Further to your humble scribe’s note on the chilling effects we will see in Ecuador’s mining industry after last week’s Constitutional Court (CC) ruling, Reuters got busy and got quotes for this note from both sides of the argument. First Ecuador’s Chamber of Mining says:
“This industry is now seriously threatened by judicial insecurity from this ruling,” and “In this decision, the court ignored the state’s licensee’s rights”
Meanwhile, a spokesperson for the anti-mining side of the coin, from the “Mining, Environmental, and Social Observatory of Northern Ecuador” pressure group told Reuters:
“The decision establishes a good precedent for the whole nation for the protection of forests,” and “The problem in Ecuador is that the mining industry is modifying laws in their favor.”
So now you know. Please recall how IKN spelled out the unpleasant facts for mining companies up and down the country in its extended coverage earlier this week, link here. Truth hurts.
a lot of juniors have been signing investment protection agreements with Lasso. Do these agreements mean nothing?
It’s not going to be exactly the same, but to get a general gist and strictly for theory’s sake, try swapping out these words:
Ecuador for The USA
Lasso for Biden
Constitutional Court for Supreme Court