RE: RE: Mining Law Kinross Gold Ecuador deal could be the best deal in the history of mining or the worst. Kinross Gold told Government same thing they are telling shareholder. You can't believe much of it.
Ecuador is more than a little risky, its very high risk. Crime is high and the country is full of corruption.
you can't rely on a word the leaders say.
Kinross knows this and they want an investment protection treaty signed before they will commit to spending anymore more money on the project or money to develop it. They don't have an extraction license, or water license todate
If you will note the new press from Ecuador we want mining, we will relax the mining laws, and let companies recover their expenses before they have to pay tax and royalties.
this is good for mining the only problem are the indigeous people don't want mining, they want their property back after selling it to the mining companies. Yes they sold their farm to the mining companies now they state we want our land back we are broke we spent the money.
One chief says he will die fighting, i think he might get his wish.
Aecon a Toronto construction company finished building the new Quinto airport, it opened Feb20 2013. They own and operate the airport 25 year contract.
It took a few years longer due to the corrution and Ecuadors " trust us quotes " a shut down construction activity in the middle of the project due to the Quinto mayor wanting a bigger slice of pie, Quinto not building the road to airport the which was their commitment. ( another dispute )Canadian Government the backer having to fly down and pow wow with Quinto bunch and throwing in sweetner of 500,000 a year from Aecon's operating revenue.
After extended costs, complaints because of dust from the site, legal bribery it got finished.
Before i would commit to mine a property there i would ask for the following, police and military help in riot control, expenses for any shut down covered by the Government if its caused by the people blocking roads rioting, and stopping the work at the mine. The mine contract signed for 30 years, stating all Goverments in the future will honor the agreement. The government placing a bond in a Canadian bank to ensure they can't renege on their commitment.
What is really interesting is IAMgold joint venture partner's and the sale of the properties.
Internation Metals having a yard sale Ecuador Mining properties.