The Right Prospects
Ecuador Mining
Resources Feature
The Right Prospects 2
Issue 103 ·Business Enquirer Magazine
Issue 103 · Business Enquirer Magazine
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Resources Feature
Ecuador Mining
In the medium term, Ecuador could turn into a major mineral exporting country
Guillemo Lasso, President of Ecuador
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Issue 103 · Business Enquirer Magazine
PROJECT DIRECTED BY
WRITTEN BY
Gary Smith
Romana Moares
While Ecuador has had ample mining reserves for many years, the country has failed to capitalize on their untapped resources due to heavy regulations and anti-mining legislation. This is now set to change in the wake of Ecuador’s recent federal election.
ing Corp’s La Plata, and Adventus Mining Corp’s Curipamba - are in the advanced exploration stage and should begin production in 2023. The Cascabel concession, controlled by Australia’s SolGold PLC, is expected to begin copper production in 2025.
Guillermo Lasso, the new President of Ecuador, has been unequivocally pro-mining since the start of his electoral campaign and has undertaken to enact measures that are friendly to FDI looking to operate in Ecuador’s oil and mining sectors. He also plans to cut tariffs on equipment used in both the agricultural and mining sectors, which will limit operating costs for foreign companies.
Several companies announced positive mining news in December. Solaris Resources reported assay results from a series of additional holes from ongoing mineral resource growth and copper discovery drilling programmes at its Warintza Project, and Salazar Resources announced new copper and gold mineralised discoveries at Los Santos, staring a phase 1 drill programme in January.
Mining is a substantial contributor to Ecuador’s economy. As one of the major industries to grow in the country, it now accounts for 1.84% of its GDP, a number that is only projected to increase. Reuters reported in September that Ecuador expects four major mining projects to start production by the end of President Guillermo Lasso’s first term in 2025.
Lasso has consistently voiced his support for the growth of the mining sector and stated, “In the medium term, Ecuador could turn into a major mineral exporting country, such as Peru and Chile. Our objective is to boost Ecuador’s natural resource sectors. We have minerals, which we can exploit under principles that respect nature and the democratic will of the communities that host them. Therefore, our commitment is to take advantage of oil, mining and energy resources using the best international practices.”
Three gold concessions to Canadian firms Dundee Precious Metals’ Loma Larga, Atico Min-
Business Enquirer Magazine · Issue 103
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