Ecuador Mining Exports to China Face New Controls
Ecuador now inspects gold and copper shipments to China before they leave, aiming to stop undervaluation. Separately, BYD rolled out new hybrids. The post Ecuador Mining Exports to China Face New Controls appeared first on The Rio Times .
Ecuador's mining exports to China face new controls aimed at closing a price gap that costs the nation millions each quarter. The government now requires mandatory sampling and technical checks on each shipment's grade and purity before it leaves for China, in an effort to lift revenue from mining exports. The new rule took effect immediately, requiring ARCOM, Ecuador's mining regulator, to certify the grade and purity of each load.
Shipments cannot be cleared by customs without the ARCOM certificate. The move is meant to prevent shippers from routing metal around the checks and to ensure fair pricing. Ecuador has been selling its gold well below the global price, losing out on millions of dollars in potential revenue. The new controls apply to processed minerals headed for China and cover processed mineral material under any customs regime.
Customs cannot authorize loading without the ARCOM certificate. The rule covers shipments of gold and copper, which account for a significant portion of Ecuador's exports to China. The aim is to ensure that the full value of the minerals is collected through taxes and royalties.
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