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The Mining Law Draft was Presented to President Correa for Review Presidencia de la Republica, July 1st

Ecuador Mine Law to Have Community Input, no Veto  Reuters, June 30th

Ecuador Needs Mining  Latin Business Chronicle, June 30th

Ascendant Copper Announces Results of Annual & Special General Shareholders Meeting  June, 27th

As for the Ecuador Mining Law...  Inca Kola News, June 27th

Spirit Exploration, Inc. Comments on Recent Developments in Ecuador  June 25th

Ecuador Assembly Head Resigns Over Constitution Rewrite Deadline  Reuters, June 24th

Aurelian's Nemesis to Resign?  Financial Post, June 24h

International Minerals Reports High-Grade Drill Results at Rio Blanco Project, Ecuador June 24th

The Reuters Article Yesterday, and Aurelian Tomorrow  Inca Kola News, June 21th

New Constitution Set to Bolster Ecuador's Correa  Reuters, June 20th

FACTBOX: Key Proposals for Ecuador's New Constitution  Reuters, June 20th  

Time to 'load the boat' with Aurelian Stock: Analyst  Financial Post, June 13th

The Ecuador Mining Picture is Becoming More Positive by the Day  Inca Kola News, June 10th

Oromonte Announces Filing of 1st Quarter Financial Statements and Results  June 13th

Despite Political Quagmire, Ecuador May Produce a Workable Mining Law  Mineweb, June 12th

Ecuador's Mineral Crossroads: Canada's Commitment?  Focal Point, June 3rd

Atlas Provides Update on Recent Announcement in Ecuador  June 12th

Ecuador Min: Mining Concessions Turned Over to the State  Dow Jones, June 9th

Escondoro Postpones Its Initials Public Offering  June 9th

In Depth Interview: Michael Gray, Mining Analyst  BNA, June 2nd

The Draft of Ecuador New Mining Law  Inca Kola News, May 28th

Channel Expands & Advances West Bienville Uranium Project, Completes Geophysics at Tanlouka Gold Project  May 21th

Ascendant Copper Reports 2008 First Quarter Financial Results  May 15

Iamgold in Good Position to Make Acquisitions  Financial Post, May 14

Iamgold Increases 1Q Net Earnings by 205% yr/yr  Gold World, May 14

Aurelian Files First Quarter Financials and MD&A  Fox Business, May 14

Miramonte Mining AG Fulfills All Regulations of the New Mining Mandate  May 13th

Atlas Update on Ecuador Mining Mandate  May 8th

Ecometals Suspends Operations in Ecuador  May 7th

Munk Pumps up Barrick 'Safety Net'  Financial Post, May 7th

Ecuador’s Miners and Investors Holding their Stock can Look Forward to a Happy Ending  Inca Kola News, May 7th

Analysis: Nascent Ecuador Mining Sector to Survive Freeze  Reuters, May 6th 

Ecuador: the Mining Law, the Assembly Decree, and the Situation as Stands  Inca Kola News, April 20

Ecuador President Pledges "Responsible" Mining Will Proceed, Companies Say  The Canadian Press, April 25 

International Minerals and Other Mining Companies Meet with President Correa and Top Officials   April 25

Dynasty Comments on Recent Developments in Ecuador  April 25

Corriente and Other Mining Companies Meet with President Correa and Top Officials April 25

Aurelian and Other Mining Companies Meet with President Correa  April, 25

Oromonte Acts on Ecuador Government News  April 22

Ecuador May Be Worth a Punt  Resource Investor, April 23

Mining Companies React to Ecuador’s New Mining Mandate  International Minerals, April 21

Constituent Assembly President Alberto Acosta's Speech Prior the Approval of the Mining Decree (Video in Spanish only) Asamblea, April 18 

President Correa Says that Mining Decree Seeks to Reverse Illegal Mining Concessions  Presidency, April 18

So Much for Saying “Hope this is the Last Post on Ecuador Mining”  Inca Kola News, April 21, 2008

Corriente Updates Ecuador Constitutional Assembly Mining Decree  April 21

Aurelian Comments on Recent Political Developments in Ecuador FDN  April 21

Impact of Ecuador Mining Mandate Unclear, Miners Say  The Canadian Press, April 21 

