The mining law backed by President Rafael Correa to make Ecuador more attractive for investors passed the senate with 105 in favour and only 14 against.
The mining law, which will set royalty minimums and ease red tape, is designed to spur exploration in a country that is reckoned to have reserves estimated at $115 billion.
The law favours small- and medium-sized miners. According to Reuters, there will be a 3% royalty for small mines while large-scale mines will get a minimum 5% royalty.
Earlier this month Kinross Gold walked away from its $1.2 billion Fruta del Norte gold project objecting to the country’s windfall tax for large miners.
