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Strategies & Market Trends : Ride the Tiger with CD

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From: Rocket Red4/27/2008 3:38:36 PM
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Saturday, April 26-More Ecuador: To prove I wasn't dreaming this morning, and to show the BS spin Reuters put on this story today
Here's a link to an Ecuador news report onthe part of today's radio show Correa dedicated to the mining issues.It gives a much better representation that the spin Reuters is puttingon the story. Reuters took a small issue and turned it into theheadline, presumably because it was the only thing that could possiblybe turned into something negative.

Because it reflects Correa's words far more faithfully, here's my translation of the confirmado dot netstory linked above. As usual, I'm happy with both my level of Spanishand this translation, but remember I'm not a sworn translator and youshould consider getting a second opinion before making any decisionsbased on the contained information.

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"The position of the gov't is "yes" to responsible mining", President Rafael Correa said this Saturday during his radio program transmitted from Zaruma, in the province of El Oro.

The President asked groups that completely reject (mining) activity to suppress their "inflexible positions". On this subject, he asked "In what country in the world is mining prohibited?"

Heratified his joint responsibility along with the ConstitutionalAssembly for the elaboration of the mining mandate (decree). He statedthat they were strong measures that have been established, but thatthey were necessary. He reminded those present that the Assembly hasgranted a 180 day term to produce a new mining law with "concessions granted in a technical and rational way."

He explained that by the term "responsible mining" he means negotiating contracts that benefit all concerned, that is to say "royaltiesare paid to the owner of the resource (the State), protecting theenvironment and allowing the participation of the communities that livein the zones where the activities are realized."

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Thatlast part is a direct Correa quote, and makes it look very different.As I wrote earlier, the whole Correa radio section on mining thismorning sounded very positive for the industry in Ecuador. So shovethat up your editorial control, Reuters. As mentioned before, it's yourresponsibility to report the facts as stands, and not cherrypick thefacts you want and then spin them whichever way you want. You can smellthe BS from here.

Labels:ARU,aurelian,correa,Corriente,Dynasty,Ecuador,mining,mining law
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