In a high-stakes bid to dig deeper into the heart of Latin America’s gold-rich terrain, CMOC to acquire Lumina Gold in a CA$581 million ($420 million USD) all-cash deal, Lumina Gold Corp. confirmed Monday. The strategic acquisition marks a bold expansion for China’s CMOC Group Ltd. as it sharpens its focus on large-scale mining opportunities in the region.
The purchase, made through CMOC Singapore Pte. Ltd., a Singapore-based subsidiary, will give CMOC control of Vancouver-based Lumina’s prized Cangrejos gold project in southwestern Ecuador—a site more than a decade in the making.
Deal Brings a Golden Premium
CMOC will pay CA$1.27 per share for Lumina, representing a 71% premium over the stock’s 20-day volume-weighted average and 41% above its April 17 closing price on the TSX Venture Exchange. The acquisition will be executed through a court-approved plan of arrangement under British Columbia law.
“We’re excited for its transition to CMOC,” said Lumina CEO Marshall Koval in a statement. “The Lumina team looks forward to working with CMOC and all stakeholders to ensure the successful future development of the project.”
The transaction is expected to close in the third quarter of 2025, pending regulatory, court, and shareholder approval. Already, shareholders holding 52.3% of Lumina’s stock have pledged support.
