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QUITO, Sept 17 (Reuters) - Ecuador expects four major mining
projects to start production by the end of President Guillermo
Lasso's first term in 2025, as the conservative leader seeks to
diversify the economy before oil exports, the natural resources
ministry said on Friday.
Lasso, a former banker who took office in May, is seeking to
attract private investment to boost the economy after a deep
recession last year exacerbated the government's cash crunch.
Ecuador has abundant mineral reserves, but has lagged Andean
neighbors Peru and Chile in developing large-scale mines.
Three gold concessions to Canadian firms - Dundee Precious
Metals' Loma Larga, Atico Mining Corp's La
Plata, and Adventus Mining Corp's Curipamba - are in
the advanced exploration stage and should begin production in
2023, the Energy and Non-Renewable Natural Resources Ministry
said in its statement.
The Cascabel concession, controlled by Australia's SolGold
PLC, is expected to begin copper production in 2025,
the ministry added.
Many major mining projects in Ecuador have encountered
opposition from local communities and some have struggled with
occupations by informal miners https://www.reuters.com/article/us-ecuador-mining/ecuadors-crackdown-on-wildcatting-at-australian-moguls-mining-lease-faces-backlash-idUSKCN1UV154,
which have slowed down their development.
The South American country's first large-scale copper mine,
the Mirador project operated by a subsidiary of Chinese
consortium CRCC-Tongguan, began production in mid-2019 https://www.reuters.com/article/us-ecuador-mining/ecuador-begins-large-scale-mining-at-mirador-copper-project-idUSKCN1UD36F.
Its first major gold mine, Canadian miner Lundin Gold Inc's
Fruta del Norte projects, started up in November https://www.reuters.com/article/us-ecuador-mining/canadas-lundin-gold-expects-output-of-up-to-220000-oz-from-ecuador-mine-in-2020-idUSKBN2482KA
of that year.
Ecuador's authorities expect exports of mineral resources to
reach $1.6 billion this year, up 74% from 2020.
(Reporting by Alexandra Valencia
Writing by Luc Cohen; Editing by David Gregorio)
