• ENGLISH
  • ESPAÑOL
facebook
twitter
  • National>Entertainment
  • National>Local Economics
  • National>Local Politics
  • National>Society
  • National>Sports
BREAKING NEWS
A bacterium protects the lupine from its main threat and would increase grain production in Ecuador
Despite pandemic, air transport of flowers was the second best in eight years
Germany, Ecuador and Ghana concerned about marine plastic pollution
Minister of Government assures that possible links between gangs involved in crimes in Ecuador’s prisons with Mexican and Colombian organizations are being investigated
The judge does not revoke the preventive detention that weighs on Jacobo Bucaram Pulley, but due to a health problem he ordered his house arrest in Guayaquil
Judge dictates preventive detention against three of the 4 detainees in the Isspol case
Low in oil production in Ecuador makes it difficult to take advantage of the so-called ‘super cycle’ of crude prices
Rafael Correa would be behind the riots in the prisons of Ecuador
‘Jorge Chérrez’s companies owe $ 20 million in interest to Isspol’
Ecuador entered the bid for vaccines against covid-19 since July 2020

Kinross mining company leaves Fruta del Norte project

Posted On 11 Jun 2013

Yesterday, the Canadian mining company Kinross announced its departure from Ecuador through a statement on its website, in which it explained that it will leave the Fruta del Norte project in the province of Zamora Chinchipe due to discrepancies in legal and economic terms with the State.

“After more than two years of negotiation of mining contracts and investment protection for the project, the Government and Kinross have failed to reach agreement on certain fundamental legal and economic issues that balance the interests of both parts. Therefore, regardless of the amendments to the Mining Act and the Tax Equity Act, which are currently pending, Kinross has concluded that it is not within the company’s interests or its shareholders’ to continue investing in the development of the Fruta del Norte proyect, “says the statement.

The Canadian company spokesman, J. Paul Rollinson, said the money of the company will be only destined to projects that meet its investment criteria, and that agreements can only be reached in relation to projects that benefit the company and its shareholders.

Kinross Headquarters in Zamora.

Kinross Headquarters in Zamora.

On the other hand, the president of the National Assembly, Gabriela Rivadeneira, suspended the voting of the Mining Act and the Tax Equity Act, so that the commission can collect all the observations made in the more than three hours of discussion, and so including them in the final text which shall be voted until next Friday. If the law is not voted on that date, it might take effect by operation of law.

About the Author
  • google-share
Previous Story

Health condition of Mandela worries thousands of South Africans

Next Story

Lionel Messi is accused of evading taxes

SEARCH

LATEST NEWS

A bacterium protects the lupine from its main threat and would increase grain production in Ecuador

Posted On 26 Feb 2021

Despite pandemic, air transport of flowers was the second best in eight years

Posted On 26 Feb 2021

Germany, Ecuador and Ghana concerned about marine plastic pollution

Posted On 26 Feb 2021
Copyright © 2010 - 2019. All Rights Reserved. EcuadorTimes.net