The state formed a mining co. ashad been expected. Ecuador formalized the arrangements yesterday, and this ties into the recent Bloomberg article:
https://www.bloomberg.com/apps/news?pid=newsarchive&sid=a1y49uU4LOkM
The Reuters piece which has been making the rounds included a short quip but was absent supporting details. The author is known to present one-sided stories. Correa was probably referring to both the participation in contracts with foreign companies as well as operations within the state's own company. The state will operate some of the concessions already in its control.
https://www.chinamining.org/News/2009-05-26/1243304611d25057.html
Ecuador to form mining company with Venezuela, Bolivia
(www.chinamining.org)
Updated: 2009-05-26 10:22
The Ecuadorian government on Monday announced the establishment of a mining company with Venezuela and perhaps also with Bolivia to exploit deposits in the Ecuadorian territory.
"We are going to build a great mining company in association with Venezuela and perhaps with Bolivia to exploit some veins of mine ore returned to the State from private hands,"said Ecuadorian Minister of Mines and Petroleum Derlis Palacios.
He said that the new company might start with some gold deposits in Portovelo, El Oro Province and in Sucumbios, and one copper ore in Chauchi.
Palacios said that the Pacific Refinery in Manabi province showed interests in the joint venture and would raise 70 percent of the funds. The remaining 30 percent will be covered by Ecuadorian and Venezuelan governments.
The presidents of Ecuador, Bolivia and Venezuela enhanced trade ties during meetings over the weekend, with Venezuela and Ecuador on Saturday cutting cooperation deals in energy, mining and banking sectors.