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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (41855)	8/20/2009 2:40:21 PM
From: LoneClone	Read Replies (1) of 194000

Ecuador creates state mining company Associated Press 2009-08-20 07:28 AM etaiwannews.com Ecuador's oil and mining minister says the South American nation has created its first state mining company. Oil and Mining Minster Germanico Pinto says the government has signed a decree creating the National Mining Company and expects the enterprise to be completely formed within three months. The state-run mining company was first conceived in a January mining law that Ecuador hopes can open the doors to what it estimates to be $110 billion worth of copper, gold and silver deposits. Pinto said Wednesday that developing Ecuador's mining sector is "fundamental for the future" of the country. Mining output is minimal in Ecuador, which depends on oil exports for 40 percent of the government budget.

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