In power since 2007, he has made resource nationalism a
Ecuador’s Correa says mining contracts within days
Two miners set to invest $3 bln in copper, gold projects Miners have agreed to gov demands top mining official
By Eduardo Garcia
QUITO, Nov 24 (Reuters) Ecuador President Rafael Correa said on Thursday his government is days of signing contracts Canada Goose Jackets with mining companies set to canada goose store develop large copper and gold projects in the mineral rich Andean nation.
Deputy Mining Minister Federico Auquilla told Reuters earlier this week canada goose clearance that Canadian listed Kinross Gold Corp and Ecuacorriente would soon sign contracts for two projects worth $3 billion in total.
The negotiations have been long and canada goose difficult, in part because the government was asking companies to pay an 8 percent royalty share, whereas miners were offering 6 percent.
negotiating canadian goose jacket the contracts very hard. They will be signed in the next few days, said leftist leader Correa, who has also renegotiated part of Ecuador foreign debt and oil exploration contracts with foreign companies.
The government is demanding Canada https://www.canadagoosejacket-outlet.ca Goose Online advance payments on canada goose coats royalties before the miners start extracting, the president added in comments on local radio.
The extra income from advance royalty payments would be used for social projects, including schools and roads, Correa canada goose outlet store locations said. In power since 2007, he has made resource nationalism a centerpiece of his policies and may run canada goose deals for another term in an election due in January 2013.
Kinross plans to develop Ecuador largest gold Canada Goose Outlet project, Fruta del Norte, while buy canada goose jacket cheap Ecuacorriente an affiliate buy canada goose jacket of Canada Corriente Resources will work on the Mirador copper Canada Goose sale mine.
ROYALTY NOT canada goose clearance sale YET DETERMINED Correa did not say how much royalty the miners would be paying, but mining Canada Goose online sources familiar with the negotiations say the final percentage will likely be closer to the figure canada goose outlet nyc demanded by the government.
companies have agreed to the demands of the Ecuadorean state and we completely satisfied, said canada goose replica Auquilla, the government top mining official, during the same radio show.
Correa has had a tumultuous Canada Goose Parka relationship with foreign investors throughout his rule, revising oil contracts to better favor the government canada goose outlet toronto factory and defaulting on the nation debt.
He is Canada Goose Coats On Sale striving to diversify the Ecuadorean economy from crude exports, and he has taken 2018 canada goose outlet a canada goose coats on sale softer approach to investors planning to develop mines than the oil companies with canada goose black friday sale large investments in the OPEC member country.
Ecuador has a nascent mining industry. Some larger projects were initially delayed as Correa government tightened regulations for the sector.
Ecuador is also negotiating contracts with International Minerals over its Rio Blanco gold silver project, with Ecuacorriente over its Panantza San Carlos copper deposit and with IAMGold, which plans to develop the cheap Canada Goose Quimsacocha gold copper silver mine.
High oil prices have allowed Correa to increase social spending this year, which has fueled economic growth and boosted his popularity among the majority poor.