Ecuador Mining Law to Boost State Control in Deals  Reuters, April 21

Atlas Update on Ecuador Mining Mandate  April 21

Dynasty Seeks Clarification on New Mining Mandate  April 21 

Salazar Update on Mining Announcements in Ecuador  April 21

Ecuador Suspends Some Mining for as Long as 180 Days  Bloomberg, April 18

Cornerstone Evaluates Impact of Mining Mandate in Ecuador  April 21

Ecuador Revokes Mining Concessions  AP, April 18

Ecuador Freezes Mining Exploration, Boosts Control  Reuters, April 18

Aurelian Update Recent Mining Announcements in Ecuador  April 17

Ecuador May Suspend Mining for 180 Days, Correa Says  Bloomberg, April 17 

Ecuador's Correa Backs Large-Scale Mining Freeze  Reuters, April 17

Ecuador Seeks New Oil Deals in 6 Months, Control Hike  Reuters, April 14

Dynasty Enters into Revised Agreement to Spin-Off Duke Gold/Copper Project to SBI  April 15

Oromonte Acquires Prospective Property in British Columbia  April 10

Ecuador Plans Flexible Mining Windfall Tax  Reuters, April 7

Mining: From Protest to Proposal  El Comercio Editorial, April 7

The Government Clashes with the Assembly in Mining  El Comercio, April 7

Aurelian Cofounder Steps Down  Financial Post, April 7

Wega Mining Completes Compulsory Acquisition of Goldbelt Resources  April 7

Salazar Intercepts 16 Meters of Massive Sulphides  April 7

The Assembly Reviews the Mining Mandate Amid Protests  El Comercio, April 3

Aurelian Confident as Ecuador Plans Mining Reform  Reuters, April 2

Correa Says he will not Tolerate Strikes  El Comercio, April 6

ECUADOR MINING NEWS

EMN Highlights from 2008 NYSSA Conference

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.
[Read more]

Q&A with Victor Flores, Senior Mining Analyst HSBC, New York

In an exclusive interview, EMN talks with Senior Mining Analyst Victor Flores, the inaugural speaker at the New York Stock Securities Analysts (NYSSA) Eighth Mining and Metals Conference.  Flores explains how Ecuador’s April mandate affects investor confidence, and how mining firms may feel they must move on to develop projects in other countries.  He warns that mining projects in Ecuador can be delayed for years and compares the country’s political risk with that of the Congo.   
[Read more]

Silvia’s Ecuador Trip Diary: Entry Two

In this second of two installments, EMN Writer-Editor Silvia Santacruz shares the details of her pro-mining mission to Ecuador.  She offers a play-by-play of EMN’s pro-mining conference in Quito, including speeches made by various mining stakeholders who responded to EMN’s call to further unite in support of mining.  Included are her observations, photos, quotes from speakers, links to news clips, and videos.
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Cementing Ecuador’s Poverty by Decree

Ecuador’s Constituent Assembly issued a decree halting all medium- to large-scale mining operations in the country for the next six months.  During her pro-mining mission to Ecuador, EMN Writer-Editor Silvia Santacruz witnessed how much a single junior exploration company can benefit the economy of impoverished communities such as Pucará, three hours from Cuenca.  While international investors lose confidence, and mining companies redefine their strategies and seek friendlier mining frontiers, the Pucarasenses simply wait.  
[Read more]

EMN Exclusive Article in Industrias Magazine

Industrias Magazine, a monthly publication of the Guayaquil Chamber of Industry, published in its March issue an EMN feature article, “Let’s Take Advantage of the Mining Opportunity.”  Authored by EMN Writer-Editor Silvia Santacruz, the five-page exclusive article stresses the importance of international investor confidence.  Specific article topics include the need for property rights and clear regulation, the threat posed by a windfall tax, and two remarkable LatAm examples: Chile and Peru.  “Ecuador can move from a \'Banana Republic,’ cocoa producer, flower grower, and oil producer to a prosperous mining one,” said Santacruz.  Spanish only  Link to Chamber layout
[Read more]

Silvia’s Ecuador Trip Diary: Entry One

In this first of a two-part series, EMN’s Writer-Editor Silvia Santacruz reveals the details of her pro-mining mission to Ecuador.  Silvia’s first stop was Montecristi, site of the Constituent Assembly.  There, she shares the results of her Investor’s Concerns Survey with key Assembly members.  Later, in Quito, Silvia begins organizing a pro-mining event with the help of stakeholders before taping a 30-minute TV news interview in Guayaquil.  Go to the interview [Spanish only]
[Read more]
 
