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Core Gold DMMIF

Core Gold Inc is a gold mining company based in Canada with all operations in Southern Ecuador. The company primarily explores for gold and silver. Some of its projects includes Zaruma Mine & Portovelo Mill, Dynasty Goldfield and Copper Duke Project.


OTCQX:DMMIF - Post by User

Bullboard Posts
Comment by Nikolaion Nov 13, 2011 10:31am
371 Views
Post# 19233296

RE: Mining "War of Words" in Ecuador

RE: Mining "War of Words" in Ecuador

That's part of routine discussion and not necessarily the major cause of delaying the contracts.  There are rabble-rousers in certain towns and around forums like the one cited, and that consumes some time when the president and cabinet / agency members need to visit a community to allay fears and refute falsehoods.

The larger cause for delay in contracts is government not compromising in its demands that are beyond what is considered reasonable and customary (eg. labor issues, royalties and arbitration come to mind, although the list is more extensive).  Governments worldwide are in search of more revenues.  However, Correa has a chip on his shoulder and seems more interested in 'teaching the world a lesson' by attempting to implement excessive levels of state participation, control and unaccountability; this is how Ecuador treats business and so should you (other states).   Way too much drama. 

Consider, Ollanta Humala takes office of President in Peru and depite broad concerns things will turn bad, he manages to renegotiate with the mining business in a few short months and everyone moves on.   Raffael Correa has been at this for 4-5 years and is still wasting time by wallowing in ideology and rolling right past government's own deadlines.

Dynasty should have been a simple case and the very first for government to conclude an agreement with because of its relatively small scale in relation to 'strategic' projects and the fact that operations have already commenced.  

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