Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Adventus Mining (TSXV:ADZN) and Salazar Mining (TSXV:SRL) have announced a C$300,000 aid package for Ecuador
  • The package is designed to protect and aid residents of the companies’ communities in Ecuador
  • Ecuador’s medical infrastructure has been overwhelmed by the coronavirus
  • Adventus Mining (TSXV:ADZN) is up 5.45 per cent at $0.58 per share with a market cap of $58 million
  • Salazar Resources Limited (TSXV:SRL) is holding steady at $0.20 with a market cap of $25 million

Adventus Mining (TSXV:ADZN) and Salazar Resources Limited (TSXV:SRL) have formed a partnership to deliver aid in Ecuador in response to COVID-19.

The two junior miners both have exploration projects in the South American nation.

The Ecuadorian Government shutdown non-essential activity on March 18, in line with the response most South American nations have followed.

Ecuador has been savaged by the COVID-19 pandemic, as the country’s medical infrastructure simply cannot keep up with the intensity of cases.

The Ecuadorian Government announced at the start of April that only approximately 400 people have died from coronavirus related deaths in the country.

That number has since been revised to somewhere in the ballpark of 6,000, and reports are coming in of people having to leave dead relatives inside for up to five days before authorities can collect them.

This has resulted in the shut down of all activities at Adventus and Salazar’s projects in the country.

In order to help ease the intense pressure on infrastructure in the country, the miners have announced an aid package of up to C$300,000 to be distributed via community initiatives over the next eight to 12 months.

Over the past month, both companies have been working with the leaders of the local communities they operate in to best identify where that spending should be directed.

The aid package is primarily focused on supporting health centres, especially rural health centres near the companies’ exploration projects. Key supplies for these remote centres have been incredibly difficult to source and transport due to in-country travel restrictions.

The companies have sourced, through their own supply chains, disinfectants, gloves and masks, and will deliver these to local medical centres over the next four months.

There is also some consideration being given to the vulnerable members of communities, with the company donating hand sanitiser, soap and masks to older residents in their communities.

Food security for the elderly has also been identified as an issue, along with income loss or reduced family financial support. To this end, the companies are currently producing supply kits for distribution to these individuals, with the above hygiene supplies along with basic food supplies.

The companies are aiming to distribute 500 of these kits during April alone, with 300 to be distributed each month over the next eight months.

Adventus Mining (ADZN) is up 5.45 per cent to $0.58 per share, while Salazar Resources (SRL) is holding steady at $0.20 per share, as of 10:00am EST.

More From The Market Herald

" International Prospect (TSXV:IZZ) closes $500K financing

International Prospect Ventures (IZZ) has completed a previously-announced non-brokered private placement offering for gross proceeds of $500,000.

" Defense Metals (TSXV:DEFN) closes oversubscribed private placement

Defense Metals (DEFN) has closed its oversubscribed non-brokered private placement for gross proceeds of $6,094,020.66.

" Teck Resources (TSX:TECK.A) and Earth Rangers partner to support wildlife conservation

Teck Resources Limited (TECK.A) and Earth Rangers expand their partnership to support wildlife conservation programs and engage young Canadians in biodiversity programming.

" Exploits Discovery Corp. (CSE:NFLD) upsizes private placement

Exploits Discovery Corp. (NFLD) has increased its previously-announced non-brokered private placement to $4,410,000.