Why the WFT Would Be Bad for Both Ecuador and its Mining Industry

Mark Turner, Latin America equities analyst at Hallgarten & Company, writes an exclusive article for EMN in which he shows why the 70% windfall tax (WFT) could scare away new investment in Ecuador.  His model, based on a mining firm operating in Ecuador whose production costs increase at the same rate as metal prices, demonstrates that the higher the prices, the lower the company’s income.  Turner contrasts this model with 5 and 10 percent gross royalties, which are better than the current WFT.  “Ecuador’s government may believe a WFT would be a good way to bring in extra revenues, but it would be a serious mistake to make it a law,” he said.
[Read more]
 
EMN’s Investor Survey: A Mixed Bag
  
The EMN Investor Concerns Survey, an initiative of this publication, reveals that half of respondents want to keep their mining stocks in firms operating in the Andean country.  This is regardless of uncertainty due to changes in the attractive mining law, the inclusion of a 70% WFT, and extremist green NGO tactics.  Nevertheless, 41% of respondents have already sold a portion of their shares due to unease, while 46% think Ecuador ’s financial risk is worth it.  Check out the EMN survey results
[Read more]
 
Top Story: EMN Visits Ecuador…Feb. 22!

Ecuador Mining News announced today that Writer-Editor Silvia Santacruz is in her home country of Ecuador conducting an independent fact-finding and pro-mining advocacy mission.  For two weeks she will tentatively be in Guayas, Manabi, Azuay, and Pichincha provinces, visiting select projects, meeting stakeholders, reporting on investor concerns, and championing the cause of large-scale mining in Ecuador.  The visit will occur between Friday, February 22nd and Thursday, March 5th and will conclude with one or more pro-mining events.
[Read more]

MMP Proposes New Framework for Mining Exploitation

Assembly members of the Natural Resources and Biodiversity Committee welcomed MMP Minister Galo Chiriboga, who assured them that the exploitation of natural resources such as mining will help the country stop importing raw materials that can be exploited domestically.  He also proposed a new legal framework that enables the industry’s development under strict environmental controls, social benefits, and fair revenue sharing by the state.
[Read more]

Ecuador Won't Allow 'Childish Environmentalism' to Harm Country 

The Ecuadorian Government will prevent its country from falling into bankruptcy as a consequence of anti-mining and anti-oil groups, president Rafael Correa stated last Saturday during his radio address.  Despite the criticism, Correa was cautious not  to mention by name the Confederation of Indigenous Nationalities of Ecuador (Conaie), whose main representative, Marlon Gualinga, threatened a national strike if mining and crude oil extraction do not stop.  

[Read more]

Opinion:  Could Correa ‘Flip-Flop’ Create a Back Door for Mining?

Ecuadorian President Correa made what appeared to be flip-flop during his radio show, last Saturday.  He argued that the mining industry does not pay royalties, and the only obligation per-hectare fees ranging from $1 to $16, are sometimes unpaid.  Based on late fees, MMP minister Galo Chiriboga announced the revocation of 587 mining concessions, last Friday.  The Correa administration move may be deliberately sending mixed signals to create a distraction among anti-mining activists.
[Read more]

Mining Chamber Coalition Launches Lobbying Effort

Representatives from large- and small-scale Ecuadorian mining chambers will begin lobbying the Constituent Assembly tomorrow to highlight the industry’s key role in the country’s development.  The partnership will participate more actively in the drafting of laws or Assembly mandates involving the mining industry.  Yesterday President Correa criticized the current mining law, and announced the creation of a State Mining Corporation and the suspension of new mining concessions.  Current concessions will operate normally.
[Read more]

Windfall Tax Approved, Mining Law on Horizon

While it is unclear whether the 70 percent windfall tax on non-renewable resource extraction will include mining companies, the MMP Minister reiterated President Correa’s support for the industry and announced a dialogue with firms regarding the drafting of a new mining law.  If the windfall tax applies to mining firms, Ecuador will join Mongolia in discouraging international investors from keeping their holdings in the Andean country.  A mining analyst and an investor discuss their insights with EMN regarding this issue.
[Read more]

Details of Proposed Windfall Tax Unfolding

A newswire’s report regarding a 70 percent windfall tax on mining firms operating in Ecuador stunned the industry, precipitating a selloff in shares of junior exploration companies investing there.  As of today, Saturday, details of the tax law were still unfolding but EMN’s research and discussions with an industry group reveal some aspects of the tax law that investors and firms should know about.

