Ecuador passes mining law
The mining law, which will set royalty minimums and ease red tape, is designed to spur exploration in a country that is reckoned to have reserves estimated at $115 billion.
The law favours small- and medium-sized miners. According to Reuters, there will be a 3% royalty for small mines while large-scale mines will get a minimum 5% royalty.
Earlier this month Kinross Gold walked away from its $1.2 billion Fruta del Norte gold project objecting to the country’s windfall tax for large miners.