Ecuador Aims to Become More Mining Friendly

Reuters reported that Ecuador has plans for incentives and tax benefits to attract more investing from the mining industry in coming years. The incentive was passed in October.

As quoted in the press release:

While a handful of foreign miners have ventured into Ecuador in the past decade, investment has been minimal.

The country’s reputation took a hit in 2013, when large Canadian-based producer Kinross Gold pulled out of the largest gold project, Fruta del Norte, saying the government refused to compromise on a 70 percent tax.

When Kinross sold the high-grade venture last October, to a company belonging to the well-regarded Lundin family, the deal sparked some optimism even though the $240 million price tag was a fraction of the $1.2 billion Kinross paid in 2008.

Canada’s Odin Mining (TSXV:ODN) is currently operating in the country. The company’s biggest investor is Ross Beaty, who recently spoke about Odin’s foray into Ecuador in an interview with Resource Investing News.

Click here to read the full Reuters article.