Mining: Canada began approaches

Michael Portier, Canadian minister, meets with representatives of Chancery and the Ministry of Mines and Petroleum.

For today is due to arrive in Ecuador's minister of Foreign Trade of Canada, Michael Portier.

His visit is within a tour that began on Monday in Mexico and then spread to Panama and Ecuador.

Although it was announced that the main objective is to strengthen commercial ties with these countries, became known that Canada also seeks to assess the political climate that exists on issues considered as priorities for that country.

94 million
ounces of gold reserves are likely to Ecuador, according to the U. Central.

In the case of Ecuador, the construction of the new airport in Quito and the situation of the mining sector.

The latter will be addressed today at 11:00, at a meeting of protocol that will be between Portier and the minister of Mines and Petroleum, Galo Chiriboga.

Canada has a special focus on the theme, because at least nine large-scale projects for deposits of gold, silver and copper are held by Canadian mining companies. Among the most important are Antofagasta, Ecssa, Lowell, Lam Gold, Aurelian and also dynasties, Corneston and BMI.

It is estimated that only reservation is that the signing Aurelian in Ecuador is 13.7 million ounces of gold and 22 million ounces of silver.

But the latest measures taken by the Government of Ecuador have generated uncertainty in the sector.

Last April, for example, four mining projects USD 1 lost 174 million capital in the Toronto Stock Exchange, after knowing that the Assembly would reverse 3 100 mining concessions in Ecuador with the approval of Mandate Mining-which is still in process - .

The losses were for companies BMI, IamGold, Aurelian and Ecuacorrientes, the same as before the Mandate had a capital valued at USD 2 456 million in the stock market.

The debate Mandate even showed differences between the Executive and Assembly, because while the former was more open to exploitation, the Assembly, led by Alberto Acosta, he objected.

Moreover, it is hoped that the appointment among ministers also addressed the adoption of the Mining Law. This seeks to stabilise the sector and better use of resources by the Ecuadorian State.

At the time the law is ready, but was not reached to discuss in the House (since completed its functions) and it is expected that the new 'Congresillo the question. These will be vital for both Ecuador and the countries interested in investing in the sector, because "defines the rules of the game," said Carol Chehab, of the Centre for Foreign Trade.