How do you spell RELIEF? TYHEE'S NOT IN ECUADOR

http://www.reuters.com/article/marke...

QUITO, April 18 (Reuters) - Ecuador's popular assembly on Friday ordered the suspension of all mining activity in exploration projects and revoked hundreds of concessions in a move that will increase the leftist government's control over the country's natural resources.

The ruling by the government-controlled assembly will suspend all exploration activity until a new mining law is approved aimed at boosting the state's share of revenue. It says the law must be approved within six months.

The decree could hamper the country's growing industry by delaying production plans and scaring away much-needed investment, analysts and company executives said. Share prices of Canadian miners operating in Ecuador fell sharply on Friday on the implications of the decree.

Ecuador has no significant output of precious metals, but dozens of firms are exploring for copper and gold, including Canada's Aurelian Resources (ARU.TO: Quote, Profile, Research), Corriente Resources (CTQ.TO: Quote, Profile, Research) and IamGold Corp (IMG.TO: Quote, Profile, Research).

The government estimates the country holds $130 billion worth of metal deposits.

Ecuadorean President Rafael Correa, a leftist who has launched a campaign to tighten the government's grip over his country's natural resources, said on Thursday he would support such a ruling.

The order also limits mining holdings to three concessions per company, and calls for revoking all their remaining concessions without compensation.

The 130-member assembly, which is rewriting the constitution and also acting as the legislature, has the power to issue decrees that cannot be vetoed by Correa. (Reporting by Alonso Soto; editing by Matthew Lewis