Attend CEI's Gala and Help Us Fight for Liberty!
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June 11, 2009 The Hyatt Regency on Capitol Hill Washington, D.C. More info
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Silvia's Letter to the Editor in the Washington Post
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State-Owned Co. to Operate with Revoked Concessions
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More than 13 months after the Constituent Assembly's April 2008 mining mandate, large-scale mining projects in Ecuador have yet to begin. President Correa continues praising Canadian firms' environmentally friendly mining techniques, yet the investment community faces another threat: the state-owned National Mining Enterprise. Read more
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The War on Mining, Fighting Back: Financial Post
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 EMN writer Silvia Santacruz ran an Op-Ed titled The War on Mining: Fighting Back in the Canadian newspaper Financial Post. The piece shows how the demand for gold has propelled economic growth, job creation and relief from malaria, TB and AIDS. Despite this, the industry is under attack by environmental NGOs. Read more En espanol
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| Dear EMN Reader, |
If Ecuador wants to play owner-operator using concessions once held by private firms - as confirmed by the MMP's Derlis Palacios - it should fully reimburse private companies' exploration and social responsibility expenses before taking the reins of their operations.
Otherwise, the government would be expropriating legally held concessions and fleecing private investors, which would only create a stampede exodus of the few foreign firms that continue trusting Correa's embrace of mining development.
Current developments do not point to a promising future for international mining operations in Ecuador. This conclusion holds unless President Correa shakes things up favoring the mining industry, a scenario that is increasingly unlikely due to his government's attack on foreign oil companies and his recent statements echoing Hugo Chavez.
Sincerely,
Silvia Santacruz
Warren Brookes Journalism Fellow
Competitive Enterprise Institute
Writer-Editor, Ecuador Mining News
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