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Ecuador Signs $20 Billion Mining Contract, Largest in Its History

Article Summary:

Ecuador signed the largest open-pit copper mining contract in its history, valued at $20 billion, with Ecuacorriente, a large-scale Chinese mining company. Ecuador stands to earn $5 billion in royalties from the deal.

Photo Credit: America Economia

Original Article Text From America Economia via Google Translate :

Ecuador Signs the Largest Mining Contract in Its History

Ecuador signed the first contract mining open pit copper and large-scale Chinese company Ecuacorriente. The act was carried out in the yellow room Carondelet Palace, headquarters of the Central government.

The production capacity of the mine is 60 thousand tons of ore per day. The event featured speeches by President Rafael Correa and the Minister of Natural Resources Non-Renewable Wilson Pastor.

The president focused his speech on what he considers “a false dilemma,” when referring to groups opposed to the proposed mining project Mirador “sophistry” and whose case falls in “simplistic”.

“Can you understand a world without mining,” asked the President of Ecuador, in time it launched the first proposal to use the resources of this contract to remedy the poverty of the communities surrounding this project, located in the Mountains Condor, in the canton The Pangui, the Amazonian province of Zamora Chinchipe (south).

For his part, Minister Wilson Pastor reviewed on technical conditions of the contract, which he said has created a business whose value is not less than U.S. $ 20 billion, of which half redeemed operating costs and investment.

The royalties for the State are estimated at U.S. $ 5,400 million and the company U.S. $ 5,000 million, stressed the official Non-Renewable Resources.

He also said that the U.S. $ 5,400 million expected by the State, $ 900 million will be used for the communities surrounding the project, also these will receive 12% of the profits of the company Ecuacorriente, or about U.S. $ 600 million more during 25 years of the contract.

Link to Original Article:

From America Economia

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