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Ecuador     Mining

BUSTAMANTE FABARA leads Solaris Resources Inc. in groundbreaking Mining Exploration deal in Ecuador  

May 8, 2024

BUSTAMANTE FABARA acted as legal counsel to Solaris Resources Inc in its recent landmark agreement with Empresa Nacional de Mineria (ENAMI EP), marking a major breakthrough in mineral exploration within Ecuador.

Solaris Resources Inc, a leading firm in the global mining industry has secured the exclusive right to explore approximately 40,000 hectares of mining concessions under a Commercial Framework Agreement. This ground-breaking agreement, signed on 7 May 2024, following a public tender process led by ENAMI in March 2024, not only provides Solaris with exclusive exploration rights, but also includes an option right involving the assignment and transfer of concessions from ENAMI EP.

The agreement, valued at an initial investment of USD $25 million, is expected to grow substantially in the coming years, signifying a robust commitment to the development and exploration of mineral resources in Ecuador.

Senior partner Rafael Valdivieso and senior associate Bruno Pesantes of BUSTAMANTE FABARA played pivotal roles in the negotiation and finalisation of this agreement, which commenced discussions in 2019 and culminated in this significant contract. This agreement represents one of only three such agreements ever awarded by ENAMI, positioning Solaris Resources Inc as a pioneer in the sector.

This agreement heralds a new era of exploration opportunities in Ecuador and demonstrates BUSTAMANTE FABARA’s expertise and leadership in facilitating significant international mining agreements.

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