China’s CMOC Agrees $1.7 Billion Deal for Ecuador Gold Mine

China’s CMOC Group Ltd. signed a $1.7 billion agreement with Ecuador to develop a major gold mine in a South American country that’s aligned with US President Donald Trump.

ODIN Mining del Ecuador SA, a local unit of the Chinese miner, finalized conditions for developing the Los Cangrejos deposit in El Oro province, according to a statement from the Ministry of Environment and Mining. CMOC acquired the project in June last year through its takeover of Canada’s Lumina Gold Corp.