Miners ask government to speed up sector policies - Ecuador

Wednesday, September 3, 2008

Ecuador's mining chamber (CME) has asked the government to speed up the pace in drawing up sector policies and wants to see a rough draft of the mining bill, local press reported.

The miners hope to review together the text of the document that is due to be presented and approved by the legislative committee in 2009, reports said.

CME is concerned about several issues, primarily investments since money that was slated to enter Ecuador has been rerouted to Peru and Colombia.

The chamber said that nearly 20,000 people have lost their jobs since April 18 when the constituent assembly passed a mandate suspending mining activities for six months.

CME added that formal mining activity in the country is in "intensive therapy" and emphasized the importance of speeding up plans for the sector.

The mandate ordered the closure of all mining areas that as of December 2007 had not paid their conservation licenses and all concessions that as of April 18, 2008 were still in the paperwork stage.

Companies working in Ecuador include Canadian companies Aurelian Resources (TSX: ARU), Corriente Resources (TSX: CTQ) and IAMGOLD (TSX: IMG, NYSE: IAG) along with US-based International Minerals (TSX: IMZ).

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