QUITO (Dow Jones)--Ecuador's president Rafael Correa on Wednesday signed
regulations for a mining law which will allow the resumption of mining activity
in the Andean country, the state online newspaper El Ciudadano said.
According to El Ciudadano, Correa has said that Ecuador could start exporting
minerals in 2012. Recently, Minister of Non-Renewable Natural Resources
Germanico Pinto said that next year, the government will start negotiations
with private companies to sign contracts for exploitation. Ecuadorian
lawmakers in April 2008 froze mining activity, revoking around 80% of mining
concessions and suspending the other 20% due to environmental concerns. In
January of this year, a new mining law was approved, but regulations were
needed to administer the law and allow the resumption of activity. The
government has said the new mining law opens the door to a potentially
lucrative and underdeveloped industry in the country and that the country's
mineral potential could amount to about $110 billion According the
government, the regulations will require corporate social responsibility
measures to promote labor stability and safety, and to benefit local
communities
(Dow Jones Newswires 10:41 PM ET 11/04/2009)