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Tuesday, 30th September 2008 (1170 views)

IAMGOLD - which operates the Quimsacocha gold project in Ecuador - has announced that it expects the result of a referendum held in the country over mining development to be "favourable".

The vote was held over the weekend and official results are due to be released in the next ten days.

Based on media reports and information from the firm's management team within the country, IAMGOLD has stated that it thinks the outcome will be positive.

President and chief executive in office Joseph Conway commented: "The constitutional referendum is an important step in fulfilling President Correa's commitment to develop a modern, responsible mining industry."

He added that the company will continue to cooperate with the Ecuadorian government in developing new mining legislation that is set to be introduced by the end of the year.

As well as being the world's top banana exporter, Ecuador is rich in gold and since coming into power in 2007, president Rafael Correa has "aggressively" renegotiated mining contracts, according to Reuters.

 

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