Ecuador to receive 52 percent of income from contract with Canadian mine operator

Posted on December 8, 2011 • Filed under: Business, Ecuador, Latin America Mining

Ecuador will receive an income of 52% of the contract entered into with Canadian miner Kinross for the exploitation of Amazonian field with recoverable reserves of 6.4 million ounces of gold, said Wednesday the Minister of exhaustible natural resources, Wilson Pastor. “Consolidated all taxes, income is 52% mine” for the state, said Pastor reporters, adding that the company will pay an advance royalty of $ 65 million (40 million to the signing of the agreement and 25 million after one year subject to agreed objectives). Read Article

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