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Ecuador Report on Mining Reform Debate Due Next Week

The economic committee of Ecuador's National Assembly expects to release a report next week on the first debate of a bill to reform the country's mining law.Approval of the bill is expected to pave the way for several large-scale mining contracts in Ecuador."We expect to have the report for the first debate on Thursday [May 30]," Oswaldo Larriva, president of the committee, said Tuesday.Among the changes, the reform would allow the 70% windfall tax to be applied when investments are recovered and sets a ceiling of 8% over sales for royalties for cooper, gold and silver. It also establishes a mid-sized mining category for production levels of between 301 and 1,000 tonnes per day in underground mining, 1,001 to 2,000 tonnes per day for open-pit mining, and 1,501 to 3,000 cubic meters for alluvial mining.The bill also establishes that two years before finalizing the respective projects, operators must submit to the government a mine closure plan.The bill, categorized as urgent, was sent t...

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  1. Ecuador Plans to Audit Bilateral Investment Treaties

    QUITO, Ecuador--Ecuador plans to establish a commission to audit bilateral investment treaties and the international system for investment arbitration, President Raf...

  2. Ecuador Banks' January Net Profit Falls 35% To $20.16 Million

    QUITO, Ecuador--Combined profit for Ecuador's private banks fell 35% in January, to $20.16 million, from $30.99 million registered one year earlier, the country's ba...

  3. Ecuador To Host ALBA Meeting On Opposing Corporate Lawsuits

    QUITO, Ecuador--Ecuador's Foreign Ministry said Friday that a number of Socialist nations grouped in an organization known as ALBA will hold an April meeting in Ecua...

  4. Ecuador's Correa Expected to Win Presidential Ballot

    Exit polls showed that Ecuadorian President Rafael Correa was re-elected with overwhelming support for a third term in Sunday's elections, an outcome that could resu...

  5. Ecuador's 2012 Banking Sector Profit Down 21% to $312 Million

    QUITO, Ecuador--Combined profit for Ecuador's private banks fell 21% in 2012 due to a series of measures taken by President Rafael Correa's administration.According ...

  6. Ecuador's President Says Chevron Needs to Abide by Court Ruling

    Ecuadorean President Rafael Correa said Tuesday that Chevron Corp. (CVX) needs to abide by a court order requiring it to pay $19 billion to indigenous groups after i...

  7. Ecuador January-September Trade Surplus $77 Million Vs Deficit A Year Ago

    QUITO, Ecuador--Ecuador posted a trade surplus of $77 million in the first nine months of the year, compared with a deficit of $75 million a year earlier, the centra...

  8. Ecuador Will Fight Not to Pay Occidental in Oil Dispute - President

    QUITO, Ecuador--Ecuador's President Rafael Correa said over the weekend that his government will fight not to pay Occidental Petroleum Corp. (OXY) compensation that ...

  9. Ecuador Seeks Annulment of International Court Ruling in Occidental Case

    QUITO, Ecuador--Ecuador has officially requested the annulment of an international court ruling that ordered it to pay $1.77 billion, plus pre- and post-award intere...

  10. US Denies Assange Claims of Witch Hunt

    The U.S. on Monday denied Julian Assange's "wild assertions" that it has launched a witch-hunt for the WikiLeaks founder, who was holed up in Ecuador's embassy in Lo...

  11. Ecuador Delays Decision On WikiLeaks' Assange

    Ecuador won't announce its decision on the political asylum request by WikiLeaks founder Julian Assange until after the Summer Olympic Games, state Newswires El Ciud...

  12. Ecuador Expects To Close Deal With Petrobras Over Assets In June

    Ecuador expects to close a deal with Brazilian energy giant Petroleo Brasileiro SA (PBR) in June over compensation for Petrobras's former assets in the Andean countr...

  1. Ecuador: President Send Urgent Reforms For Mining Law to Congress

    The government of President Rafael Correa has sent to the National Assembly a bill to reform the country's mining law, that includes some changes requested by privat...

  2. Ecuador Banks 1st-Quarter Profit Falls 42%, ROE Down

    Net profits and return on equity of private banks in Ecuador fell sharply during the first quarter, which analysts say is a sign of a gradual deterioration in the bu...

  3. Ecuador: $1 Billion Investment From Kinross Awaiting Legislative Reforms

    Canadian gold-mining company Kinross Gold Corp. (KGC, K.T) is awaiting government reforms in Ecuador to develop its Fruta del Norte project, which will require an in...

  4. Southern Copper Plans to Invest in Ecuador Pending Reforms

    Mining company Southern Copper Corp. (SCCO, SCCO.VL) is interested in investing in Ecuador to develop a copper deposit, but it is awaiting planned reforms to the cur...

  5. Ecuador's Banks' February Net Profit Falls 47% to $32.88 Million

    QUITO, Ecuador--Combined profit for Ecuador's private banks fell about 47% in February to $32.88 million from $61.62 million registered one year earlier, the country...

  6. Ecuador Expects to End All Investment Treaties by May

    QUITO, Ecuador--Ecuador expects to pull out of all its bilateral investment-protection treaties with different countries by May, a lawmaker of the ruling party said ...

  7. Ecuador seeks to end investment protection treaty with U.S.

    Ecuador's socialist president Rafael Correa presented a bill on Monday asking lawmakers to annul an investment protection treaty with the United States, which would ...

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