Posted in | Gold | Copper | Silver

Ecuador Ready to Sign New Mining Concessions

The government of Ecuador is ready to sign exploitation and investment contracts with several foreign mining companies as per the Minister of Non-Renewable Natural Resources, Wilson Pastor.

Mr Pastor said that about five foreign mining companies are considering investing almost $4 billion in the country over the next five years.

The Energy and Mining Minister added that Ecuador was to give out new mining concessions in 10 areas in the last quarter of this year. The nation has a nascent mining industry and has implemented a new mining law in April 2008 to gain more royalties from its mineral wealth.

U.S. and Canada based companies produce copper, gold and silver from mines in Ecuador. Kinross Gold, a Canadian company is hoping to develop the largest gold project in the country at Fruta del Norte. The project has proven and probable minerals resources estimated at 6.8 million ounces of gold and 9.1 million ounces of silver. The construction on site is likely to begin in 2012.

President Rafael Correa is ensuring that the administration of Ecuador also negotiates deals with EcuaCorriente, the local unit of Canada's Corriente Resources Inc. for its Mirador project and the local unit of International Minerals Corp. for its Rio Blanco project.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Scanlon, Joel. (2019, March 19). Ecuador Ready to Sign New Mining Concessions. AZoMining. Retrieved on March 30, 2020 from https://www.azomining.com/News.aspx?newsID=4563.

  • MLA

    Scanlon, Joel. "Ecuador Ready to Sign New Mining Concessions". AZoMining. 30 March 2020. <https://www.azomining.com/News.aspx?newsID=4563>.

  • Chicago

    Scanlon, Joel. "Ecuador Ready to Sign New Mining Concessions". AZoMining. https://www.azomining.com/News.aspx?newsID=4563. (accessed March 30, 2020).

  • Harvard

    Scanlon, Joel. 2019. Ecuador Ready to Sign New Mining Concessions. AZoMining, viewed 30 March 2020, https://www.azomining.com/News.aspx?newsID=4563.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit