IMC abandons mining projects in Ecuador

IMC leaves Ecuador and will sell its projects.

International Minerals Corporation (IMC), foreign mining company of private capital, leaves Ecuador after finding that there are no favorable conditions to develop their projects.

IMC decided to sell the Rio Blanco and Gaby concessions in the province of Azuay. Both projects have reserves totaling 991,000 ounces of gold and 4.7 million ounces of silver, that is, $ 14,500 million in resources, as reported by the company located in Arizona (U.S.)

They boast seven reasons why IMC decided to leave the country:

• The project has been in the exploration stage for 20 years, without producing.
• The mining industry is literally stopped in Ecuador since 2008, when the Constituent Assembly adopted the Mining Mandate that stopped all activity.
• The U.S. firm warns that there are not backgrounds that large-scale mining makes economic benefits for the state and the Ecuadorian population. Which reinforces the stance against the activity.
• The political and economic risks in the country are increasing.
• There is a lack of clarity in the implementation of new mining regulations.
• There are punitive elements in mining and tax laws.
• Implementation of taxes that restrict the potential of mining projects.

“IMC can utilize its managing and financing resources on a better way inside other jurisdictions friendlier to mining,” said the company. (MZ)