Solaris signs IBA with Ecuador's Shuar communities
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The IBA includes a roster of commitments and benefits for communities including impact mitigation, employment, education, training and other capacity building, infrastructure development and financial benefits.
It formalises commitments toward supporting partner communities in their social and cultural practices and provides for eliminating or mitigating adverse impacts, employment, contracting and business opportunities supported by a robust program of education, skills and training together with community infrastructure development and financial benefits to maximize community participation and positive outcomes for our Indigenous partners.
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"The signing of this IBA marks a major milestone in the continued success of our innovative CSR programme for Warintza," said Solaris president and CEO Daniel Earle.
"We continue to set precedents in Ecuador for industry best practice for inclusive and mutually-beneficial resource development in partnership with indigenous communities. The IBA builds on the foundation of trust established via our community consultation and MOU, providing reciprocal commitments toward the advancement of the project in an environmentally and socially responsible fashion."
Agustín Kayuk, chief of the Warints community, said the group, with the Yawi community, was pleased with the IBA, which "promises to provide our communities with meaningful participation in the project, business opportunities, employment and education and financial benefits".
"We look forward to continuing our positive working relationship and playing an integral role in mineral development in our area of influence to foster positive changes in our communities," Kayuk said.
An IBA is an agreement commonly used in Canada which helps govern relationships between exploration and mining companies, and First Nation communities. Despite its prevalence, Canadian juniors have seldom used it outside Canada.
Shares in Solaris Resources are trading at C$2.80, valuing the company at $248 million.