SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: labbe who wrote (62831)1/13/2009 5:33:59 AM
From: Anchan  Read Replies (1) of 78418
 
Re: new Ecuadorian mining law passed today (to be ratified by the President within 30 days).
[url]http://translate.google.com/translate?hl=en&sl=es&tl=en&u=http://www.asambleanacional.gov.ec/index.php%3Foption%3Dcom_content%26task%3Dview%26id%3D16889%26Itemid%3D1[/url]
(To see the original Spanish, hover with the mouse over portions of the translation.)

Sounds perfectly reasonable to me.
My quick, possibly faulty summary:
-- No granting of mining concessions to people who have a conflict of interest or who can use privileged information.
-- 5% royalties on sales of primary and secondary minerals, 25% income tax, and some other taxes on certain items which my puny knowledge of Spanish couldn't quite grasp.
-- Chaps who don't pay their royalties to be tarred and feathered.
-- 60% of royalties to go to productive projects and local sustainable development, through local governments etc., and 50% of this percentage to the government bodies of indigenous communities and local(?) constituencies (="circunscripciones territoriales").
-- Preference of employment to be given to Ecuadorians, and among these, to local residents near any mining project.
-- Mining in protected areas is prohibited (I presume this means national parks, nature reserves etc.)
-- Mining concessions to be granted by way of public auctions, and only for claims in areas defined by the National Development Plan, as part of Land Management.
Locals with ancestral ties to the land, where affected by mining activities, to be included in the processes of public participation or consultation.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News