FP says Aurelian, others get olive branch from Ecu2008-04-21 09:28 ET - In the News
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The Financial Post reports in its Monday edition that Ecuador's President is making assurances that he supports large-scale mining. The Post's Peter Koven writes the assurances came after his government passed a controversial mandate that halts all activity for as long as six months and revokes most concessions. After the suspension was voted on and approved on Friday, President Rafael Correa spoke with representatives from foreign mining companies. He told them that rather than end all future mining activity, the government wanted to cancel concessions "that are in a bad state," and to get a minerals law firmed up before any more work takes place. According to the mandate, that law needs to be in place in the next 180 days. "The current dilemma is not to say yes or no to mining, but rather to seek for responsible, economical, social and environmental mining," Mr. Correa said in a brief statement. Ecuador was considered one of the world's most promising undeveloped mining jurisdictions. "[Mr. Correa] says he hasn't changed his stance, but his support of this policy has shaken investor confidence in this country, without a doubt," said Patrick Anderson, chief executive of Aurelian Resources.