On August 5, Ecuadorian President Guillermo Lasso announced Executive Decree No. 151 that contains the Mining Policy for Ecuador. The decree defines a new public policy that the government will implement for the mining industry and provides a timeline for implementation.
The decree lays out an action plan to develop an efficient and environmentally and socially responsible mining industry, to promote national and foreign investment, and to implement best practices for the exploitation of these resources. It will guarantee security of title, respect pre-existing mining rights and will involve an inter-institutional strategy for the eradication of illegal mining with its associated social and environmental impacts, in favor of legal and responsible mining, according to the president.
Two Canadian juniors, SolGold and Aurania Resources viewed the decree as a positive move.
SolGold said the new mining policy provides a solid plan that includes clear principles of respect for mining rights that are consistent with President Lasso’s government’s objective to create a favorable environment for increased investment into the mining sector, which will better enable Ecuador to benefit from the nation’s significant mineral wealth.
Aurania Chairman and CEO Dr. Keith Barron said, “This decree from the office of President Lasso represents unequivocal support for exploration and mining that is done with due community engagement and care of the environment. The Fruta del Norte gold deposit, brought into production by Lundin Gold in 2019, represents Ecuador’s first example of a mining operation that fits the framework envisioned by the government for the mineral industry to take its rightful place as a driver of Ecuador’s economy.”
To view the decree, visit www.aurania.com/investors/ecuadors-action-plan-for-the-mining-sector/.
