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Ecuador's President Signs Regulations For Mining Law -Report16 days ago
QUITO (Dow Jones)--Ecuador's president Rafael Correa on Wednesday signed regulations for a mining law which will allow the resumption of mining activity in the Andean country, the state online newspaper El Ciudadano said.
According to El Ciudadano, Correa has said that Ecuador could start exporting minerals in 2012.
Recently, Minister of Non-Renewable Natural Resources Germanico Pinto said that next year, the government will start negotiations with private companies to sign contracts for exploitation.
Ecuadorian lawmakers in April 2008 froze mining activity, revoking around 80% of mining concessions and suspending the other 20% due to environmental concerns.
In January of this year, a new mining law was approved, but regulations were needed to administer the law and allow the resumption of activity.
The government has said the new mining law opens the door to a potentially lucrative and underdeveloped industry in the country and that the country's mineral potential could amount to about $110 billion
According the government, the regulations will require corporate social responsibility measures to promote labor stability and safety, and to benefit local communities.
Local units of Corriente Resources Inc. (ETQ), Kinross Gold Corp. (KGC), International Minerals Corp. (IMZ.T), Iamgold Corp. (IAG), Trilliant Exploration, Mariana Resources Ltd. (MARL.LN) and others have mining concessions in Ecuador.
Ecuador's current mining output is minimal. Large-scale projects have generally centered on nonmetallic products such as cement.
-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653; mercedes.alvaro@dowjones.com
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