Ecuador Appoints Jose Cisneros Manager Of State Mining Company
January 15 2010 - 5:08PM
Dow Jones News
Jose Cisneros was appointed Friday as manager of the Empresa
Nacional Minera, or ENAMI EP, Ecuador's new state mining
company.
The company was created by an executive decree signed by
President Rafael Correa on Dec. 31.
In a statement to the press, the Ministry of Nonrenewable
Natural Resources said that the company has an investment budget of
$30 million to carry out studies to help develop the mining
sector.
According to the statement, Ecuador is looking to form
joint-venture alliances with other state companies, especially from
Venezuela and Chile, to stimulate the sector.
The company doesn't rule out developing projects in association
with private companies that have concessions in Ecuador.
Local units of Corriente Resources Inc. (ETQ, CTQ.T), Kinross
Gold Corp. (KGC, K.T), International Minerals Corp. (IMZLF, IMZ.T),
Iamgold Corp. (IAG, IMG.T), Trilliant Exploration Corp. (TTXP),
Mariana Resources Ltd. (MRLDF, MARL.LN) and others have mining
concessions in Ecuador.
The government has said Ecuador has a mineral potential of
around $110 billion, while the nation's Mining Chamber put the
figure at at least $214 billion, primarily in deposits of gold,
silver, copper and molybdenum.
-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653;
mercedes.alvaro@dowjones.com
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