CMOC Acquires Lumina Gold for C$581 Million

China's CMOC Group, through its Singapore subsidiary, has agreed to acquire Canada's Lumina Gold Corp. for approximately C$581 million in an all-cash deal, offering C$1.27 per share—representing a significant premium over Lumina's recent trading prices. The acquisition, backed by shareholders holding 52.3% of Lumina's shares, will give CMOC control of the Cangrejos gold-copper project in Ecuador, which is the country's largest primary gold deposit. The Cangrejos project boasts substantial gold, copper, and silver reserves, and is positioned for long-term production with a projected 26-year mine life. This deal highlights increasing foreign investor interest in Ecuador's underdeveloped mining sector despite historical political and regulatory challenges. Lumina shareholders will receive immediate financial benefits from the premium offer, while CMOC is expected to drive further development of the project. The transaction is set to close in the third quarter of 2025, pending regulatory and shareholder approvals.