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2/18/10

Dorato Resources (DRI.v): Who knew?

Well, not to put too fine a point on it, subscribers knew last Sunday. As well as the persistent warnings put up on the blog about Dorato (DRI.v) and the big issues it faces in the Cenepa region (and a section in a Weekly a while ago), on Sunday Feb 14th subbers read the following:

Dorato Resources (DRI.v): Don’t go there

On the blog on Thursday (10), I made mention of the latest barrier being set up against the mining activities in the far North of Peru that may affect Dorato Resources (DRI.v) and others in the ‘Cordillera del Condor’ region which backs on to the equivalent region of Ecuador, home to Fruta del Norte amongst others. Word is that due to persistent protests from locals the government is planning to rescind a declaration made in 2007 that took areas out of the National Park zone there and offered up concessions to mining companies (11).

That’s the general story, but unofficial word from Lima corridors of power is that the fairly new and so-far somewhat toothless environment ministry, led up by pragmatic ecologist Antonio Brack, is keen on making an example of this area in exchange for allowing mining development enviro green lights in other areas of the country. The concept is that Brack can point to the Cordillera del Condor area as a place (rather minor in the great mining scheme of things) where the government has taken action and protected jungle areas. Meanwhile the mining and energy ministry gets its way in other, larger project areas such as the oil projects of the Amazon basin. The trade-off makes sense, but if it comes to pass it would be a killer for DRI. How sad.

Yes, you too would have had the chance to get out at between 85c and 90c on Tuesday and as high as 88c yesterday if you'd known what was in IKN41. Just sayin'. And by the way, if you think New Dimension Resources (NDR.v) isn't affected by all this, you need to stop smokin' those fatboys. The chances of any mine getting built in the Cenepa region by any company at any point in....oooh, let's say the next 30 years or so....is zero zip nada zilch. IAMGold worked this out last year and definitively retired its exploration activities from the region. That's the difference between a serious mining company and a bullshit junior, y'see.