Aurelian Resources Was Stolen By Kinross and Management But Will Not Be Forgotten
The company whose shareholders were better than its management
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eluniverso.com | 17h32
Mining confirms dismissal of hundreds of employees in Ecuador and Canada
News related Aurelian suspended operations mandated by mining
April 30, 2008
QUITO | AP
A Canadian company on Wednesday dismissed 80% of its payroll of 460 employees under the mandate with which the Constituent Assembly reversed the majority of mining concessions in Ecuador and ordered the suspension of its activities, reported a manager of the company.
The president of the mining Aurelian, Dominic Channer said in a press conference that "we deeply regret the impact that the Mandate Mining will have on our employees, both in Ecuador and Canada."
But the mandate requires a complete suspension of activities in our concessions for a period of six months while it develops and leads to the execution new mining law, justified.
Channer said that Aurelian had a workforce of 460 people has been reduced by 80% in Quito and in Toronto, where is the headquarters of the company in Canada.
Only 60 workers will maintain the camps in the province of Zamora Chinchipe San Antonio and Las Pe?as, the latter main base of operations, 385 kilometres south of Quito.
When clarifying the new mining law, Channer not ruled out re hire the dismissed.
The mines were not yet in production.
The Constituent Assembly changed the April 18 about 3,100 of the 4,112 mining concessions granted in the country. The formalities of 1,220 new projects were put on hold. The agency requested a new law on the matter to remedy the lack of controls and provide more royalties to the state.
Shares of Aurelian was quoted on 9.3 dollars, but then dropped that provision at $ 3 in Canada, the company reported.
Aurelian has invested some 35 billion dollars since 2001 into two deposits. One has gold reserves estimated at 13.7 million ounces, equivalent to about 13,000 million dollars, and another about 22.4 million ounces of silver that would cost 3,800 million dollars.
Other foreign companies affected by the decision of the assembly are the Canadian Ascendant Copper, EcuaCorriente, Iamgold and International Minerals Corporation (IMC).
Mining confirms dismissal of hundreds of employees in Ecuador and Canada
News related Aurelian suspended operations mandated by mining
April 30, 2008
QUITO | AP
A Canadian company on Wednesday dismissed 80% of its payroll of 460 employees under the mandate with which the Constituent Assembly reversed the majority of mining concessions in Ecuador and ordered the suspension of its activities, reported a manager of the company.
The president of the mining Aurelian, Dominic Channer said in a press conference that "we deeply regret the impact that the Mandate Mining will have on our employees, both in Ecuador and Canada."
But the mandate requires a complete suspension of activities in our concessions for a period of six months while it develops and leads to the execution new mining law, justified.
Channer said that Aurelian had a workforce of 460 people has been reduced by 80% in Quito and in Toronto, where is the headquarters of the company in Canada.
Only 60 workers will maintain the camps in the province of Zamora Chinchipe San Antonio and Las Pe?as, the latter main base of operations, 385 kilometres south of Quito.
When clarifying the new mining law, Channer not ruled out re hire the dismissed.
The mines were not yet in production.
The Constituent Assembly changed the April 18 about 3,100 of the 4,112 mining concessions granted in the country. The formalities of 1,220 new projects were put on hold. The agency requested a new law on the matter to remedy the lack of controls and provide more royalties to the state.
Shares of Aurelian was quoted on 9.3 dollars, but then dropped that provision at $ 3 in Canada, the company reported.
Aurelian has invested some 35 billion dollars since 2001 into two deposits. One has gold reserves estimated at 13.7 million ounces, equivalent to about 13,000 million dollars, and another about 22.4 million ounces of silver that would cost 3,800 million dollars.
Other foreign companies affected by the decision of the assembly are the Canadian Ascendant Copper, EcuaCorriente, Iamgold and International Minerals Corporation (IMC).
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