{"id":1139228,"date":"2019-09-19T05:39:26","date_gmt":"2019-09-19T10:39:26","guid":{"rendered":"https:\/\/www.mining.com\/?p=1002373"},"modified":"2019-09-19T05:39:26","modified_gmt":"2019-09-19T10:39:26","slug":"solgolds-projects-safe-after-ecuador-courts-rejects-mining-referendum","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1139228","title":{"rendered":"SolGold\u2019s projects safe after Ecuador courts rejects mining referendum"},"content":{"rendered":"<p>Doubts around the fate of SolGold\u2019s (LON, TSX:SOLG) projects in Ecuador have been cleared up after the country\u2019s <a href=\"http:\/\/ir.q4europe.com\/Tools\/newsArticleHTML.aspx?solutionID=3676&amp;customerKey=Solgold&amp;storyID=14449757\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Constitutional Court rejected a fresh request<\/a> to make mining permits subject to popular approval.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The ruling, covering the southern province of Azuay, said the petition to seek local consultation to ban mining was too broad and potentially misleading. Further, it ruled that any referendum which could result in other nationally enjoyed constitutional rights being restricted, were inadmissible.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>It\u2019s the second time a request to hold a referendum about mining is denied, which is seen as a victory for companies seeking to exploit some of the world\u2019s largest untapped reserves of copper.<\/p>\n<\/blockquote>\n<\/figure>\n<p>The decision follows a June verdict that <a href=\"https:\/\/www.mining.com\/solgolds-shares-crater-possible-mining-referendum-ecuador\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">rejected community consultation in Imbabura<\/a>, the northern province that is home to SolGold\u2019s flagship copper and gold Cascabel project \u2014potentially one of Ecuador\u2019s biggest mines.<\/p>\n<p>The resolutions represent a<br \/>\nvictory for companies seeking to exploit some of the world\u2019s largest untapped copper<br \/>\nreserves. According to SolGold, they also set a \u201cstrong precedent\u201d for any future<br \/>\npetitions for consultation that imply changes to the country\u2019s constitution.<\/p>\n<p>Azuay province hosts several mining projects, including Canada\u2019s INV Metals\u2019 (TSX-V: INV) Loma Larga gold, silver and copper project.&nbsp;The Toronto-based company <a href=\"https:\/\/www.invmetals.com\/news\/inv-metals-provides-update-on-the-loma-larga-project-6\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said late on Wednesday<\/a> it would kick off its financing and permitting efforts for its proposed mine, one of five projects deemed strategic for Ecuador by the Ministry of Energy and Non-renewable Resources.<\/p>\n<p>SolGold\u2019s 100%-owned Sharug<br \/>\nproject, which the Australian miner believes has considerable potential for the<br \/>\ndiscovery of a world-class orebody, is also located in Azuay.<\/p>\n<h2><strong>On top miners\u2019 radar<\/strong><\/h2>\n<p>The Cascabel copper-gold project has piqued the interest of major miners, including BHP (ASX, NYSE:BHP). The world\u2019s largest mining company last year acquired&nbsp;<a href=\"https:\/\/mining.com\/worlds-biggest-miner-speeds-hunt-copper-assets-buys-6-stake-solgold\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">a 6.1% stake in SolGold<\/a>, increasing its exposure to copper.<\/p>\n<p>The move pushed Australia\u2019s largest<br \/>\ngold producer, Newcrest Mining (ASX: NCM), to&nbsp;<a href=\"https:\/\/mining.com\/australias-top-gold-miner-boosts-bets-ecuador-copper-project\/\"  rel=\"noreferrer noopener\">up its holding in the company<\/a>, consolidating its position<br \/>\nas SolGold\u2019s top shareholder.<\/p>\n<p>While Ecuador has gained ground as<br \/>\na mining investment destination in the past two years, existing and future<br \/>\nprojects risk delays and potential halts due to growing local opposition to the<br \/>\nextraction of the country\u2019s resources, a&nbsp;<a href=\"https:\/\/mining.com\/ecuadors-rising-opposition-mining-may-thwart-exploration-boom\/\"  rel=\"noreferrer noopener\">report by&nbsp;Fitch Solutions Macro Research<\/a>&nbsp;shows.<\/p>\n<p>As mining projects face headwinds from rising tensions, investors\u2019 courage will be tested, the study concluded, which could thwart Ecuador\u2019s plan to attract $3.7 billion in mining investments in the next two years, significantly up from the $270 million it received in 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Constitutional Court&#8217;s verdict considered a victory for companies seeking to exploit some of the world&rsquo;s largest untapped copper reserves.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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