Noboa3 Mar 2024 13:21
President Noboa's presence is scheduled for today in Toronto to participate in the PDAC, the most important world mining forum. It will promote Ecuador as a mining investment destination. It is clear that Noboa Azín shares the criterion that the development of mining is key for Ecuador to emerge from its current stagnation, since this activity brings foreign investment in remote areas of the country that are incorporated into the formal economy, generates employment, exports and important tax revenues.
But Noboa's task is not to put Ecuador on the world mining map. He already is. The Fraser Institute asked mining executives from around the world which is the most attractive destination to invest in, regardless of differences in mining policies. Ecuador is voted the most attractive, after a province of Australia and another of Canada, countries that are home to the largest mining multinationals.
Noboa can report that under his mandate the Ministry of the Environment is unblocking some advanced projects so that they can move on to the development stage: recently El Domo, Curimining's intermediate-sized project in Bolívar, and before that Cascabel, a deposit of global importance that Solgold has in Imbabura.
Mining in the country was opened by Gustavo Noboa in 2000, the Montecristi constituent closed it in 2008, and Rafael Correa reopened it in 2015, allowing the development and production of the Mirador and Fruta del Norte mines. Moreno closed it again in 2018 and now only in 2023 will the door open slightly allowing the development of Cascabel and El Domo.
It is likely that at the PDAC Noboa will announce measures to attract mining investment. But you already heard that from Lasso. It would have been better if he had taken them sooner. Ecuador has a sad history of broken promises. It is up to Noboa to explain why Ecuador does not open the door to the mining companies that are fighting to enter.
They are going to ask you why you keep the mining registry closed. Moreno closed it and Lasso did not reopen it. For more than five years, companies very interested in entering the country have not been able to achieve concessions. Initially, the cadastre was closed because it was technologically obsolete and suffered from hacking, but multilateral organizations granted Ecuador a non-refundable credit and technical support to make a new one. Wouldn't it have been enough to buy the technology from Chile? That easy. But it hasn't been done. Which leads to the conclusion that no more investment is wanted.
Those that are already in the cadastre cannot advance either, because the Constitutional Court says that they have to comply with a prior consultation and an environmental consultation as required by law. But there is no such law. Neither Lasso nor Noboa sent to the Assembly an urgent bill of the law required by the Court.
https://www.eluniverso.com/opinion/columnistas/mision-en-toronto-nota/?outputType=amp
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