Friday, July 18, 2008

India & Ecuador seek cooperation on mining

by Ed Roberts

India and Ecuador have decided to explore the possibility of cooperation in the mining sector between the two countries.

A decision in this regard was taken during a meeting of the Vice Minister of Foreign Affairs of Ecuador Mr. H. E. Jose Valencia and Indian junior minister for Mines, Mr. B. K. Handique, in New Delhi.

Both the countries are rich in mineral resources.

Ecuador has 4.6 billion barrels of oil and other mineral worth US $ 220 billion.

It is endowed with varieties of minerals which includes gold bearing quartz veins and placers, silver, copper, lead, manganese and various industrial minerals like: barite, clays, feldspar, gypsum, limestone, marble, etc.

Oil and natural gas are the main mineral resources.

Currently some 40 international companies are active in the mining sector in Ecuador with investment worth more than US $ 1.2 billion.

 

 

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