Quito, Ecuador – May 7, 2024 – BUSTAMANTE FABARA is pleased to announce its role as legal advisors to Solaris Resources Inc in their recent landmark agreement with Empresa Nacional de Minería (ENAMI EP), marking a major stride in mining exploration within Ecuador.
Solaris Resources Inc, a leading firm in the global mining industry, has secured an exclusive right to explore approximately 40,000 hectares of mining concessions under a Master Commercial Agreement. This groundbreaking agreement, signed on May 7, 2024, following a public bidding 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 deal, valued at an initial investment of USD $25 million, is anticipated to increase substantially over the coming years, signifying a robust commitment to the development and exploration of mineral resources in Ecuador.
Lead partner Rafael Valdivieso and Senior Associate Bruno Pesantes of BUSTAMANTE FABARA played pivotal roles in the negotiation and finalization of this agreement, which commenced discussions in 2019 and culminated in this significant contract. This deal 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.
Related links: https://twitter.com/RecNaturalesEC/status/1787890071913254932?t=yrLYh9ifkdPcqxVkpKXGlg&s=08