It seemed the media misinterpreted Larrea's remarks, Hallgarten's Turner says, and that the threat was confined to oil companies.

FORBES: Latin Mining Via Toronto

In May media reports quoted Gustavo Larrea, a government minister and a confidant of President Rafael Correa, as saying that miners in Ecuador would be hit with a strict tax hike that would take away 70% to 80% of revenues.

FORBES: Latin Mining Via Toronto