International Minerals Corp. Says Talks With Ecuador Government Still On
Negotiations still are underway between International Minerals Corp. (IMZ.TO) and government officials as part of efforts to secure a production contract for the Rio Blanco gold and silver project in southern Ecuador.
The mining company last night said it initially anticipated a deal would be in place by summer but that timetable was pushed back due to the complex technical and economic nature of the project as well as ongoing discussions over production royalties and a windfall revenue tax. The government also is said to be seeking an advance royalty.
Ecuadorian President Rafael Correa reportedly has said he expects terms should be finalized by October but company officials cautioned there can be no guarantee of the timing.
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