Proyecto Mirador delivers $ 15 million in anticipated royalties

Ecuadornews:

The Chinese company Ecuacorriente delivered $ 15 million to the Ecuadorian State for payment of anticipated royalties from the Mirador mining project. It is the third payment of that type, with a total of $ 85 million.

In an event held yesterday in the canton of Pangui, province of Zamora Chinchipe, the Deputy Minister of Mines, Fernando Benalcázar, said that Mirador has an advance of 75%. However, there are fronts that are paralyzed to guarantee the safety of workers due to the death of a collaborator occurred months ago.

With a cut as of December 31, 2017, the mine has contributed $ 126 million in tax payments, the official said. The useful life of the project is 25 to 30 years and it is expected to obtain about $ 20 billion for the export of metals, with which the State will obtain $ 5,500 million in taxes.

Mirador has 3.18 million tons of copper in deposits; 3.39 million ounces of gold and 27.11 million ounces of silver. Hu Jiandong, president of Ecuacorriente, said that in July of this year a trial phase of production is planned.

More than $ 1,095 million have been invested so far to shape the project. The delivery of the anticipated royalties was conditioned to the interconnection to the electrical network for the transmission of 230 kilovolts.

The companies ECSA and Eléctrica Regional del Sur signed an agreement for the transmission from the Tanday-Bomboiza system to the GIS Mirador substation. “The electrical connection in this project is the basis of mining production and a milestone for the company and the Ecuadorian State,” said Jiandong.

The interconnection meant an investment of $ 63.8 million for the laying of 132 kilometers of power lines and a substation. The inhabitants of Pangui hope that the resources of the royalties will be reflected in road works, health and education. (I)

Sourcte: https://www.eltelegrafo.com.ec/noticias/economia/4/proyecto-mirador-regalias-anticipadas-ecuador