Ecuador launched a new mining policy. From 2018 to 2020, this sector paid USD 1,300 million in taxes. So far, in 2021, it has paid USD 421 million, with a projection of up to USD 1,600 million. Teleamazonas invited our experienced senior associate Rafael Serrano, a specialist in Environmental Law, to discuss this new policy.
“A fundamental rule for the development of the sector demonstrates the will of the Government and that of the Ecuadorian State to promote this industry that, if administered correctly, can bring great benefits,” adds Serrano.
The National Government, through decree 151, ordered to issue “the Action Plan for the Mining Sector of Ecuador.” Article 2 adds that “the State will be the generator and coordinator of public policies that promote the development of the mining sector, national and foreign investment, and the increase in exports of mining products.” For experts in the topic, this is a big step within the mining sector.
Serrano adds that “the objective is the development of environmentally and socially responsible mining, which protects investment, both national and foreign.” And, to conclude, he adds that what is needed is “stability and clear rules of the game so that investors know where to invest. These are investments of hundreds of millions of dollars ”.