Ecuador: Canadian mining firm awaiting legislative changes in proposed billion dollar investment

Posted on April 10, 2013 • Filed under: Business, Ecuador, Latin America Mining

“We have made good progress on many issues. We have taken firm steps, but we are also awaiting reforms,” said Ms. Herdoiza. Offered reforms will include several topics, but the key point is related to the 70%-windfall tax on sales above a pre-negotiated base price. “This is a key point not only for Kinross but also for all private companies operating or interested in Ecuador,” said Ms. Herdoiza. “Our final agreement with the government will pave the way for the entire private sector.” Ecuador President Rafael Correa was reelected in February. He has said that during his new term, which will begin in May, his government will push for the development of large-scale mining projects. Read Article

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