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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.

Legal Heavyweights Line Up

A roster of high-powered legal firms is behind the deal. Lumina is represented by Borden Ladner Gervais LLP, Skadden Arps Slate Meagher & Flom LLP, and Ecuador’s Tobar ZVS. CMOC is advised by McCarthy Tétrault LLP, Bustamante Fabara SAS, and Flor Bustamante Pizarro & Hurtado.

Notably, Skadden's M&A partner June Dipchand, along with capital markets experts Ryan Dzierniejko and Thomas Daechsel, are steering Lumina’s legal strategy on the deal. Additional advisory details from CMOC’s side have not yet been disclosed.

$20M Bridge Financing Secured

To support immediate progress at the Cangrejos project, CMOC has agreed to inject $20 million in interim financing via unsecured convertible notes. The funding will help maintain momentum as Lumina continues development efforts through the deal's closing.

Upon completion, Lumina shares will be delisted from the TSX Venture Exchange, marking the end of a publicly traded era and the beginning of a new phase under the CMOC umbrella.

A Golden Play in Latin America’s Mining Frontier

The acquisition fits squarely within CMOC’s strategic ambitions to expand its global footprint in the gold sector. Latin America—home to some of the world's most valuable untapped mineral reserves—is a natural target for large-scale mining investment.

The Cangrejos project, which Lumina has been developing for more than 10 years, is one of Ecuador’s largest undeveloped gold deposits and a linchpin of CMOC’s long-term vision. For the Chinese miner, the move adds a crucial asset to its portfolio and places it squarely in the middle of the global gold supply chain.

As CMOC to acquire Lumina Gold becomes reality, the deal may well become a touchstone for further consolidation in the mining sector, as resource-hungry giants seek to secure future production in politically stable, resource-rich territories.

With the price of gold on the rise and geopolitical uncertainty fueling interest in hard assets, CMOC’s high-premium play for Lumina could turn out to be more than just a golden handshake—it might be a golden coup.