Business
Salazar Comments on New Ecuadorian Mining Inspection Fee
Vancouver, British Columbia--(Newsfile Corp. - June 19, 2025) - SALAZAR RESOURCES LIMITED (TSX...
About this update from Salazar Resources Limited
[{"type":"text","content":"Salazar Comments on New Ecuadorian Mining Inspection FeeVancouver, British Columbia--(Newsfile Corp. - June 19, 2025) - SALAZAR RESOURCES LIMITED (TSXV: SRL) (OTCQX: SRLZF) (FSE: CCG.F) (\"Salazar\" or the \"Company\") comments on the new mining inspection fee being implemented by the Ecuadorian Control and Regulation Agency (\"ARCOM\"). The stated objective of this fee is to strengthen oversight and combat illegal mining activities. This fee is to be applied to all mining operations, except for artisanal mining, with the aim of generating funds to support enforcement efforts. As presented, the proposed fee would require the Company to pay approximately US$332,000 for its current concessions, of which US$47,000 is due in June 2025 and US$285,000 is due in January 2026. A significantly higher fee will be incurred on the completion of the purchase of exploration properties from Silvercorp Metals Inc (see news release December 23, 2024), or on any new licences granted to Salazar. The payments envisaged by the ARCOM decree are not supportable and represent approximately ten times the amount the Company pays for its annual concession fees in Ecuador.The Company is collaborating with various chambers and associations in the Ecuadorian mining sector and all other mining/exploration companies in Ecuador, to ensure that relevant authorities understand the damage that this fee will do to the Ecuadorian Mining Industry and to the reputation of the Country as an investment destination. The ARCOM resolution places an unsustainable cost burden on companies operating within the sector and undermines confidence in Ecuador's regulatory consistency and commitment to mining development.The Company has reached out to the Ecuadorian Government at the highest levels and will continue in discussions with the Mining Chamber of Ecuador and the Company's respective legal counsels as joint industry efforts are taking place to rescind this regulation. The Company will assess options for further courses of action. Said Mr. Fredy Salazar, CEO, \"While the Company applauds the government's efforts to strengthen supervision of mining activities to ensure criminal elements are eliminated from the sector, this new fee is not a good solution. The ruling will make it impossible to stake and hold large land holdings on which to conduct exploration and find the next...