Marla
posted on
May 08, 2008 08:41AM
some of the drills are still on-site. All are within Ecuador and don't really have anywhere else to go within country so we shouldn't have too much trouble getting them back when the time is right. It is unclear when or how our concessions will be taken away just as it is unclear how exactly we'll go about getting them back. Correa just made the comment that the new mining law won't have the three concession rule in it and that companies who lost concessions will have the first opportunity to get them back. We have not been guaranteed anything and cannot assume anything.
It is very difficult to predict timing of getting back to work. With a referendum and election later this year there are just too many variables. Too early to speak to costs and other specifics of how concessions will be awarded.
The mining companies definitely have a very united front. Adversity certainly helps bring people together. As for what were presenting, we will be speaking to international standards, need for clarity and fairness and opposing any problematic aspects that would limit mining investment. We will be sitting at the same table with other company reps, ministry of mines and community participants.