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Mineral Exploration in Ecuador
Gold has been mined in Ecuador since pre-colonial times. Recently the country has re-emerged as a potentially important mineral target with a major gold discovery at Fruta Del Norte by Aurelian. However recent news has put exploration and mining activities on hold within Ecuador. "The South American country voted to suspend their exploration projects for up to six months, until a new mining law with tougher environmental controls is approved."
In 2001, the government amended mining laws to encourage foreign direct investment in the mining sector. Their changes included abolishing government royalties and reducing the cost per hectare to hold mineral rights. In September 2007, Ecuadorian Mines Minister Galo Chiriboga announced that the country favors large-scale mining, however in April of 2008 "[a] special assembly in Ecuador — which is moving to tighten its grip on natural resources — adopted a decree on Friday [April 18th, 2008] that would freeze mining activity in medium- and large-scale exploration projects, [and] revoke concessions..." (Spicer, J., April, 2008. Canadian miners hit as Ecuador halts exploration. Retrieved on April 18, 2008 from Guardian.co.uk)
Radius Gold Project Map
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