UPDATE: EcuaCorriente Close To Getting License For Mirador Project
21 Septiembre 2011 - 5:44PM
Noticias Dow Jones
EcuaCorriente, the local unit of Canada's Corriente Resources
Inc., is close to receiving a license for its Mirador project in
Ecuador, after obtaining approval for its environmental-impact
studies, a high-level government official said Wednesday.
Juan Carlos Soria, deputy secretary for environmental quality,
said in an interview that the company has paid $200,000 of the
$600,000 required to get the environmental license.
EcuaCorriente is controlled by China Railway Construction Corp.
(601186.SH, 1186.HK) and Tongling Nonferrous Metals Group Co.
(000630.SZ).
The Mirador project, in southern Ecuador, has estimated reserves
of 10 billion pounds of copper.
Ecuador currently has a minimal mining output, and large
projects are generally centered on nonmetallic products such as
cement.
Ecuador President Rafael Correa's administration plans to sign
exploitation and investment contracts with at least three foreign
mining companies this year.
The Correa administration is negotiating with, among others,
EcuaCorriente; 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.
Wilson Pastor, minister of nonrenewable natural resources, said
Wednesday that an economic agreement with Ecuacorriente will be
ready this month.
"We have yet to get agreements for two or three of the 10
economic points," although there are legal and other issues to be
resolved to get an agreement in October, Pastor said.
According to Pastor, talks with Kinross also are progressing and
it is expected that next week, International Minerals will submit
its final proposal as part of the negotiation process to sign
exploitation and investment contracts.
Guayaquil's Expreso newspaper said Wednesday that International
Minerals has partnered with China's CAMC Engineering for the
financing and construction of the Rio Blanco project.
The Rio Blanco project in the southwest has estimated reserves
of 605,000 ounces of gold and 4.3 million ounces of silver.
Officials from CAMC Engineering as well as IMC weren't available
for comment.
-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653;
mercedes.alvaro@dowjones.com
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