Ecuador’s Central Bank Will Buy Gold Direct from Miners

According to ElComercio.com the Coordinating Minister for Security, Homero Arellano announced that Ecuador’s Central Bank would buy gold directly from the miners of San Lorenzo and Eloy Alfaro. The announcement was made in Selvalegre, northern Esmeraldas. Furthermore, the government will provide 50 gold extraction machines, to miners through mining associations. The machines cost $9,000 each and the machines for small-scale mining businesses in these areas will cost $250,00 each. A six-month training session will teach miners how to use the equipment. Arellano says that there is about $750 million in gold to be mined in the two areas. The government is hoping to help those miners left without work due to the state exemption for miners in the area.Read Article