plans. President Noboa expressed strong support for accelerating the Cangrejos project and encouraged CMOC to broaden its investments in Ecuador. Liu also held productive talks with Ecuador’s Minister of Energy and Mines and Minister of Finance, reinforcing government backing for the project and future cooperation.
Located in Ecuador’s El Oro Province in the southwestern part of the country, the Cangrejos project lies within the rich Andean metallogenic belt at an elevation of about 1,100 meters. A 2023 pre-feasibility study shows the project holds a measured and indicated resource of 1.376 billion tonnes, with an average gold grade of 0.46 grams per tonne (g/t), containing 638 tonnes of gold. The proven and probable reserve is estimated at 659 million tonnes at an average gold grade of 0.55 g/t, containing 359 tonnes of gold. The mine’s expected operational life is 26 years.
The project offers notable development advantages, including shallow open-pit mineralization and a low strip ratio, which lowers costs. It also benefits from excellent infrastructure access, being 30 km from the city of Machala, 40 km from a major port, 20 km from a substation, and just 8 km from a highway. Ample water supply is available, further supporting cost-efficient development.
CMOC has formed a specialized multidisciplinary team to expedite the project’s advancement, targeting commercial production by 2028. The mine is expected to produce an average of 11.5 tonnes of gold annually, potentially boosting Ecuador’s gold output by nearly 50%, based on 2024 production figures.
“The acquisition of the Cangrejos Gold Project marks our official entry into the gold sector and strengthens our strategic position in South America,” said Mr. Liu Jianfeng. “Following our investments in niobium and phosphate operations in Brazil, Cangrejos reflects our long-term commitment to developing world-class, large-scale assets. Leveraging our proven operational expertise and industry-leading ESG management systems, we aim to build a cost-effective, environmentally responsible mine that delivers lasting economic value, supports local communities, and promotes sustainable development.”
CMOC’s acquisition comes amid recent updates to Ecuador’s mining framework, including streamlined permitting, fiscal incentives, and the reopening of concession registrations. These changes offer a more stable and encouraging environment for advancing large-scale mining projects.
