OTCPK:CTNXF - Post by User
Comment by
nijinsky70on May 27, 2009 8:48am
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Post# 16019160
RE: I've read it all......
RE: I've read it all......I like your optimism about mining in Ecuador, but I have a very bitter experience there.
I owned ARU and was looking to make a reasonable profit from this investment. Then out of the blue in April 2008, the Ecuador government imposed the mining moratorium for six months. I lost almost 75% of my ARU investment in the months followed. Of course ARU was swallowed up thereafter by Kinross for a song. No other major even bothered to "kick tire" and make a similar lowball offer. The situation was that grim with Ecuador.
Most people rationalized that Rafael Correa is a U.S. educated economist and he would do the right thing for this country (i.e., see the benefit of mining), the hell with ideology (he is a left wing politician in the Chavez camp). Just be patient and everything will be OK there.
Well, it is now May 2009, the mining moratorium should be lifted in October 2008 and yet 13 months later there is still no mining work resumption in Ecuador. What credibility does this government has in anything it says???
I would ride out the CGP investment to the end of 2009 and if the situation in Ecuador is still what it is, I would have to say enough is enough. I will take whatever is left and get out.
NEVER TO INVEST IN ECUADOR AGAIN.