Boroo Signs Mining Cooperation Agreement with Ecuador's ENAMI, Potential Investment Reaches US$300 Million

en.Wedoany.com Reported - On September 15, Ecuador's state-owned mining company ENAMI EP signed a cooperation agreement with Singapore-headquartered Boroo Pte. Ltd., under which the two parties will jointly evaluate mining investment and project development opportunities in Ecuador. According to official disclosure by ENAMI EP, Boroo's proposed potential investment scale is up to approximately US$300 million, with intended focus on gold, copper, silver, rare earths and other critical minerals. The current US$300 million represents a potential investment amount and does not yet correspond to any specific approved project, nor has any actual disbursement or final investment commitment been formed.

The scope of this cooperation includes screening mining project opportunities, exchanging professional technical experience, introducing technology, and evaluating mineral development and processing plans. The agreement was signed by María José Burgos, Acting General Manager of ENAMI EP, and Dulguun Erdenebaatar, CEO of Boroo. Going forward, the two parties will decide whether to proceed further based on the technical and commercial feasibility of specific projects. Projects entering the development stage will still need to complete the permitting, environmental approval, and applicable community participation and consultation procedures required by Ecuador.

Boroo has already entered the Ecuadorian mining market this year. On March 20, Minera Boroo Ecuador Holdings S.A.S., a Boroo subsidiary, signed an agreement to acquire 100% of Exploraciones Mineras Andinas Ecuador S.A. (EMSAEC), a subsidiary of Chile's state-owned copper company Codelco, for US$5.75 million, and completed the transaction on March 31. The company holds 12 granted mining concessions and 4 delineated mining rights in Ecuador, distributed across multiple provinces of the country. The acquisition was completed with Boroo's internal funds.

After completing the acquisition, Boroo renamed the local company Metallum99 S.A. as its platform for conducting mining activities in Ecuador. EMSAEC's original business covered the planning, management and implementation of mining and water resource exploration projects, and possessed technical capabilities in geology, geophysics, geochemistry, geostatistics, geometallurgy, geotechnical engineering and hydrogeology.

The agreement signed with ENAMI EP this time is not the same transaction as the mining rights assets previously acquired by Boroo. The official announcement currently does not explicitly link the US$300 million potential investment to the 16 mining rights held by Metallum99, nor has it published specific project names, project locations, resource volumes, construction scale, capital expenditure breakdown or implementation timetable. The two parties are currently still in the project screening and investment opportunity evaluation stage.

According to the scope of cooperation announced by ENAMI EP, follow-up work will focus on resource development and mineral processing projects. ENAMI EP has also recently been advancing the procurement of mineral processing services and preliminary studies for mineral processing plants, metal smelting and refining facilities, with related work covering processing capacity, technical routes, infrastructure, equipment, utilities and investment estimates.