[Read more]

“Windfall Tax” Issue Still Playing Out

Ecuador’s MMP has not yet confirmed a recent newswire’s report concerning a 70 percent windfall-revenue tax on mining companies.  Mining chamber representatives declined to discuss their position with EMN until their upcoming meeting with MMP Minister Galo Chiriboga.  The vice president of the 13-member legislative committee reviewing the tax bill and future bills is a familiar face: she is mining ally Maria Paula Romo of Alianza Pais.
[Read more]

Opinion: Green Light for Mining

Walter Spurrier, a renowned Ecuadorian economist, writes in Quito-based El Comercio newspaper about President Rafael Correa’s support for large-scale mining.  Spurrier suggests that the government create a negotiating team to deal with mining firms that have already invested in the country.  “The president should not miss this window of opportunity that gives him the power to legislate through the Assembly.  Companies are not going to invest in exploitation until the conditions of how to perform their activity are clear.”
[Read more]

El Comercio Prints EMN Viewpoint

Ecuador’s most influential publication, the Quito-based El Comercio daily newspaper, printed an opinion letter authored by EMN Writer-Editor Silvia Santacruz.  The piece outlines the positive effects that large-scale mining will have on Ecuador and argues for the Constituent Assembly’s enactment of industry-friendly regulations.  It also warns against extremist NGO agitation, calling for sensible regulation of these organizations’ behavior.
[Read more]

China Visit Adds to Correa Pro-Mining Position

In a move signaling his administration’s support for large-scale mining, last week President Rafael Correa invited Corriente Resources to participate in his trade mission to China, where he signed bilateral agreements covering different areas, including mining. The news arrives one week prior to the convening of Ecuador’s Constituent Assembly, which on November 29th will begin altering the rules for international mining companies operating in the Andean country.  Alberto Acosta's statements were dismissed by current MMP minister Galo Chiriboga.
[Read more]

Ecuador Loses Over a Decade of Mining 

Despite Ecuador’s sufficient mineral resources, the country has shown a persistent mining trade deficit during the last decade.  In 2005, this number jumped to USD $792 million, and it could reach USD $1 billion before 2010.  Delay in Ecuadorian mining development is three-pronged: development is opposed by green NGOs, the industry benefits from little state support, and mineral deposits are difficult to access.  Written by Julian Rosero of River Hill Resources and Ana Elizabeth Ortiz.
[Read more]
 
Some Green NGOs Keep Poor Countries Undeveloped While They Are Awash with Billions

Some green NGOs have an inexplicable dark side: they oppose large private companies’ projects in developing countries regardless of their environmentally-friendly standards.  In turn NGOs prevent generous social responsibility programs from helping the poor, while NGO staff work comfortably from the most developed countries and spread misinformation campaigns on the Internet, capturing millions of dollars in donations.

[Read more]
RELATED NEWS

 

National Strike Enters Second Day, Several Operations Impacted, Peru  BNA, July 1st

Ecuador Assembly to Accept Resignation of Chief  Reuters, June 24th

Protests in Peru  The Motley Fool, June 13th

Ecuador Oil Min Makes New Offer To Cut Windfall Tax  Dow Jones, June 12th

Spain's Repsol Sues Ecuador Over Windfall Tax  Reuters, June 12th

Oil Prices: Risks and Opportunities  Resource Investor, June 11th

Ecuador Oil Min: No Need For OPEC To Raise Output  Dow Jones, June 8th

Ecuador Government: Petroecuador Seen Producing 62.3M Barrels in '08  Dow Jones, Jun 2nd

