In Canada, Noboa said mining is an engine of development in the country. The Energy Minister said they are working to reopen the mining registry.
The Ecuadorian government signed Six mining investment commitments worth US$4,800 Million dollars during the president's visit Daniel Noboa To Canada on Monday, March 4, 2024.
“As part of the official agenda, Minister Sonsólez García, together with Andrea Arrobo, Head of the Energy and Non-Renewable Resources Portfolio, signed six investment agreements with the aim of formally expressing Common interests of the Ecuadorian state and investors To develop projects in the mining sector,” an official statement said.
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The Ministry of Production stated, “These agreements laid the foundations For future negotiations and cooperationWith a sustainable, responsible and long-term business approach.”
The value of the agreements is more than 4.8 billion US dollars and does not involve the expenditure of resources by the Ecuadorian state.
Ministry of Production
Agreements will follow Procedures stipulated in legislation To define the project scope, commitments, timelines, approvals and responsibilities of each party, Ecuador added this group of countries.
During his speech at the PDAC Mining Exhibition, V torontoPresident Noboa presented the reforms he is adopting Attracting investment for mining Like creating a mechanism Resolving disputes between the state and investors.
Noboa He is the first Ecuadorian president to participate in the PDAC The largest mining exhibition in the world.
Chairman of the Board of Directors of our company, @caroline11119010Welcome #EcuadorDay 🇪🇨 And displaying mining possibilities in a framework @the_PDAC 2024. pic.twitter.com/4VKLi3n40e
— Chamber of Mining in Ecuador (@mineriaecuador) March 4, 2024
The Head of State traveled to Canada, accompanied by his Foreign Minister, Gabriella Somerfeld. Energy and Mining, Andrea Arrobo; Production, international trade, investments and fishing, Sonsoles García.
In front of mining company managers and investors, Noboa, who has just completed 100 days in power, stressed that his government considers… Mining sector as an economic priority.
“the Mining is the engine of national development That is why we are here, and we thank you for your support and interest in Ecuador.”
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In this sense, the Minister of Production highlighted that the Ecuadorian Government Trying to reform the constitution To allow approval of the investment protection mechanism.”International arbitration between private investors And the government.”
Currently Ecuador, Garcia stated A good place for foreign investment.
“We have political stability, which is good for the predictability of investments. We also have economic stability,” Garcia said.
He added, “We have a dollar economy and a trade investment policy that is open to the world. We have natural resources such as water, minerals and agriculture. We have tax incentives.”
And the opening of the mining real estate registry?
The Minister of Energy and Mines, Andrea Arrobo, announced that the Ecuadorian government will accelerate the implementation of the project Revoke “unused” privileges.unpaid or engaged in illegal activities.”
“In addition, the Government of Ecuador It is working to reopen the mining real estate registry. I know you've heard a lot about this before. But the Ecuadorian government is working on this matter.”
he Mining Land Registry, which has been officially closed since 2018is the database for Investors demand mining concessionswithout No new exploration can be done.
For her part, the President of the Mining Chamber of Ecuador, Carolina Orozco, presented the potential of mining within the framework of the PDAC.
Meanwhile, in Quito, Social and environmental groups protested On March 4, 2024, in the vicinity of the Canadian Embassy, in objection to a possible intention to advance on the mining borders.
The work agenda also included a meeting with representatives of the Canadian Council of the Americas to present a report on the trade openness policy and the trade agreement negotiation process, a dialogue with Barrick Gold executives, and a meeting with the Canadian Export Development Authority to enhance technical cooperation. In structuring public-private partnership projects and internationalizing new companies.
The Ecuadorian government also signed Letters of intent To obtain financing,
120 million Canadian dollars Targeting clean energy projects.
