There are rumors going around that Magdalena 1, Ascendant Copper Corporation´s old mining concession may be going up for sale. In the past, we have highlighted the reasons why it would be ridiculous for any mining company to get involved with this concession, or company. In order not to bore with repetition, let me resume:
1) Magdalena 1 legally belongs to Ecuador. According to the new mining law, approved in 2009, all concessions where the state invested public money in geological investigation, have to revert back to the state. This happened with the Chaucha concession,as well as Magdalena 1´s sister concessions, which made up the JUNIN project: Golden 1 and Golden 2. Magdalnea 1 was part of the three-some concessions where the government of Ecuador invested in exploration in the 1990´s alongside Bishimetals and the Japanese International Cooperation Agency (JICA).
2) And i realize this should be number one: This is an area where communities, local governments and NGO have teamed up to defeat two transnational mining projects. Mitsubishi and company in the 1990´s, and Copper Mesa and company in 2008. Note, the following is a understatement: Any mining company wishing to restart a mining project here is bound to run into real difficulties. Remember, so far, communities 2- transnational corporations 0.
3) If the above is not enough,, there is zero copper in Magdalena 1. The POSSIBLE copper reserves (never proven) the japanese believe is in this area, were found within the Golden 1 and Golden 2 concessions- much higher in elevation and in a different region than the area encompassed by Magdalena 1.
4) This whole area is very rich in pre-Colombian archeological sites (Yumbo People). Ecuador has very strict laws in place to protect the nation´s archeological patrimony.
5) Ascendant and Copper Mesa are no more. Copper Mesa, the real owner of the EX concessions were kicked out of the Toronto Stock Exchange in 2010.
For more details, please see the document: 19 reasons whey Nortec should stay out of the Intag Region of Ecuador http://upsidedownworld.org/main/ecuador-archives-49/1828--nineteen-reasons-why-nortec-ventures-should-stay-out-of-the-intag-region-of-ecuador-
