Reuters - Ecuador set to sign $3 bln mining contracts

Reuters - Ecuador set to sign $3 bln mining contracts

INTERVIEW-Ecuador set to sign $3 bln mining contracts--gov't

11:21 AM Nov 22, 2011

QUITO, Nov 22 (Reuters) - Ecuador is close to signing operating contracts with Kinross <K.TO> and Ecuacorriente <CTQ.TO> for two large mining projects, deputy mining minister Federico Auquilla told Reuters on Tuesday.

The companies would invest $3 billion in the next two and a half years, Auquilla said.

"We're pretty much done ... we're working on the final document," he said.

The contracts call for royalty payments in advance, although Auquilla said he would not announce how much royalty the companies will be paying until the contracts are signed.

(Reporting by Eduardo Garcia; Editing by John Picinich)