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Message: Conway from Iamgold comments at gold conference...
Iamgold eyes dialogue with Ecuador over exploration
Wed May 21, 2008 6:33pm EDT
LIMA, May 21 (Reuters) - Canadian miner Iamgold (IMG.TO: Quote, Profile, Research) said on Wednesday it was discouraged by the stop of its exploration work in Ecuador last month, but is hopeful talks with the government will bear fruit soon.
Last month, Ecuador froze all exploration until a new mining law is approved in six months, squeezing an industry that had not yet gotten off the ground.
"This worries us. Obviously, we are discouraged with what happened," Joseph F. Conway, chief executive at Iamgold, said at a gold mining conference in Lima, Peru's capital.
"Nevertheless, we see a change. We are much more positive than before because since the decision, the dialogue between the companies and the government has increased substantially. We are having almost weekly meetings," he said.
Iamgold, which also has operations in Canada and South Africa, controls the Quimsacocha gold project in southern Ecuador. The project has estimated reserves of some 3.3 million ounces of gold.
Conway said Iamgold, which produces close to a million ounces of gold a year, is interested in exploring the area around Quimsacocha for additional resources.
Unlike some of its South American neighbors, Ecuador is not a huge producer of precious metals.
Still, dozens of companies, like Iamgold, Canadian Aurelian Resources Inc (ARU.TO: Quote, Profile, Research) and Corriente Resources Inc (CTQ.TO: Quote, Profile, Research), are interested in developing the nascent industry and have found what analysts say are among the largest deposits of gold and silver discovered in years. (Reporting by Teresa Cespedes; Writing by Dana Ford; Editing by Christian Wiessner)
Canadian Iamgold sees positive dialogue with the Government of Ecuador
miércoles 21 de mayo de 2008 16:22 GYT Wednesday May 21, 2008 16:22 GYT
LIMA (Reuters) - Lima (Reuters) - The Canadian mining Iamgold said on Thursday feeling "dismayed" by the stoppage of activities exploratory gold in Ecuador, but termed as positive the initiation of dialogue with the Government of that country.
Conway said in his presentation at the Eighth International Gold Symposium in the capital of Peru, which expects the Government of Ecuador define "soon" for six months a new law that would govern mining activities in that country.
The decision of the Ecuadorian president, Rafael Correa, to curb the mining exploration until a new law is approved disturbed in mid-April to foreign investors and affect the commercial value of international companies.
"This worries us. We are obviously disappointed with what has happened," said Conway.
"However, we see a change, we are now much more positive because from that decision, the dialogue between companies and the Government has increased substantially, taking almost weekly meetings," he added.
The Government of Correa wants residents living near mining sites are shareholders in major projects as part of a new mining law, key to the development of nascent sector in the country.
In Ecuador, Iamgold controls the Quimsacocha project, located in southern Ecuador, with estimated reserves of 3.3 million ounces of gold.
According to Conway, the deposit is 1.6 kilometers long and conducts open-pit and underground explorations.
"We Quimsacocha and we also have around them an area that still needs to be explored, but will have to wait perhaps from a couple of days until four to six months. We hope it will be soon," he said.
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