According to the government, Ecuador wants to make mining one of the country’s economic foundations and attract international investment in a range of different projects.
The geological characteristics of the nation make mining for copper, gold, and silver profitable. In the next several years, experts predict significant advances will be fueled by exploratory projects at different stages of development and government initiatives to promote the industry.
A new mining strategy is expected to be implemented with the presidential order to promote investment, eliminate illicit mining, and expedite long-delayed procedures, among other things.
Taking advantage of the decree’s three-month deadline will be difficult, but it also presents a significant opportunity. This is a critical juncture for the mining industry, and not only the government is engaged.
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As a result of technological change and innovation, mining firms have a tremendous potential to improve their competitiveness while simultaneously contributing significantly to sustainability measures.
Amazonian communities in Ecuador sued the country’s right-wing president on Monday to stop what one Indigenous leader called a “policy of death” that threatens millions of acres of virgin rainforest and indigenous peoples’ survival. The right-wing president plans to expand fossil fuel extraction and mining.
Indigenous nations, groups are suing President Guillermo Lasso, and advocates who claim Executive Decree 95 violates their right to informed consultation and consent. Lasso, a former banker who beat progressive economist Andrés Arauz in a runoff election in April, has also said that he intends to make mining one of Ecuador’s primary sources of revenue.
There will be a second lawsuit against Executive Decree 151, which loosens environmental regulations to accelerate the entrance of multinational mining corporations into the Amazon area against Indigenous peoples’ desires. According to the plaintiffs, the Ecuadorian Constitutional Court should overturn both decisions.
To speed up extraction operations like oil and mining, which have severe and irreversible consequences for Indigenous peoples’ physical and cultural existence, these decrees are being issued, “she carried on. “To force an extractive agenda on the thousands of Indigenous families living in these areas, President Guillermo Lasso wants to use administrative processes that do not include their input and the guise of economic growth.
Canadian miners SolGold and Aurania Resources have welcomed the news that Ecuadorian President Guillermo Lasso released Decree 151, which outlines a new mining strategy and offers a clearly defined plan to promote Ecuador’s ethical mining industry as a significant economic engine.
The decree establishes a timetable and action plan with the primary goal of creating an efficient, ecologically, and socially responsible mining sector in Ecuador, promoting national and international investment, and implementing best practices for resource exploitation.
The strategy will include an inter-institutional plan to eradicate illegal mining while also providing the necessary framework to ensure title security and respect pre-existing mining rights. The Chair of Aurania’s Mineral Exploration Board, Dr. Keith Barron, said that this was an explicit endorsement of exploration and mining done with appropriate consideration for the surrounding people and the environment.