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.
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.