OceanaGold acquired the proposed El Dorado property in 2013
The El Dorado property is a high-grade gold-silver project located 65 kilometres northeast of the El Salvador capital city of San Salvador.
In November 2013, OceanaGold received final regulatory approval and announced the successful completion of the plan of arrangement whereby Pacific Rim became a wholly owned subsidiary of OceanaGold. As part of the arrangement, OceanaGold acquired all the issued and outstanding common shares of Pacific Rim not already owned by OceanaGold.
This has brought the high-grade gold and silver El Dorado property in El Salvador into the Company’s stable of projects. The transaction aligned well with the Company’s strategy to create value through investment in high quality, low cost assets, while utilising it’s over 27 years of development and operations experience in an environmentally and socially sustainable manner.
The El Dorado property has the potential to be an economic engine for El Salvador much like how the world-class Didipio Project has been for the northern Luzon region in the Philippines. OceanaGold is strongly committed to upholding the highest of health, safety, environment and community standards as it builds on the strong local community support that currently exists for the El Dorado property. The Company is working closely with its many stakeholder groups in El Salvador to establish a roadmap to unlock the opportunity that exists for the Salvadoran people.
On 14 October 2016 the arbitration tribunal constituted by the World Bank’s International Centre for Settlement of Investment Disputes found in favour of the Government of El Salvador in its dispute with the company. Please refer to our News Release for more information.