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PUEMBO, Ecuador, Nov 7 (Reuters) - Ecuador plans to impose new mining royalties on private companies working in the country on a "case by case" basis, Oil and Mining Minister Galo Chiriboga said on Wednesday.
Ecuador previously had said it wanted to begin charging royalties in the mining sector, but details of the government's proposal and how it will be implemented are still unclear.
"That has to be applied depending on the characteristics of each one," Chiriboga told reporters at a government event when asked about the royalty proposal.
Chiriboga said the government was working on a proposal to set mining regulations in the new constitution, which will be debated by a popular assembly this year. He said officials also planned to reform the current mining law.
Companies currently pay an annual ownership fee to the government.
Ecuador still has no major mining output for precious metals, but Canadian companies such as Corriente Resources (CTQ.TO: Quote, Profile, Research)(ETQ.A: Quote, Profile, Research), Iamgold Corp (IMG.T0: Quote, Profile, Research) and Aurelian Resources (ARU.TO: Quote, Profile, Research) are exploring for gold and copper. (Reporting by Alonso Soto in Quito, writing by Patrick Markey in Bogota; editing by Walter Bagley) |
