Ecuador Plans To Sign Contracts With 3 Mining Cos In August
21 Julio 2011 - 11:51AM
Noticias Dow Jones
Ecuador's government plans to sign exploitation and investment
contracts with at least three foreign mining companies next month,
Minister of Nonrenewable Natural Resources Wilson Pastor said
Thursday.
Pastor said during a mining event that five foreign mining
companies are expected to invest more than $4 billion over the next
five years.
The minister said a windfall tax will be a major component of
the negotiations with the companies.
The administration of Ecuador President Rafael Correa is
negotiating with, among others, EcuaCorriente, the local unit of
Canada's Corriente Resources Inc. for its Mirador project; the
local unit of International Minerals Corp. (IMZLF, IMZ.T) for its
Rio Blanco project; and Kinross Gold Corp. (KGC, K.T) for its Fruta
del Norte project.
EcuaCorriente is controlled by China Railway Construction Corp.
(601186.SH, 1186.HK) and Tongling Nonferrous Metals Group Co.
(000630.SZ).
-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653;
mercedes.alvaro@dowjones.com
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