Preparation for 21st Century ..........CANADIAN PERSPECTIVE: Ecuador prepares its mining industry for the 21st Century
By: Marilyn Scales
The government of Ecuador is preparing to create its first state-owned mining company, National Mining Corp. This move follows the adoption of new mining legislation in January this year.
According to a report in Latino Minería News,the recent changes are intended to modernize the industry in order totake advantage of the country's mineral wealth while applying modernindustrial standards. Much of the mining currently taking place inEcuador is small-scale, artisanal workings.
Ecuadoris not a mining powerhouse. It makes little of its mineral potentialexcept for its petroleum resources. Oil and gas revenues make up overhalf its export earnings and a quart of its public sector revenues. Thelargest miners are Swiss and French cement companies.
Thenew legislation and state-owned company are intended to give the metalexploration and mining sector a significantly higher profile. Currentlythere are just a handful of gold mines operated by North Americancompanies and four more projects in the advanced exploration state.
Ifthe Ecuadorian government is correct, the metal mining potential ofthat country could be US$110 trillion. That's a number that may wellattract a number of global investors. The new, modern mining law and acommitment by the government to its own mining company are steps in theright direction.
https://www.canadianminingjournal.com/issues/ISArticle.asp?aid=1000339246