Challenger secures investment protection agreement for Ecuador project
ASX-listed Challenger Gold has signed an investment protection agreement (IPA) with the Ecuadorian government for its flagship El Guayabo gold project, securing legal and fiscal stability as the company advances efforts to monetise its growing resource base in the country.
The agreement grants Challenger a series of legal protections for its 100%-owned El Guayabo project, including regulatory stability, safeguards against discriminatory treatment, and the right to resolve disputes through international arbitration in London under the rules of the International Chamber of Commerce.
“The completion of the IPA is a significant development for the project,” said MD Kris Knauer. “The IPA provides certainty with respect to the legal framework governing the project."
The IPA covers up to $75-million in investment by Challenger, encompassing expenditures since the company acquired the project in 2019 through to the end of 2027. It has an initial eight-year term and can be renewed.
Key provisions include the right to operate under the most favorable legal framework applicable at the time of execution, protection from expropriation, and assurance of legal certainty for the company’s assets.
“The IPA is also timely given recent corporate action in Ecuador as we take steps to monetise our Ecuador assets following the significant resource upgrade from 4.5-million ounces to 9.1-million ounces,” Knauer added.
The agreement follows a major boost to El Guayabo’s resource estimate and comes amid increased interest in Ecuador’s mining sector.
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