Ecuador’s Development Relies on Mining: Correa

Presidential Press

Quito, December 1, 2007 — “How do we finance development?” the head of state asked the audience during his radio program on Saturday. And his answer was focused on mining: “We have one hundred billion dollars worth of copper,” he said, referring to the metal reserve located in the Zamora Chinchipe province.

“We have to tolerate the environmental impact that would affect us all,” he stated when suggesting that there is no way to ignore the cost-benefit factor if we want to end the poverty of most Ecuadorians.

Should we leave everything intact or should we access the country’s mineral wealth, which nears $200 billion? The dilemma is underlying for the president, especially because he understands the issues of environmental degradation and global warming.

In any case, the balance is weighted toward the need to guarantee the people’s welfare. “If there is such an income we are going to have to allow mining to benefit the development of the Ecuadorian people,” he stressed.

Finally, speaking about this issue, he warned that the proposal to have the oil remain underground in the Yasuni National Park will experience the same fate, if there is no response from the international community to compensate non-exploitation.

Article Source: ecuadorminingnews.com