Government seeks agreement with assembly on revoking concessions
Ecuador's government wants to reach an agreement with the national assembly on the details of a proposal to revoke mining concessions, according to local newspaper reports.
"We need to bring together criteria in the sense that if the assembly issues a resolution to ban mining, for example, the government's hands will be totally tied," mining undersecretary Javier Cordoba was quoted as saying.
Last week an environmental group staged a "preventative strike" in Azuay province, demanding that mining properties be returned to the state, which according to reports would freeze talks with several companies to mine reserves of metals such as gold, silver and copper worth US$110bn.
Cordova also believes the resolution represents an opportunity for the mines and oil ministry to be provided with the tools necessary to regulate the industry, which it presently does not have.
In January the ministry said it would review mining concessions covering an area of 536,388ha because of the supposed non-payment of taxes stipulated in the mining law.
Ecuador's chamber of mines submitted a formal request for the decision to be challenged, arguing that according to the public prosecutor's office, taxes on mining concessions can be paid within six months of March 31.
Canadian companies such as Aurelian Resources (TSX: ARU), Corriente Resources (TSX: CTQ), IAMGOLD (TSX: IMG, NYSE: IAG) and International Minerals (TSX: IMZ) operate in Ecuador. |
