Reuters today reported that Corriente (CTQ) is being "eyed up by global mining giants". The report mentions big world player Xstrata as well as Chilean state miner Codelco, and then also mentions Chinese player Tongling. There was nothing really new about the fact that CTQ itself is talking with all and various companies, but the solid news contained was that the Ecuadorean gov't (and not CTQ) has been approached and has talked to these three entities.FWIW, I think it very unlikely that Codelco will step out of Chile and take an active role in a new mine in a different country as they have plenty of projects on their local plate already. On the other hand, Codelco is a welcome visitor in Ecuador and a long-standing partner to the Chinese metals industry; an advisory role is more probable. To hear Xstrata is sniffing around is interesting and logical, but the one you have to pay attention to is Tongling. For one thing, it doesn't really matter which Chinese company is the ostensible front, as all the recent Chinese purchases of LatAm mining projects have been funded by the state.
But hearing the word Tongling also ties in with the fact that Corriente head honcho Ken Shannon and other CTQ bigwigs were very recently spotted dining (well, lunching to be precise) in a high class Quito restaurant with a large party of Chinese guests. A good time was being had by all, and Shannon picked up the bill. I'm sure it can be filed under "essential investor relations expenses."
What with the recently leaked draft mining law hitting the streets and looking reasonably business friendly it might be time to take a position in CTQ stock, but the greater uncertainty of the copper market will probably need to wash through before anything concrete happens., I'd guess. But all the same, CTQ.to is now one for the list of possible buys. Buen provecho Ken, and good luck with the investor roadshow in New York at the end of the month ;-)