Ecaudor to Suspend Mining Exploration

Ecuador is to suspend large-scale mining exploration projects while a new mining law awaits approval, President Rafael Correa has announced.

A special 130-member assembly is currently rewriting the constitution and is expected to pass a decree today to both revoke illegal concessions and suspend mining activity in medium- and large-scale projects, writes Reuters.

The assembly is also expected to revoke concessions owned by companies that have not invested until late 2007 or have failed to pay their government fees.

A suspension would delay construction plans for companies which have found large deposits in the Andean country, including several Canadian gold and copper explorers.

The president, who has sought to tighten control over Ecuador's natural resources, said a new mining law would be approved in six months.

By staff writer