07:52 AM EDT, 05/21/2024 (MT Newswires) -- Lumina Gold ( LMGDF ) said Tuesday that it continues to advance the Cangrejos gold-copper project in Ecuador.

The company said Ausenco Engineering Canada ULC is on track to finalize a feasibility study in the second quarter of 2025. The study will evaluate the increase the initial processing plant throughput to 40,000 tonnes per day from 30,000 tonnes per day planned in the 2023 pre-feasibility study.

The increase in throughput would simplify construction and future expansions while bringing forward gold and copper production, Lumina said.

For 2024, Lumina said it plans to advance negotiations with the government regarding the terms for the mining exploitation contract, which would allow the company to request for construction and exploitation to begin.

Lumina said it has signed a joint declaration with the government of Ecuador in preparation for the execution of the extension to the existing exploration investment protection agreement and the complementary investment protection agreement related to the future construction of the project.

Lumina's share price rose 3.5% to $0.58 last Friday.