BN Americas18 Oct 2022 19:48
Ecuador has identified eight areas that have high potential for mining, according to state company Enami EP.
"Ecuador presents great exploration opportunities. Only about 10% of the country's surface has been explored, which generates significant potential for new discoveries," CEO Reinaldo Reyes told a conference on exploration challenges and mining prospects in Ecuador.
In the eight areas identified, there are 4.7Mha to be explored, Reyes said.
The country only has two major mines in production, the Fruta del Norte gold operation and the Mirador copper mine.
The official added that Ecuador is in the process of approving regulations to speed up the creation of partnerships between the state mining company and private firms for exploration projects.
According to Reyes, at least four companies are looking to team up with Enami.
Mining products are Ecuador's fourth largest export item, behind oil, bananas and shrimp.
The government expects that mining exports will be over US$2.6bn this year.
A study presented in March by the Spurrier Group estimates that nine advanced mining projects, plus the two mines in production and one suspended due to social problems, have reserves of 37.1Moz of gold, 178Moz of silver, 45.4Blb (20.6Mt) of copper and 129Mlb of zinc.
Ecuador expects combined investments of around US$11bn in seven of the projects, which the government forecasts will come into production in the coming years.
The projects are La Plata (polymetallic); Curipamba (copper and gold); Loma Larga (gold and silver); Mirador Norte (copper), part of the Mirador concession; Ruta del Cobre (copper); Cascabel (gold, silver and copper); and Warintza (copper).
The first three that should go into production, according to the mines and energy ministry, are Curipamba and La Plata for medium-sized mining, and Loma Larga for large-scale mining, on which construction should begin next year.
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