Ecuador revokes mining concessions
“We are forgetting about international law”
Ecuador's constitutional assembly on Friday approved a decree revoking most of the mining concessions in the country, following up on the leftist government's pledge to take greater control over natural ... via The Atlanta Journal-Constitution
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Saint John, Canada
#1 Apr 19, 2008
I can understand revoking concessions of these fly by night companies who were hoping for a quick flip with no work done. I can understand upping payments and taxes on concession lands. But to damage companies like Aurelian the way this has sends a message and that is,"don't invest in Ecuador". To me this implies that the President can go back on his word any time he thinks it politically expedient. I really thought that this country was on the right track, instead its just more of the same.
If they think that bananas and tourism will solve their problems then they have a problem.
#3 Apr 22, 2008
Been there done that = profit. Got out in time too.
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