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Eco Oro Minerals Corp C.EOM

Alternate Symbol(s):  GYSLF

Eco Oro Minerals Corp. is a Canadian precious metals exploration and development company. The Company was focused on the development of the Angostura Project in northeastern Colombia, which consists of the main Angostura deposit and its five satellite prospects. The International Centre for Settlement of Investment Disputes (ICSID) Arbitration Claim became the core focus of the Company.


CSE:EOM - Post by User

Bullboard Posts
Post by notafingeron Feb 26, 2019 8:46am
103 Views
Post# 29413186

From the PORTFOLIO

From the PORTFOLIO
Mining

The country has such a strict mining regulation that the investors themselves do not believe that Colombia is attractive to do business in this sector. 

ETCE

BY:
 
PORTFOLIO
 
FEBRUARY 25 FROM 2019 - 08:49 P.M.

A total of 8,000 applications for mining titles are in line with the authorities of the sector, to obtain the respective permits for exploration and exploitation in Colombia. Those that are approved, will be added to the 7,935 that are in force, of which, only 2.35% is intervened -that is to say in operation-, which means that if all the areas in production are united, they are just an extension similar to that of the entire department of Sucre. 

(Special report: Mining well done, a 'jewel' for the Colombian economy). 

 

The interest in obtaining permits indicates that in Colombia progress is being made in the purpose of doing legal mining since the birth of the companies. 

And there is another key fact: according to the figure of the National Mining Agency (ANM), 41% corresponds to construction materials, followed by gold and precious metals, other minerals, coal and emeralds.
 

 
In other words, it can be said that Colombian mining, although it barely weighs 2.1% of the Gross Domestic Product, is a priority activity for development. Last year alone, it generated royalties of 2.5 trillion pesos, which are invested in works for the regions. Most of these resources come from small-scale mining companies. Large projects are operated by 28 companies and a large part of them are foreign capital.

 
The importance of the sector lies in the fact that its products are part of the daily life of Colombians, either because they depend economically on this activity, live ancestrally of them, work in mines, transport the products, market them, benefit from the income from exports and even use them daily. The most evident case is that of the construction materials that are demanded in housing projects of all strata, buildings, roads and infrastructure, mixed with other minerals such as iron, steel and copper. 

DO IT WELL

Despite the obvious social benefit generated by this sector, society is engaged in a discussion about an environmental impact that no one denies.

However, few know or accept that the country has such strict regulation, that the national and foreign investors themselves believe that the regulations are so rigorous that it is not business to execute projects in the national territory.

 
"No one is against mining being done in the country, but it has to be done well," says Deputy Minister of Mines, Carolina Rojas Reyes. "Colombian mining meets international standards, is regulated and we have a big challenge to attack the illicit exploitation. "

The reality is that Colombia is not going through an environmental emergency because of this sector, as some believe.The damage is caused by illegal mining, which is why the government will present a bill this year that will give more tools to the State to fight against illegal exploitation.

"Here we respect the great mining, traditional and artisanal, and accompany them to comply with the rules and formalize. We are fighting head-on against illegal mining. We can not ignore the fact that there are rivers and areas that are very affected because groups outside the law enter even yellow machinery into the water sources, use mercury and pollute. These are people who do not have permission to operate, do not comply with the rules of protection of life and natural resources. They are illegal, they even mix this activity with others that are also outside the law, "said the vice minister. 

SUBSISTENCE

 
But we must differentiate between illegal and artisanal mining. There is no discussion about the rejection of illegality. However, there is subsistence activity that is a very small production with low impact on the environment. 

The Government has been advancing formalization plans for artisanal miners, which in some areas includes a large part of its population, such as La Guajira, Choc and the Pacific. Many of these projects are mines with municipalities and not municipalities with mines. 

"What we are always looking for is for this activity to take place under safe conditions and respecting environmental regulations. To this end, the mining control has been strengthened, respecting the international parameters ",Deputy Minister Rojas maintains. According to the official, the exploitation of minerals in Colombia can not be done but is within the mining key of the safety of people and the environment. 

"All the fronts of exploitation of the sector have environmental impacts, but these can be mitigated or compensated. That is why the licensing is fundamental, because there the commitments of the investors are established, which must be fully complied with. 

ELECTRONIC PROCEDURES 

Among the strategies to promote the sector, the Government invested in technological systems to allow the miners to carry out a large part of their procedures electronically today. 

In October, the new integral mining management system will be implemented, which updates the mining cadastre.There people can see all the regions of the country and their mining situation. This gives more transparency and possibilities to solve social conflict. 

Mining is a profitable business, but expensive, that requires investment because the requirements are high, to be able to comply with the minima in mining safety and the environment. 

dmer Tovar Martnez 
Portfolio Editor

 


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