Aurelian Resources Was Stolen By Kinross and Management But Will Not Be Forgotten
The company whose shareholders were better than its management
Message: Ecuador Mining News 14th July.
- Apologies if already posted.. mercian9
| Q&A with Jose Serrano, Deputy Minister of Mines |
 Silvia Santacruz of Ecuador Mining News met with Ecuador's Deputy Minister of Mines, José Serrano, during the LatAm Mining Congress held in Miami last June 17th. In this EMN exclusive, Serrano reveals that the mining law will be ready at the end of August, and guarantees that the coming legal framework will bring stability to the state and international investors. He also says that the windfall tax will be applied to the industry. Read more |
The NYSSA Metals & Mining Conference in New York, in early June, gathered mining executives from around the world who spoke about their projects, their resources or reserves, financial statements, and political stability in host countries. The trend among most of the featured companies was similar. Projects with the richest deposits were in risky countries, and low-grade projects were in the friendliest jurisdictions. International Minerals was the only company with projects in Ecuador that participated in the conference.
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| From the Editor's Desk... |
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Dear EMN reader,
Silvia SantacruzThere's a light at the end of the tunnel--and it may not be a train. As announced, the MMP gave the new mining law draft to President Rafael Correa last June 27th and although it is not public yet, it is said to include royalties, a minimum investment per hectare provision, and strict environmental controls. The upside, you ask? When passed, the new mining law will negate the mining mandate that has halted all operations for six months. And, the law will finally reveal the information investors need to determine Ecuador's investment worthiness. Deputy Minister of Mines Jose Serrano says that Ecuador is in a period of transition, and affirms that the new mining law will bring stability and legal certainty among international investors. His trip to the LatAm Mining Congress in Miami signals that the Ecuadorian government wants to regain investors' trust. More good news for the industry: former MMP minister and Assembly speaker Alberto Acosta - a fierce mining opponent who was responsible for the mining mandate - resigned last June 24th due to disagreements with Correa. Some government officials have said that the new mining law will be instantly approved by the Congresillo, an interim legislature that will be appointed by President Correa. The Congresillo will replace the Constituent Assembly, which will be in session until July 26th but will be available to meet for emergencies until September 28th. That day, Ecuadorians will vote for the referendum to approve the new Constitution. The new true Congress, for its part, will be elected early in 2009. Understandably, mixed feelings remain despite positive developments and a clearer understanding of the legislative calendar. Serrano states that a 70 percent windfall tax will be applied to the industry upon the signing of contracts, but adds that the MMP will be working alongside firms to set the reference price. Investors may also want to consider the unknown. President Correa's involvement in the mining industry is not well perceived by analysts such HSBC Victor Flores. Nevertheless, strong leadership consistent with Correa's pro-mining statements might prove effective in overcoming anti-mining sentiments in his political party, Alianza Pais. Mining, as Serrano says, is Ecuador's future. He and other actors seem to partly appreciate the role of international investment in that future. Helping them fully recognize and safeguard foreign capital will be EMN's task in the months ahead. Sincerely, Ecuador Mining News |
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