Ecuacorriente Close To Getting Mirador Project License - Official
September 21 2011 - 2:45PM
Dow Jones News
EcuaCorriente, the local unit of Canada's Corriente Resources
Inc., is close to receiving a license for its Mirador project in
Ecuador, after obtaining approval for its environmental-impact
studies, a high-level government official said Wednesday.
Juan Carlos Soria, deputy secretary for environmental quality,
said in an interview that the company has paid $200,000 of the
$600,000 required to get the license.
EcuaCorriente is controlled by China Railway Construction Corp.
(601186.SH, 1186.HK) and Tongling Nonferrous Metals Group Co.
(000630.SZ).
The Mirador project, in southern Ecuador, has estimated reserves
of 10 billion pounds of copper.
Ecuador currently has a minimal mining output, and large
projects are generally centered on nonmetallic products such as
cement.
President Rafael Correa's administration plans to sign
exploitation and investment contracts with at least three foreign
mining companies this year.
The Correa administration is negotiating with, among others,
EcuaCorriente; the local unit of International Minerals Corp.
(IMZLF, IMZ.T) for its Rio Blanco project; and Kinross Gold Corp.
(KGC, K.T) for its Fruta del Norte project.
Guayaquil's Expreso newspaper said Wednesday that International
Minerals Corp. has partnered with China's CAMC Engineering for the
financing and construction of Rio Blanco project.
The Rio Blanco project in the southwest has estimated reserves
of 605,000 ounces of gold and 4.3 million ounces of silver.
Officials from CAMC Engineering as well as IMC weren't available
for comment.
-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653;
mercedes.alvaro@dowjones.com
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