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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Tags: Ecuador, law, mining, work