latin bravehearts

Latin bravehearts.

Robin Bromby / The Australian
3/8/09

IN our online The Dirt column we drew attention to the growing Australian resources effort in Latin America.

Adding to that came news that South American Iron & Steel (SAY) is emerging from the black hole that was Ecuador's rush of anti-foreign blood to the head. An article in the most recent edition of Latin Finance sums up the situation there: "Ecuador's government has defaulted on its bonds, fought with a host of multinational companies and governments, and demanded that banks repatriate money held abroad. But these questionable moves over the past few months appear not to have dampened interest in the mining sector". Better or worse than dealing with Labor mates in Queensland? You be the judge.

SAY reports that two of its eight iron sands concessions cancelled by the Ecuadorian government have been reinstated, and the country's court of appeal has agreed to hear the case on two others. Cheered up by this, the company is now seeking to tap shareholders for a fresh $3.4m.

http://www.theaustralian.news.com.au/business/story/0,28124,25871746-18261,00.html