Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Ecometals Limited announced after the market close on Friday that is has been forced to give Ecuador Capital Corporation more time to come up with a final payment of $1,750,000 for its Condor Gold Project in Ecuador.
It’s the latest in a number of extension for EEC, which will now have to pay $100,000 more because of the delay, bringing the total to $7.6 million
William Lamarque, Ecometals CEO, said in a statement: “While it is undeniably a disappointment that ECC has required a further extension, ECC management emphasized that the further delay is strictly related to ongoing technical negotiations between ECC and its partners in Ecuador that are impacting the timing of ECC’s listing on the TSXV. The Company has been assured that this is the final deferment. We anticipate a delay in restarting drilling in Rio Zarza in consequence but do not envisage our 2012 drill program being curtailed or otherwise compromised by this development.”
Apart from Ecometals’ gold exploration projects in Ecuador, it also has manganese, iron and gold projects in Brazil at grass roots exploration and development planning stages.
