Ecuador Authorizes Corriente To Restart Works On Mirador
QUITO -(Dow Jones)- Canada's Corriente Resources Inc. (CTQ.T,ETQ) said Monday
that it has received a formal notification from Ecuador's Ministry of Non-
Renewable Natural Resources to restart all advance development work on the
Mirador Project.
"We are looking forward to working closely with the Ministry as we move the
Mirador Project forward in a just fashion that meets both the urgent local needs
and fully addresses the important concerns of all stakeholders," said Ken
Shannon, Corriente's chief executive, in a press release.
Ministry officials were not immediately available for comment.
Mirador is located in Zamora Chinchipe province.
Ecuadorian lawmakers in April 2008 froze mining activity, revoking around 80%
of mining concessions and suspending the other 20%.
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.
Last week President Rafael Correa signed regulations which will allow the
resumption of mining activity in the Andean country.
Ecuador's current mining output is minimal. Large-scale projects have
generally centered on nonmetallic products such as cement.
Local units of Corriente Resources, Kinross Gold Corp. (KGC,K.T),
International Minerals Corp. (IMZ.T,IMZLF), Iamgold Corp. (IAG,IMG.T), Trilliant
Exploration, Mariana Resources Ltd. (MARL.LN,MRLDF) and others have mining
concessions in Ecuador.
-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653; mercedes.alvaro@
dowjones.com
(END) Dow Jones Newswires
11-09-091725ET
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