Undersecretary of Mining Jose Serrano Delgado said Kinross Gold and Corriente Resources can immediately resume their operations in Ecuador.
Serrano told the Dow Jones Newswires Tuesday all concessions will be revised on a case-by-case basis by various government ministries.
Corriente said Tuesday that it received official notice that all suspensions on its field operations have been lifted.
In a statement released by Corriente, Serrano said, With the suspension lifting of the companies' activities, the government has finished the phase of the process to organize the sector and is initiating a new stage where the development of projects of national priority, of which mining has a central role, will be pushed actively.
The new rules handled by an honest government will create a scenario appropriate for the state, the communities, the workers, and investors responsible with society and the environment, and a scenario where the respect of the constitution and law comes first, he added.
The Canadian junior explorer wholly owns four copper and copper-gold porphyry deposits collectively being developed as the Mirador project, as well as concessions covering 430 square kilometers in southeast Ecuador.
Meanwhile, Kinross Gold can resume activities on its Fruta del Norte gold-silver project in south-eastern Ecuador, which it acquired when it bought Aurelian Resources on September 30, 2008. The deposit is believed to contain 13.7 million ounces of gold and 22.4 million ounces of silver. First production could begin as early as 2012.
However, both companies must update their environmental impact studies and renegotiate their contracts with the government.
In April 2008 a special assembly rewriting the nation's constitution halted mining and exploration activity by revoking 80% of mining concessions and suspending the remaining 20% for 180 days until a new mining law could be adopted. The new law was adopted in January 2009.
Quoting an unidentified government official, Reuters said authorities have to visit the sites of IAMGOLD, International Minerals, and Dynasty before the government decides whether to lift their bans.
The new mining law requires royalties, limits mining concessions to 5,000 hectares each, and contains a 25-year cap on contracts. Two types of contracts have been established for exploitation and services.
Serrano told Dow Jones the renegotiation of each contract will begin when each company finishes an advanced stage in exploration and enters into the economic evaluation phase. We cannot advance a date for the renegotiation, it will depend on each company, on their investment levels and their work, he said. We need good and technical information about the mining deposits of each company.