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3/14/17

Ecuador's election and the Javier Cordova/Woodmac presentation at PDAC

When Wood Mackenzie and Ecuador's mining minister Javier Cordova stood up in front of a PDAC audience last week to say there wasn't going to be much of a change in the mining sector from the presidential election, they conveniently forget there's a run-off going on, the race is tight and the non-government candidate, Guillermo Lasso, is saying things on mining like this from last Sunday (translated):

Question: You have said that you won't allow large-scale mining projects. What will happen to the projects with acquired commitments and contracts (signed by the current government)?

Guillermo Lasso: We will review those contracts and will talk with the communities. In practice we want to sent a clear message, that growth and economic development is only achieved with social peace. I do not believe in economic growth by bullying, because it's not sustainable. There will be no mining at altitudes over 2,800 metres above sea level and under that level, only with prior consultancy with communities. We must take care of our water sources.