I am telling you the management of ARU should be hanged. They are the most spineless piece of scum on the face of the earth. Companies are rushing to Ecuador to mine the natural resources. It is unbelievable that ARU is running out of there.
Here is an example of companies going to Ecuador despite the mining law uncertainty.
FACTBOX-Key players in Ecuador's nascent mining sector
Sept 9 (Reuters) - Global copper giants are turning their
attention to Ecuador's rich southern copper belt, kicking the
tires on the Panantza-San Carlos copper property owned by
Canada's Corriente Resources Inc (CTQ.TO: Quote, Profile, Research, Stock Buzz).
Following are some of the key players in Ecuador's budding
mining sector, which analysts say could be worth billions of
dollars in gold, copper and silver deposits.
Corriente Resources Inc. (CTQ.TO: Quote, Profile, Research, Stock Buzz)
Vancouver-based Corriente is seeking major partners to
develop the multibillion dollar Panantza-San Carlos project
that has inferred resources of around 14.4 billion pounds of
copper.
Xstrata, Chile's Codelco and China's Tongling Nonferrous
Metals 000360.SZ, among others, are said to be eyeing the
property.
Corriente also owns the Mirador and Mirador Norte projects,
which together have resources of 11 billion pounds of copper.
The company has other minor exploration targets in Ecuador.
All of Corriente's exploration projects have been suspended
by the government since late 2006 to prevent violent clashes
between communities that oppose or back mining activity in the
jungle.
Aurelian Resources (ARU.TO: Quote, Profile, Research, Stock Buzz) and Kinross Gold (K.TO: Quote, Profile, Research, Stock Buzz)
Kinross won approval earlier this month for its C$870
million ($815 million) bid for Aurelian Resources, allowing it
to take control of the Fruta del Norte gold deposit in
Ecuador.
With inferred resource of 13.7 million ounces of gold and
22 million ounces of silver, Fruta del Norte is one of the
world's top undeveloped deposits.
Aurelian holds 39 concessions in Ecuador, or around 95,000
hectares (235,000 acres) of territory.
IamGold Corp. (IMG.TO: Quote, Profile, Research, Stock Buzz)
Iamgold, a mid-tier gold producer, controls the Quimsacocha
project in southern Ecuador with estimated resources of some
3.3 million ounces of gold.
The company is one of the biggest miners exploring in
Ecuador, and has operations in North America and Africa.
Environmentalists and some local villagers have demanded
the government shut down the Quimsacocha project to protect the
environment and key water sources.
Dynasty Metals (DMM.TO: Quote, Profile, Research, Stock Buzz)
Dynasty holds some of the most advanced exploration
projects in Ecuador, the Jerusalem and Zaruma deposits that
have combined resources of 3.8 million ounces of gold.
In April, President Rafael Correa visited the company's
Zaruma gold project and met with senior executives.
The company's projects are currently suspended following a
mining ban issued by the government in April as a new law is
drafted.
(Reporting by Alonso Soto; editing by Marguerita Choy)
reuters.com |
