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Friday, July 04, 2008

Ecuador: Mining Law Helps Investment

Quito, Jun 30 (Prensa Latina) Ecuadorean Minister of Oil and Mines, Galo Chiriboga, stated today that the new mining law will favour investment in the sector and secure environmental protection.

It is a bill that establishes organized tapping of natural resources and harmony with Nature, highlighted Chiriboga.

He added the proposal was handed over to President Rafael Correa, so he goes through it with his legal consultants and gives his approval.

He mentioned delays in drafting the law since two important issues were added to it: water and participation of local government and communities.

Texts providing for higher control to prevent contamination of the waters as a result of mining development were also included, he stated.

Chiriboga stressed that more technical regulations have been defined, and the criteria of the Constituent Assembly regarding this highly prized liquid were also considered.

Experts from Chile also put their knowledge at the service of this proposal.

Districts are expected to receive royalty payment for local mining development and a fund will be created for environmental preservation, intended to face any inconvenience.

The minister emphasized that the project demands an environmental management plan, which should include water treatment, reforestation, waste materials accumulation, fauna and flora.

Chiriboga said the mining company should have a program of waste management to be strictly complied with, on pain of operational suspension.

There will be no more uncertainty and disorder, since the new law is intended to properly organize mining activity, he concluded

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