Rio Tinto interest in Ecuador........Rio Tinto Mulls Ecuador Mine Bid As OPEC Nation Seeks New Export
Ecuador Minister Says Rio Tinto Hasn't Made Final Decision
Government To Start Offering New Mining Licenses in January
Bloomberg Business - December 2, 2015
https://www.bloomberg.com/news/articles/2015-12-02/rio-tinto-mulls-ecuador-mine-bid-as-opec-nation-seeks-new-export
Rio Tinto Group, the world’s second-biggest mining company, is considering investing in Ecuador amid a push by the OPEC nation to cut its dependency on crude oil and jump-start its nascent metals industry, the nation’s mining minister, Javier Cordova, said.
Cordova met with company officials in April and the miner is now waiting to see how other local projects fare before making a final decision, the minister said Wednesday in an interview in London. Ecuador, an Andean nation which claims metals deposits similar to those in mineral-rich Chile and Peru, will begin offering new mining concessions in January and is in talks with potential bidders, including SolGold Plc., Cornerstone Ecuador SA and Odin Mining & Exploration Ltd., he said.
The push to attract more foreign investment and boost non-oil exports comes amid a collapse in global energy prices so steep that the South American nation says it’s losing money on every barrel of crude that it pumps. Slumping metal prices make this a difficult time to attract new mining ventures, but the country has passed a series of legal and tax reforms that may help entice companies to invest, Cordova said.
“We’re not very optimistic because of the industry’s moment, but the most important thing is to start the process,” Cordova said. “It’s important to diversify and since we have the resources, it is the smart thing to do.”
Rio Tinto’s press offices in Melbourne didn’t immediately respond to a telephone and e-mailed message seeking comment on any investment plans in Ecuador. Brisbane, Australia-based SolGold didn’t immediately respond to a telephone message seeking comment. Telephone calls to Cornerstone’s offices in Quito went unanswered after normal business hours. Officials at Odin’s Vancouver office didn’t immediately respond to a telephone message seeking comment on any plans to bid for new concessions.
Ecuador’s national mining chamber, an industry group that represents local miners, says the country’s mineral deposits may contain more than 39 million ounces of gold, 88.7 million ounces of silver and 8.14 million metric tons of copper.