Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Friday 03rd of September 2010
Monday, April 21, 2008

Ecuador revokes 80% of mining concessions

Story link: Ecuador revokes 80% of mining concessions
by Gill Montia
Ecuador revokes 80% of mining concessions

Ecuador has suspended mining exploration activities and revoked a large number of concessions while it prepares new mining legislation.

The country’s government, headed by President Rafael Correa, says it has taken the dramatic action to secure greater control of Ecuador’s natural resources and increase the amount of profit the mining sector contributes to the state.

The ban could last for around 180 days and is accompanied by the cancellation of 80% of the country’s 5,000 plus mining concession.

Around 40 international mining companies operate in the country, contributing millions of dollars in investment to the mining economy.

It is understood that the Ecuadorian government believes the concessions were sold too cheaply and it will therefore be renegotiating their terms.

There are also plans to create a state-owned mining company to exploit the country’s mineral reserves, which are estimated at $220 billion.

No large-scale mining activity is currently taking place in Ecuador and critics of the country’s concession system say that it has favoured speculators rather than serious investors.

Toronto-based Aurelian Resources held a concession for the Fruta del Norte gold-silver discovery, which is believed to be a world-class prospect.

The company had plans to commence an initial development of the discovery this year.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related posts to: Ecuador revokes 80% of mining concessions

Ascendant updates on Junin Project ...

Salazar Resources provides Ecuador update ...

Aurelian suspends drilling as required by the Ecuador mining mandate ...

Ghana to review mining laws ...

IAMGOLD releases Quimsacocha pre-feasibility study ...

Latest Metals News:

Latest News  US pending home sales data helps copper prices

Latest News  Positive data chases gold prices lower

Latest News  Gold gains on search for safetey ahead of economic data

Latest News  Gold gains as US dollar weakens

Latest News  Gold prices fall on US jobs news

Latest News  US durable goods orders, new home sales drive metals price moves

Latest News  Gold gains, copper drops on US home sales data

Latest News  Copper prices fall on economic, demand concerns

Latest News  US unemployment numbers hurt copper prices

Latest News  Copper prices gain on more inventory declines


Previous: «
Next: »

Visited 3658 times, 1 so far today

Gold ($/troy ounce):

Silver ($/troy ounce):

Platinum ($/troy ounce):