SolGold said on Thursday that as part of the Franco-Nevada Net Smelter Returns Financing Agreement, Franco-Nevada has agreed to contribute a total of $150,000 per year for three years investing in one or more ESG projects.
SolGold will match or exceed Franco-Nevada's contribution. The agreement is part of a broader collaboration with the Lita and Carolina communities and Franco-Nevada Corporation on a new community initiative in the vicinity of the Alpala Project in northern Ecuador.
Franco-Nevada has confirmed its sponsorship of SolGold's community recycling and waste management initiative.
The initiatives aim to improve the quality of life in local communities by training members on recycling and composting methods, education on increased waste consciousness, and implementing a waste collection centre to satisfy the demand of projected population growth for the next 10 years.
Vice President of SolGold in Ecuador, Andrew Taunton, said: “Improving waste management removes health hazards and potential harm to the environment and improves the overall level of care for community property.
“By this program the community plans to adopt waste management principles used successfully in other areas of SolGold's operations, which as a result we hope will generate not only income, but improved waste disposal procedures, increase community pride in keeping public spaces clean and safe from harmful materials and reduce the pollution of local rivers for others downstream.”
SolGold's share price is down 1% at 30.3p.
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