Ecuador licences not at risk: Corriente

Corriente Resources has assured shareholders that its Ecuadorian mining concessions are not in danger despite local media reports that the Government was looking at reclaiming some licences.

Ecuador President Rafael Correa had been quoted on radio and television as saying that the Government would look to take back concessions that were not in the exploitation phase or had not had investments into exploration or development.

After conversations with the Ecuadorian Ministry of Mines and Petroleum, Corriente has confirmed that its mining concessions are “in good standing” and do not fall under the Presidents definition of non-productive concessions.

Corriente is in the midst of completing its Environmental Impact Assessment Amendment and is in “constructive and constant” conversations with the Ministry and communities towards the re-start of activities at the company’s Mirador copper project. These dialogues are focused on environmental protection, sustainable development, as well as state and community participation.

To date, Corriente has invested more than $50 Million into the discovery and development of its copper projects in Ecuador, including investments in social programs, education, health care and technical training within communities in the project areas.

As part of its long term vision, Corriente is also working with Ecuadorian universities to stimulate research and development of projects and technologies that emphasize best practices in the development of mining to ensure environmental responsibility and long term economic sustainability that improves the quality of life for communities in the country.