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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (33709)	3/4/2009 1:12:58 PM
From: LoneClone	Read Replies (1) \| Respond to of 193686

UPDATE 1-Ecuador to allow big miners to restart ops in March Wed Mar 4, 2009 8:40am EST reuters.com QUITO, March 4 (Reuters) - Ecuador will allow Kinross (K.TO) and Corriente (CTQ.TO) to restart exploration later in March after nearly one year of a freeze in mining operations, Oil and Mines Minister Derlis Palacios told Reuters on Wednesday. Iamgold (IMG.TO) and International Minerals Corp will be allowed in about 45 days after governmental studies on their operations located in protected areas, Palacios said. Ecuador banned all mining operations last April to halt land speculation and growing environmentalist protests in some mining provinces. "We have no problem that these companies restart activities after the new law was approved," Palacios said in a phone interview. In January, Ecuador approved a new mining law that boosted governmental control over an industry that in recent years had attracted dozens of foreign companies exploring for precious metals. Although OPEC-member Ecuador has no large-scale mining, some companies have found big deposits of copper, gold and silver in its southern region. Cash-strapped Ecuador is scrambling for funding to cover a widening fiscal deficit and large projects after the world crisis dragged down crude oil prices. (Reporting by Alonso Soto; Editing by John Picinich)