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Gold/Mining/Energy : Salazar Resources (SRL.V)

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To: TheSlowLane who wrote (160)	11/25/2011 10:31:29 AM
From: roymario	Read Replies (1) of 191

25/11/2011 03:37:00 a.m. - In the News The Financial Post reports in its Friday, Nov. 25, edition that Ecuador's President Rafael Correa says his government is "within days" of signing contracts with Kinross Gold and Ecuacorriente (an affiliate of Corriente Resources) to develop two large copper and gold projects worth $3-billion (U.S.) in total. A Reuters dispatch to the Post reports that the government was asking companies to pay an 8-per-cent royalty share, whereas miners were offering 6 per cent. Mr. Correa says: "We're negotiating the contracts very hard. ... They will be signed in the next few days." Mr. Correa has also renegotiated part of Ecuador's foreign debt and oil exploration contracts with foreign companies. Mr. Correa says the government is demanding advance payments on royalties before the miners start extracting. The extra income from advance royalty payments would be used for social projects, including schools and roads, says Mr. Correa. In power since 2007, he has made resource nationalism a centerpiece of his policies and may run for another term in an election due in January, 2013. Kinross plans to develop Ecuador's largest gold project, Fruta del Norte, while Ecuacorriente will work on the Mirador copper mine. Slowlane, Yes, a change and progress would be nice! R

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