Noboa said in Canada that mining is an engine of the country’s development. The Minister of Energy said that they are working to reopen the mining registry.
President Daniel Noboa presented Ecuador’s mining agenda in Canada, March 4, 2024.
President Daniel Noboa presented on March 4, 2024 at the PDAC mining fair in Toronto, the reforms he is adopting to attract investment for mining, such as the creation of a dispute resolution mechanism between the State and investors.
Noboa is the first Ecuadorian president to participate in PDAC, the largest mining fair in the world.
The Head of State traveled to Canada accompanied by his Ministers of Foreign Affairs, Gabriela Sommerfeld; Energy and Mines, Andrea Arrobo ; and Production, International Trade, Investments and Fishing, Sonsoles García.
Before executives of mining companies and investors, Noboa, who has just completed 100 days in power, assured that his Government considers the mining sector as an economic priority.
” Mining is an engine of national development and that is why we are here, thanking you for your support and interest in Ecuador,” stated the president.
Arbitration goes to popular consultation
In this sense, the Minister of Production highlighted that the Ecuadorian Government is trying to reform the Constitution to allow the approval of an investment protection mechanism, an ” international arbitration between private investors and the Government.”
García affirmed that Ecuador is currently a good place for foreign investment.
“We have political stability, which is good for predictability in investments. We also have economic stability,” said García.
And he added “we have a dollarized economy and a commercial investment policy that is open to the world. We have natural resources such as water, minerals and agriculture. And we have tax incentives.”
And the opening of the mining cadastre?
The Minister of Energy and Mines, Andrea Arrobo, announced that the Ecuadorian Government is going to accelerate the withdrawal of concessions “unused, unpaid or occupied by illegal activities.”
“In addition, the Government of Ecuador is working on reopening the mining cadastre. I know you have heard a lot about this before. But the Government of Ecuador is working on this,” he added.
The mining cadastre, which has been officially closed since 2018, is the database for investors to request mining concessions, without which new exploration cannot be done.
For her part, the president of the Chamber of Mining of Ecuador, Carolina Orozco, presented the mining potential within the framework of the PDAC.
Meanwhile, in Quito, social and environmental groups protested on March 4, 2024 in the vicinity of the Canadian Embassy, in opposition to a possible intention to advance on the mining border.
