Odin Mining, a subsidiary of CMOC Group, officially signed the mining agreement for the Los Cangrejos mining project with the Government of Ecuador on April 27, marking a major milestone in the development of this world-class gold asset.

Under Ecuadorian regulations, the signing of the mining agreement is a critical prerequisite and mandatory requirement for moving the project into construction and operation. Following this, the project will need to complete a series of technical and regulatory steps, including obtaining an environmental license and other necessary permits, before construction can begin. The project is currently in the feasibility study and design phase, which will determine the final mining plan, including mine design and production scheduling based on efficiency, safety, and sustainability criteria. The mine is scheduled to commence production by the end of 2029.

As one of the most significant mining investments in Ecuador in recent years, the Los Cangrejos mining project is the first large-scale mining operation in the country’s coastal region and the third nationwide. It will substantially expand the mining sector's contribution to the national economy. The project is expected to create over 1,000 direct jobs and approximately 2,000 indirect jobs, with commitments to prioritize local hiring and the procurement of local goods and services to stimulate regional economic development.

In June 2025, CMOC completed the acquisition of 100% equity in the Cangrejos gold project in Ecuador. The project is a large-scale primary gold deposit located in El Oro Province, in the country's southwest, within the renowned Andean polymetallic belt at an elevation of approximately 1,100 meters. According to a pre-feasibility study released in 2023, the project holds 1.376 billion tonnes of mineral resources at an average grade of 0.46 g/t, containing 638 tonnes of gold; and 659 million tonnes of ore reserves at an average grade of 0.55 g/t, containing 359 tonnes of gold. On June 30, CMOC's Ecuador project team mobilized to site and began advancing all key workstreams. The company has committed to deploying advanced mining, processing, and smelting technologies to develop a large-scale, low-cost world-class gold mine, while introducing globally leading ESG management systems to establish a benchmark project defined by efficiency, low emissions, and sustainability, contributing positively to local economic development and community well-being.

As the project operator, Odin Mining has been investing in community development and environmental protection initiatives since 2016, implementing programs in education, health, sports, infrastructure, and local production in neighboring communities. CMOC's entry has further expanded Odin Mining's ESG commitments, with the company expecting to invest approximately $2 million in social and environmental projects this year.