2003News

New Mining Law

The Senate approve the amendment of Article 19 of the Mining Bill in order to legalize the resumption of operations at the Pueblo Viejo gold mine in central Cotu?, reports Diario Libre. The modifications, which obtained the votes of 20 of the 21 senators present, allow for special contracts to be approved by Congress under conditions that are not necessarily equal or better than previous contracts. Placer Dome, the Canadian company that currently holds the mining concession at Pueblo Viejo, has committed to an investment of US$336 million to reactivate the old Rosario mine, in addition to the sum of US$1.5 million per year to be spent on water treatment. The Mining Bill is being rushed through Congress on occasion of the visit of Prime Minister Jean Chr?tien of Canada. The bill now passes on to the Executive Branch for its signing into law.