International Minerals Corp. pulling out of Ecuador in part due to political and economic risks increasing

Posted on December 4, 2012 • Filed under: Business, Ecuador, Latin America Mining

A second international mining company is pulling out of Ecuador this year, saying the country is not friendly to mining concerns. International Minerals Corp. of the United States is in the process of selling concessions in Azuay Province. The company says those concessions have reserves totaling 991,000 ounces of gold and 4.7 million ounces of silver.

The mining concern listed seven reasons why it’s leaving, including punitive tax laws, as well as political and economic risks in the country. Read Article

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