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Opinion: Could Correa 'Flip-Flop' Create a Back Door for Mining?
Ecuadorian President Correa made what appeared to be flip-flop during his radio show, last Saturday. He argued that the mining industry does not pay royalties, and the only obligation per-hectare fees ranging from $1 to $16, are sometimes unpaid. Based on late fees, MMP minister Galo Chiriboga announced the revocation of 587 mining concessions, last Friday. The Correa administration move may be deliberately sending mixed signals to create a distraction among anti-mining activists.
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Buying on Ecuador Panic?
Although pending news on Ecuador's mining law reform has kept things in flux, it now appears that many of the major operators in country have been doing an excellent job of maintaining relations with the government. While smaller scale explorers may not have the lobbying heft to properly steer conversations with the government, miners such as Aurelian, Corriente, and IAMGold don't appear to be in any serious jeopardy.
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Dear EMN Friend,
Despite political uncertainty affecting the mining industry, EMN is optimistic that the Ecuadorian government has not faltered in its pro-mining mission. And, that it will help the industry develop large-scale operations to fuel the administration's ambitious social agenda.
EMN considers the recent concessions revocation to be a governmental strategy to distract elements within the country - and the administration - that have extreme environmental leanings. This would be a good tactic on the part of the President, as one indigenous coalition had even threatened a major demonstration if President Correa refused to halt all extractive companies.
EMN says, Hang in there. Ecuador must develop its mining sector and will find a way to cooperate with international firms to benefit all other stakeholders: the state, affected communities, and shareholders.
Soon EMN will soon conduct an exclusive survey among its readers, the results of which will be sent to the Constituent Assembly, the MMP, the National Mining Chambers, and the Ecuadorian media. It will be your opportunity to make your opinions known to Ecuador's political decision-makers, so please speak up!
Sincerely,
Silvia Santacruz
Writer-Editor
Ecuador Mining News
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