RE: Mining to resume in Ecuadordidn't show the first time hope this works
May 10, 2008 04:30 AM
QUITO, ECuador–Ecuador's government wants exploration of large-scale gold and copper deposits to restart by late August after suspending activity last month, said its mining undersecretary. Shares in mining companies with operations in Ecuador rose on the remarks. Dynasty Metals & Mining Inc. rose 5.9 per cent from intraday lows in Toronto and Aurelian Resources Inc. jumped by 6.5 per cent.
Ecuador's Energy and Mines Ministry is drafting a new law to eliminate corruption and regulatory problems. On April 18, mining and exploration were suspended.
"This is an indication that the (Ecuador) government is working toward getting the mining law in place and getting the companies back to work," said Wendell Zerb, a mining analyst at Cannacord Adams in Vancouver.