Corriente Resources

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Corriente Resources Inc.
Type Private
Industry Mining
Founded 1992
Headquarters

Vancouver, Canada
49°17′07″N 123°06′59″W / 49.285220°N 123.116452°W / 49.285220; -123.116452

Quito, Ecuador
0°10′43″S 78°28′46″W / 0.178517°S 78.479419°W / -0.178517; -78.479419
Key people Jin Shouhua, Chairman (CEO)
Li Dongquing (Senior VP)
Products Copper
Employees 98 (2008)
Website www.corriente.com
Corriente Resources' office in the Mansión Blanca Building in Quito.
Demonstration against Corriente Resources in Gualaquiza, Ecuador.

Corriente Resources is a multinational corporation based in Canada that plans to open an open-pit copper mine in the Ecuadorian rainforest.

History[edit]

Corriente Resources exists since 1992. Around the year 2000, it entered into an agreement with mining giant BHP Billiton, buying mining concessions in the Amazon Rainforest in Ecuador.[1]

Over 25,000 people flooded Quito, Ecuador’s capital, on March 22 in the culmination of a two week march that began in the country’s Southern Amazon region and spanned roughly 700 kilometres.

The march, translated from Spanish to mean the “Plurinational March for Water, Life, and Dignity of the People,” was led by the Confederation of Indigenous Nationalities of Ecuador (CONAIE) in collaboration with other indigenous, environmental, student, worker, and women’s groups.

The movement was born out of a rejection of the constitutional violations and extractive environmental policies of President Rafael Correa’s national government, which is led by the Alianza Pais party (“Proud and Sovereign Fatherland Alliance”).

Thousands left Ecuador’s Southern Amazonian province of Zamora-Chinchipe on March 8 – International Women’s Day – to begin their journey to Quito. They arrived on March 22, World Water Day.

The starting point was symbolically chosen to denounce the large-scale, open pit copper mining project initiated in Zamora’s Condor Cordillera following a contract signed at the beginning of the month with the Chinese transnational mining corporation, Ecuacorriente (ECSA).

ECSA is an international subsidiary of the Canadian natural mineral resource company, Corriente Resources Inc., based in Vancouver, BC.

The project is the largest scale mining development in the Ecuador’s history, and is contracted to last 25 years, with a $1.4-billion investment in the Southern Amazonian region by ECSA within the first five years.

Provincial coordinating committees sent roughly 5,000 to 6,000 people from each province to participate in the march, joining the movement as it moved northward from Zamora toward the capital. Together these bodies made 19 demands on issues including labour, environmental justice, and reproductive rights.

They declared three of these demands to be nonnegotiable: the elimination of large scale mining, decriminalization of social protest, and the reinstatement of employment of 5,600 public workers who had been laid off in Fall 2011 by a constitutional decree which instituted “mandatory resignation.”

On March 22, 20,000 demonstrators travelled the final stretch through Quito, arriving from the south to gather downtown at Parque del Arbolito. Another 5,000 arrived from the north. They carried with them large banners, flags, graffiti, and drums, chanting as they made their way through the city.

Though the protesters marched in unity, they represented a wide variety of issues.

“I am here because I believe in protest. I believe it is one of the greatest achievements of the people, and I join this struggle for two reasons; because water is a right for all, and because I am against the large scale mining project in Zamora,” said Pablo Torres, a demonstrator from Quito.

Another demonstrator, Marco Montagua from Pastaza in the South Eastern Amazon stated, “I am here in the spirit of solidarity between indigenous peoples and nationalities. Each people, each sector, has their own reason for being here. We, the Sapara Nation, are here to resist oil extraction on our land.”

Riot cops and military lined the march and police helicopters flew overhead. While the protest remained mostly peaceful, altercations broke out between riot police, police on horseback, and the demonstrators around 6:00 p.m.

The government had banned the contracting of interprovincial buses throughout March, which constrained the number of protesters present in the demonstration.

Despite this, Soledad Vogliano, Natural Resource and Legal worker for CONAIE, explained that the march has already yielded some positive results.

“The government has announced that they will begin a process of dialogue to evaluate how the nonnegotiable demands can be implemented,” said Vogliano. “This period will last six months, by the end of which, if there is no action, the organizations involved in the march have announced that there will be uprising.”

Through a community relations campaign, Corriente Resources was able to win over many of the inhabitants of the area that will be affected by the mine, spending money. However, in 2006 a local resistance movement was formed, which then took some mining camps. Another group of locals, supported by the corporation, resisted the take, and there was a fistfight.[2]

Corriente Resources currently has the support of Rafael Correa, president of Ecuador.[3]

Due to its economic power, Corriente Resources not only has influenced Correa, but also local authorities in Zamora Chinchipe and Morona Santiago provinces, where the corporation operates. In early 2009, during a demonstration against the corporation in the town of San Miguel de Conchay in Morona Santiago, the village chief, Hernán Samaniego, issued a death threat against Vicente Zhunio, one of the copper mine's opponents.[4] [5]

Mirador Project[edit]

Mirador is Corriente Resources' main project in Ecuador. It is located on coordinates 3°34′12″S 78°26′05″W / 3.570046°S 78.434687°W / -3.570046; -78.434687, near the town of Gualaquiza on the western slope of the Cordillera del Cóndor mountain range.[6]

Corriente Resources plans to extract 30 thousand tonnes of copper ore per day for about 17 years, producing a sum total of 145 million tonnes of waste, which will be dumped near the open pit, in the middle of the rainforest. Corriente Resources believes it will use 10 thousand cubic meters of water per day, an amount equivalent to the water used by 20 thousand people in Ecuador's cities daily. Corriente Resources plans to build a dam near the Quimi River to hold the water produced by the mine.[6][7]

Corriente Resources plans to invest $533 million upfront.[6]

To export the copper, Corriente Resources will build port facilities in Puerto Bolívar on the Pacific coast of Ecuador, 250 miles from the mine.[6]

On July 2009, Corriente Resources announced it had gotten the go ahead from the Environment Ministry and the Water Department of Ecuador to begin digging the open-pit mine.[8]

Substantial Shareholders[edit]

The following own 5 percent or more of Corriente Resources' stock:[9]

Name Occupation Business Address Share of Stock
David Lu Financier, Managing Member of Hedgehog Capital LLC 1117 East Putnam Avenue Suite 320
Riverside, CT 06878
10.9
Daniel Carriere Executive, Senior VP of Corriente Resources Inc. 800 West Pender Street Suite 520
Vancouver, BC V6C 2V6
6.1

References[edit]

  1. ^ Corriente Resources. "History". 
  2. ^ Santiago Kingman. "Minería en territorio Shuar". Ecuador Terra Incognita. 
  3. ^ Corriente Resources. "Annual Report 2008". 
  4. ^ Amnesty International. "Urgent Action". 
  5. ^ Coordinadora Nacional Por la Defensa de la Vida y la Soberanía. "Ecuador: Carta al Ministro de Minas y Petróleos". 
  6. ^ a b c d Corriente Resources. "Mirador Copper-Gold Project: 30,000 TPD Feasibility Study". 
  7. ^ FAO. "AQUASTAT". 
  8. ^ Corriente Resources. "News Release". 
  9. ^ U.S. Securities and Exchange Commission. "Company Information: Corriente Resources Inc.".