If the measure withstands the second debate and Ecuador's President Rafael Correa signs it immediately, the bill will be published in the official gazette and go into effect within 11 days, he said.

MANDATE EXPIRED

Ecuador's constituent assembly, which preceded the congresillo and drew up the country's new constitution, passed a mandate in April suspending all mining activities for six months to allow time for preparation of the mining reform bill. "And technically, the deadline was up on January 5," Cordovez said.

According to the mandate, the country's ministry of mines and oil (MMP) will be forced to renegotiate concession permits with miners if a new mining law is not in place by the deadline, but Cordovez feels its expiration has not yet affected anything established by the mandate.

"Problems will arise if there is too much delay in approving the law and if there is a void between the date when the mining mandate expires and the law goes into effect," he said.

"NORMAL" LAW

The executive also said it is certain the measure will become an ordinary law, not an organic one, which had been an option.

Correa sent the mining bill to the congresillo in mid-November.

Among other issues, the law would set a 5% net smelter royalty.