Weekly Report - 20 August 2009 (WR-09-33)

ECUADOR | Codelco. Chile's state copper giant Codelco has identified a site, “Chaucha", in southern Ecuador, containing 600,000 tonnes of copper, as well as a “not inconsiderable" volume of molybdenum, according to Chile's El Mercurio, citing an official Ecuadorean source. Antofagasta Minerals, owned by Chile's Grupo Luksic, and Canada's Ascendant Copper, won the Chaucha concession in 2006 but decided it did not meet expectations. President Rafael Correa signed an accord with Codelco to explore and develop minerals in the southern Amazon in June, the day after violent clashes between the police and indigenous groups in Peru just south of the border, partly over mining exploration [WR-09-23].

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