Gold to Dust in South American Mining  Modern Money Machine, May 29th

Lima Kicks Off Yellow Metal Symposium with Golden Smile  BNA, May 20th

Venezuela: Oil, Gold and Foreign Affairs  Sheehans Blog, May 20th

Venezuela Gold Mining  Gold World, May 17th

Experts: Venezuelan Government Seeking Control Over Mining  BNA, May 16th

Peru: Nationwide Mining Strike Suspended as Government Holds Talks  BNA, May 12

Ecuador Seeks New Oil Deals in 6 Months, Control Hike  Reuters, April 14

An Explanation for Soaring Commodity Prices  Resource Investor, April 14

2008 Goldman Environmental Prize Raises the Stakes  Environment News Service, April 14

Correa’s Approval Spikes in Ecuador  Angus Reid, April 09

Copper Futures to Hit High in First Half of 2008  Interfax China, April 9

Hunters Comb Globe for a Hot Metal   The Wall Street Journal, April 4

Ecuador Pays Oxy $100 mln Over Tax Dispute  Reuters, April 8

Rio Tinto Not Concerned About U.S. Recession  Resource Investor, April 7

Ecuador Says CIA Controls Part of its Intelligence  Reuters, April 5

Uranium in Latin America  Blog Poblete, March 13

Ecuador Wraps Up Talks on New Oil Contracts  Reuters, March 9

Ecuador Wraps Up Talks on New Oil Contracts  Reuters, March 9

Colombia Pipeline Bombed by FARC After Ecuador Attack  Bloomberg, March 6th

El Salvador Should Not Spurn God’s Gift of Gold  HACER, Feb. 11

ProInversión Peru to Meet with Investors from at least 5 Countries  Business News Americas, Feb. 7

Venezuela, Ecuador to Build Refinery  AP, Feb. 01

Ecuador November Crude Output 517,433 B/D; +1% On Year  Dow Jones, Jan. 29

Ecuador President Correa Sets March 8 Deadline for Oil Talks   Bloomberg, Jan. 26

Three Oil Firms Bid for Oil Contracts Worth $1B in Ecuador  Xinhua, Jan. 23

Ecuador Wants Fast Contract Talks With Private Oil Companies  Bloomberg, Jan. 21

Ecuador: Gov To Invest $2.39 Billion In Hydroelectric Projects   Dow Jones, Jan. 22

Don't Panic, Start Buying Now  Resource Investor, Jan. 22

Ecuador’s Tax Reform: Kalecki Redux?   RGE Monitor, Jan. 18

Ecuador Pumps $2B into Oil Industry  CNN, Jan. 16

Ecuador Committee Approves $302 Million For Oil Projects   Dow Jones, Jan. 14

Gold, Platinum near Historic Highs; Uptrend Intact  Reuters, Jan. 15

Precious Metals and U.S. Economic Review  Kitco, Jan. 11

Gold Futures end up after Setting new Record High  Market Watch, Jan. 9

Ron Paul: Gold Market Rigged for Decades  TheStreet.com, Jan 9 

Ecuador's October Oil Product Export Revenue Up 73% On Year  Dow Jones, Jan. 2

Gold Near Record as Crude Oil Gain, Weak Dollar Lure Investors   Bloomberg, Jan. 3

GOLD: 2008 Here we go!  Kitco, Jan 2

Ecuadorians Doubtful on Constituent Assembly  Angus Reid, Jan 1

Gold Gains on Bhutto's Death, Weaker Dollar  MarketWatch, Dec. 27

Ecuador Awards 3 Marginal Oil Fields  Reuters, Dec. 26

Belated Present for Gold  Kitco, Dec. 26

Ecuador President Correa, Constitutional Assembly Fall in Poll   Bloomberg, Dec. 24

Ecuador Central Bank Revises 07 GDP Growth Forecast to +2.65%   Dow Jones, Dec. 23

Mining Lacks Skilled Trades  The London Free Press, Dec. 12

Latin American Leaders Form Regional Bank, Seeking Independence   Bloomberg, Dec. 10

The Beginning of the End for Hugo Chávez  The Economist, Dec 6

Ecuador to Drill Park Unless World Pays  AP, Dec. 10

Ecuador Government Says It May Auction ITT Oil Project in January   Dow Jones, Dec. 10

Correa Joins Leaders Urging Colombia Hostage Release  Bloomberg,  Dec. 10

Ecuador To Fully Meet OPEC Quota By 1Q  Dec. 05

Ecuador To Fully Meet OPEC Quota By 1Q 2008  AFP, Dec 5 

Ecuador Trade Minister Quits in Latest Cabinet Change   Bloomberg, Dec. 6

Ecuador's Correa Deepens Navy's Control of State Oil Company   Bloomberg, Dec. 3

Gabriel to Cut Jobs, Scale Back Romania Gold Project  Reuters, Dec. 4