Thanks to observant IKN regular DMMwatcher (you rule dude) who just alerted your asleep-at-the-wheel Otto, here's the link to Ecuador's long awaited and now published project Mining Law, which will now go to the relevant authorities for approval and transformation into vigent law.
I've had a quick look through and will read it in more detail later, but so far:
UPDATE: Two mailers say they've found it difficult to download from that above link. If anyone else has a problem and feels frustrated, feel free to send me a mail at.....
.....and I'll happily send a copy of the law by return.
I've had a quick look through and will read it in more detail later, but so far:
- There are no big surprises to previous draft copies (which is good)
- Open pit mining is allowed under this law (but has environmental obligations such as non-pollution, conservation and reforestation to comply with)
- There are no concession limits placed on a company or person. What Ecuador is going for is the previously stated "give unwanted concessions back later" plan that will allow a company to explore an area, then decide to go ahead or not go ahead with further development on a concession block.
- Royalties at between 3% and 8% (depending on mine size)
- Some new tax breaks that will be applied to export and sales taxes. This seems like a mechanism to ensure a constant percentage of gross revenues are collected by the state. There is no mention of the windfall tax, which on the one hand is not surprising because it is a different law from a different ministry, but does seem to confirm the non-organic (stand-alone) nature of the new law
UPDATE: Two mailers say they've found it difficult to download from that above link. If anyone else has a problem and feels frustrated, feel free to send me a mail at.....
otto.rock1 (AT) gmail (DOT) com
.....and I'll happily send a copy of the law by return.