Update on Ecuadorian Mining Law expected this week

Aurelian Resources Inc. (TSX:ARU) provided an update regarding Ecuador’s draft mining law and expected political milestones over the coming months.  These are not official dates, just an estimated timeline

1. On June 27, 2008 the Ministry of Mines and Petroleum (MMP) announced completion of work on a draft law. Preparation of the draft legislation involved an extensive consultation process with stakeholders. The draft law was sent  to President Rafael Correa, who is reviewing the document with his advisors.
2. The new President of the Assembly, Fernando Cordero, stated that the Assembly will complete its work on July 25 and will deliver the proposed constitution to the Supreme Electoral Council. At this time the Assembly is to be dissolved and will probably be replaced by an interim legislative body, although details are still being debated regarding its start date, duration, composition, and legislative powers.
3. Ecuadorean media have reported that the date for the referendum will be announced on August 21, and that this date will most likely be October 5 with final results to be published on October 21.
4. The dates for general elections will be announced on November 6, followed by candidate inscriptions on December 10, elections on February 8, 2009 and results on March 10, 2009.
5. If necessitated by a vote of less than 40% for the leading Presidential candidate, the second round of Presidential elections will occur on March 22, 2009, with final results on April 11, 2009. The newly elected legislative body will take office on April 26, 2009 and the new President will take office on May 3, 2009.

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Miners make 100K vs. 42K in B.C.

Given the choice, who wouldn’t prefer to make 100k instead of 42K a year?  I’d say that anyone that’s not officially nuts would rather get paid more than less, right?  Well, in the British Columbia area, thanks to 20 ongoing mining  projects people get to make  a living earning more than double what the average person earns in a year.  I learned about this by reading a wonderful piece by Jack Caldwell.  To read it, click here.

 

Canadian Mining fattens government purse

 This is a great example of how socially and environmentally responsible mining can also be a huge contributor to its local economy.  Take a close look at the tax dollars brought in through the mining industry and also the jobs created.  That’s the kind of boost to the economy that we need to see here in the States and in L.A.  Tree huggers need to realize that real people need to feed their families and strengthen their home economy first.  See the article below. 

The minerals industry is a significant contributor to government, paying nearly $11 billion in taxes in 2006. This is the conclusion of a new study prepared by ENTRANS for the MINING ASSOCIATION OF CANADA (MAC).

The Canadian mining industry consists of approximately 180 producing mines in Canada, with an important focus upon metals such as gold, copper and nickel and non-metals such as coal, potash, diamonds and oil sands. The industry also comprises 38 non-ferrous smelters and refineries producing refined aluminum, copper, nickel, zinc and other metals. The industry directly employs about 180,000 people.

Full article

Shareholder Rights protected at last!!!!

In light of recent developments that affected its shares regarding its projects in Ecuador, the Canadian mining company Ascendant Copper has launched  a Shareholder Rights Plan to protect its investors’ interests. 

Below is a paragraph taken from their website:

The Rights Plan is designed to ensure the fair treatment of shareholders in any take-over bid made for the Company’s common shares. The Rights Plan is intended to provide shareholders and the Board of Directors with adequate time to consider and evaluate any unsolicited take-over bid made for the Company’s common shares and, if appropriate, to seek out other alternatives to maximize shareholder value. The Board of Directors believes that the dominant effect of the Rights Plan will be to enhance shareholder value, ensure equal treatment of all shareholders in the context of an acquisition of control, and lessen the pressure upon a shareholder to tender to a bid.

Full release available at

 

Job opportunities in AZ threatened by tree huggers

In the midst of an unemployment crisis, the story below demonstrates how sometimes people take their beliefs to the extreme.  In Tucson a community is divided between taking a chance for more jobs and fighting NIMBYs.

It was a case of two gatherings, same location, same subject — but with different views on what the ultimate impact a copper mine would have on the region.

Monday night, hundreds of opponents of the proposed 4,400-acre Rosemont copper mine in the Santa Rita Mountains gathered for the third hearing in two months to make their case against the project.

They said the mine would use too much water, create too much truck traffic and disfigure too much beautiful land. (…) The crowd at the 500-seat auditorium, about two-thirds full, was heavily tilted against the mine. (…) But two days earlier, hundreds of laid-off workers and others looking for better jobs gathered in another meeting room at the same school to make the case for why they deserve to be hired by Rosemont and other mining companies.

Full story

Fortuna Silver trades in Peru

TSX Venture Exchange-listed Fortuna Silver will begin trading on the Lima Stock Exchange when the market opens on Thursday, the firm said in a statement.

Fortuna also proposed on Wednesday to extend the expiry date of its private placement warrants, issued in January last year, by one year to July 11, 2009.

The company owns the Caylloma silver/zinc/lead mine in Peru, and is building a silver and gold mine in Mexico.

Fortuna shares slid 1,01% on Wednesday, to C$1,96 a share by 13:26 in Toronto.

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