Copper mine deal
Source: Agencies |
March 3, 2012, Saturday
|
Print Edition
Print Edition
THE Chinese-owned mining company Ecuacorriente has signed a contract to invest US$1.4 billion over five years for extracting copper in Ecuador's southern Amazon.
Ecuador's Nonrenewable Resource Minister Wilson Pastor touted Thursday's agreement as the first in a series of large-scale mining deals and said production could begin as early as 2013.
Pastor said the Mirador copper deposit in Zamora Chinchipe Province has reserves of 5 billion pounds and a 25-year life. He said Ecuador will get at least 52 percent of profits.
Ecuador's Nonrenewable Resource Minister Wilson Pastor touted Thursday's agreement as the first in a series of large-scale mining deals and said production could begin as early as 2013.
Pastor said the Mirador copper deposit in Zamora Chinchipe Province has reserves of 5 billion pounds and a 25-year life. He said Ecuador will get at least 52 percent of profits.
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