Toronto, Canada, March 7, 2017 – The Government of Ecuador expressed its commitment to good governance of the mining sector by joining the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF) Tuesday.
“We are pleased to welcome Ecuador as the 57th member of the IGF,” IGF Director Greg Radford said.
“Every nation which joins the Forum brings a unique perspective and adds depth to the dialogue. We look forward to Ecuador’s participation and applaud their commitment to leveraging mining for sustainable development.”
Ecuador formally signed its membership application during a press conference at the annual meeting of the Prospector and Developers Association of Canada in Toronto.
“Recent revisions to our mining and tax policies have helped Ecuador attract major investments, and we anticipate the sector will grow significantly in the coming years,” said H.E. Javier Córdova, previous Minister of Mining for the Republic of Ecuador.
“Our goal is to attract the right kind of investment from socially responsible companies which maintain high environmental standards.”
“The IGF will help us to manage the sector responsibly. We look forward to the opportunity to collaborate with like-minded nations and to learn from their experiences.”
The development of the mining industry is a reality in Ecuador. The opening of the Mining Cadastre attracted the attention of investors from all over the world. In an indication of its potential, Ecuador has received more than 500 applications to access new reserves areas, confirming the trustworthy environment that the country offers.
Ecuador also has clear rules for the development of mining, where the government, the company and the community are the main actors. This tripartite strategy bolsters both the social and sustainable development potential of mining projects. More information about Ecuador’s mining industry is available here.
The IGF supports nearly 60 nations committed to leveraging mining for sustainable development to ensure that negative impacts are limited and financial benefits are shared.
It is devoted to optimizing the benefits of mining to achieve poverty reduction, inclusive growth, social development and environmental stewardship.
The IGF is focused on improving resource governance and decision making by governments working in the sector. It provides a number of services to members including: in-country assessments; capacity building and individualized technical assistance; guidance documents and conference which explore best practices and provide an opportunity to engage with industry and civil society.
These efforts are largely framed by IGF’s flagship policy guidance and assessment tool, the Mining Policy Framework (MPF). The MPF lays out international best practices in six key pillars of mining policy and law: the legal and policy environment; financial benefit optimization; socioeconomic benefit optimization; environmental management; mine closure and post-mining transitions; and artisanal and small-scale mining.
The International Institute for Sustainable Development has served as Secretariat for the IGF since October 2015. Core funding is provided by the Government of Canada.