Ecuador Authorizes Corriente To Restart Works On Mirador
November 09 2009 - 5:40PM
Dow Jones News
Canada's Corriente Resources Inc. (CTQ.T,ETQ) said Monday that
it has received a formal notification from Ecuador's Ministry of
Non-Renewable Natural Resources to restart all advance development
work on the Mirador Project.
"We are looking forward to working closely with the Ministry as
we move the Mirador Project forward in a just fashion that meets
both the urgent local needs and fully addresses the important
concerns of all stakeholders," said Ken Shannon, Corriente's chief
executive, in a press release.
Ministry officials were not immediately available for
comment.
Mirador is located in Zamora Chinchipe province.
Ecuadorian lawmakers in April 2008 froze mining activity,
revoking around 80% of mining concessions and suspending the other
20%.
In January of this year, a new mining law was approved, but
regulations were needed to administer the law and allow the
resumption of activity.
Last week President Rafael Correa signed regulations which will
allow the resumption of mining activity in the Andean country.
Ecuador's current mining output is minimal. Large-scale projects
have generally centered on nonmetallic products such as cement.
Local units of Corriente Resources, Kinross Gold Corp.
(KGC,K.T), International Minerals Corp. (IMZ.T,IMZLF), Iamgold
Corp. (IAG,IMG.T), Trilliant Exploration, Mariana Resources Ltd.
(MARL.LN,MRLDF) and others have mining concessions in Ecuador.
-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653;
mercedes.alvaro@dowjones.com
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