Aurelian Resources Was Stolen By Kinross and Management But Will Not Be Forgotten

The company whose shareholders were better than its management

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Message: ARU news release at 8:31 am this morning - anyone has it?

Sorry, false alarm, here is the article (by our friend Soto):

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UPDATE 1-Ecuador mining law to have community consultation

(Adds mining minister's comment, other details)

QUITO, June 30 (Reuters) - Ecuador's draft mining law will call for community consultation over projects but local communities not have veto power over them, Mining Minister Galo Chiriboga said Monday.

Chiriboga said in a television interview that he hopes the draft law will bring investment into the country's nascent mining sector.

"In our opinion we think the previous consultation is important, but it should not be linking," Chiriboga said, adding that the state will conduct the consultation, which was previously done by companies under the current legislation.

The new mining law is key for foreign mining companies that were forced temporarily to halt operations earlier this year by a government-controlled assembly rewriting the constitution. The oil-producing nation wants to boost control over the sector which has discovered world-class gold and copper deposits in recent years.

A community consultation that results in powers to close down projects has been a worry for investors in an industry that has faced fierce opposition from environmentalists and some villages in the mineral-rich regions of southern Ecuador.

The draft law is under review by President Rafael Correa, a leftist economist who has said he backs large projects if they generate billions of dollars in revenue to the poor nation. (Reporting by Alonso Soto; editing by Matthew Lewis)

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