Quito, Ecuador – April 28, 2025 – Tobar ZVS, one of Ecuador’s most prestigious corporate law firms, once again takes a leading role as legal advisor in a landmark mining transaction in the country. The firm advised Lumina Gold Corp. (TSXV: LUM) on the negotiation and execution of an Arrangement Agreement with CMOC Singapore Pte. Ltd., a subsidiary of CMOC Group Limited, under which CMOC will acquire all of Lumina’s outstanding common shares for approximately C$581 million in an all-cash transaction.
Under the terms of the Arrangement, CMOC will acquire Lumina through a plan of arrangement under Canadian law at a price of C$1.27 per share.
Lumina Gold owns the Cangrejos Project, which is the largest primary gold deposit in Ecuador and the first world-class gold project on the country’s coast. The project is currently progressing toward construction, with a term sheet signed with the Government of Ecuador for the exploitation contract – a negotiation in which Tobar ZVS also served as lead counsel. The project is expected to require a CAPEX of approximately USD 1.378 billion, representing a historic investment for the country.
Tobar ZVS has been representing the Cangrejos Project since 2016, reinforcing nearly a decade of continuous legal support for developing one of Latin America's most significant mining assets.
César Zumárraga, Head of Mining at Tobar ZVS, commented:
“This transaction marks a pivotal moment not only for Lumina, but also for the future of Ecuador's mining sector. We are honoured to be part of a project that will transform the country’s economy, and this milestone reflects Tobar ZVS's unwavering commitment to delivering world-class legal counsel, combining deep mining expertise, strategic foresight, and unparalleled local knowledge. We remain steadfast in supporting large-scale projects with the legal precision they deserve to reach their full potential.”
About Tobar ZVS
For over 30 years, Tobar ZVS has been the go-to law firm for domestic and international corporate clients in Ecuador. Renowned for its energy, mining, infrastructure, and M&A leadership, the firm combines technical legal excellence, business acumen, agile response capabilities, and cutting-edge technology-driven solutions.
Through its digital platform, which features ExponentiaLaw®, SmartLex®, and ContractBank®, Tobar ZVS offers clients a unique collaborative and efficiency-driven experience.
About Lumina Gold Corp.
Lumina Gold Corp. (TSXV: LUM) is a Vancouver-based precious and base metals exploration and development company, advancing its Cangrejos Project in Ecuador’s El Oro province. In 2023, Lumina completed a Prefeasibility Study confirming Cangrejos as the country’s largest primary gold deposit. The company’s leadership team has a strong track record of successfully advancing and monetizing world-class mining assets.
About the Cangrejos Project
Located just 30 km from the Pan American Highway and 40 km from the deep-water port of Puerto Bolívar, the Cangrejos Project is poised to become a transformative force for Ecuador's economy. Its development promises to create thousands of jobs, drive local community growth, and stimulate strategic sectors across the nation.
Lead Partner:
César ZUMARRAGA
Legal Team:
Juan Fernando Larrea
Juan Martín Alarcón
Andrés Paz y Miño
For more Information:
César ZUMARRAGA