New mining law will encourage investment in Ecuador

Quito, June 30 (PL) The Ecuadorian Minister of Petroleum and Mines, Galo Chiriboga, said today that the new law will encourage investment in mining sector and ensure the care of the environment.

This is a draft law that establishes a natural resource exploitation and orderly in harmony with nature, said Chiriboga, according to national news media.

Forward that the proposal was delivered to the Ecuadorian president, Rafael Correa, so that together with its legal advisers to review and give the clearance.

The operator explained that there were delays in drafting this law, because he added two important issues: water and participation of local governments and communities.

Were included in the proposed texts that allow greater controls to prevent water pollution as a result of mining, he said.

Chiriboga noted that regulations were defined much more technical concessions and also collected the criterion of the Constituent Assembly regarding this precious liquid.

Experts with Chilean experience on the handling of the participation of local governments in mineral wealth also contributed their experiences in the preparation of this proposition, he said.

It is anticipated that the territories Sectional receive a payment of royalties for mining in their locality and create a fund for environmental preservation in order to face any inconvenience, he said.

By insisting on the nature aspect, he stressed that the project demand presentation of an environmental management plan, which must include water treatment, reforestation, the accumulation of waste, fauna and flora.

Chiriboga noted that the mining company will need a programme of waste management, which are not complied lead to the suspension of operations.

Already there will be no more insecurity and disorder, because the new law seeks to properly manage mining activity, concluded