Los Cerros recognised for local ESG endeavours
It is crucial for companies developing resource projects to have the approval of both the governments and communities where they are based. Without such support, these projects rarely make it to commercialisation.
So we were pleased to see that our gold Investment Los Cerros (ASX:LCL) was recently publicly recognised for its ESG initiatives at its 100% owned Quinchia Project, in Risaralda – Colombia.
In a televised event, LCL received an award from Quinchia Mayor, Mr Absalón Trejos Arias on behalf of the Quinchia Regional Council alongside support from local community leaders. The mayor relayed the economic and social benefits of LCL’s presence within the community, predominantly employing locals - we note that 78 of LCL’s total work-force of 80 people (including executives) are Colombian.
This award comes on the back of LCL’s “Quinchips” initiative, which was a finalist in the Colombian Mining Industry ESG awards last year. This project re-trained 15 women from families of artisanal miners in Miraflores village (the closest village to LCL’s Miraflores gold deposit), to build and operate a plantain chip business.
LCL is busy progressing the Preliminary Economic Assessment of its Quinchia Project, which hosts a Mineral Resources of 2.6Moz @ 1.02 g/t Au. We expect this to be completed before year-end. The company remains well funded, with a cash balance of over $13 million at the end of June.
For our detailed take on LCL and what we would like to see the company accomplish for the remainder of this year, here is our Investment Memo.
