In light of the announcement made by the company yesterday, it is likely that Solaris Resources Inc. (OTC: SLSSF) will come onto the radars of investors through the rest of the week. On Wednesday, it emerged that the company had signed an updated Impact and Benefits Agreement (IBA) with the Shuar communities located in Yawi and Warints pertaining to the Warintza Project. The project in question is situated in the south-eastern region of Ecuador. The signing of the updated agreement was a significant development for Solaris Resources, considering the fact that it implied the continued advancement and growth of the project in question.
The updated IBA provided guarantees with regards to community support amidst the responsible development of the Warintza project. The Minister of Production, Foreign Trade, Investment, and Fisheries of Ecuador, Sonsoles Garcia, spoke about the agreement yesterday. She noted that the government valued the move from Solaris Resources since it fortified relations with the local community and made provisions for making the local population part of productive activities. Additionally, the IBA would also allow for the integration of a population that had been traditionally displaced and that had been a priority for the government.
Lastly, Garcia also stated that the agreement was in alignment with the priorities of the Ecuadorian government with regards to territorial development as well as management and the just use of resources. The President and Chief Executive Officer of Solaris Resources, Daniel Earle, shared his views about the matter as well. He stated that the signing of the agreement was built on a relationship of trust and good faith between the company and the local communities. That had originally led to the creation of a Strategic Alliance Agreement with the host communities and the first IBA in 2020. He also called the signing of the updated IBA a major milestone for the project.
