QUITO, (Reuters) – The value of Ecuador’s mining exports grew 32.6% in 2022 from the year before, reaching $2.78 billion after its two large-scale mines operated at full capacity, the country’s energy and mines ministry said yesterday.
The figure surpasses the South American government’s original goal for the year of $2.67 billion.
“This growth is mainly due to the two large-scale mines Mirador and Fruta del Norte, especially since for the first year, both mines were at 100% production capacity,” the ministry said, adding that small-scale mining export revenues also grew 47% in 2022.
Both located in the Zamora Chinchipe province in Ecuador’s Amazon region, the Mirador copper mine is operated by Ecuacorriente, a subsidiary of China’s CRCC-Tongguan, while gold mine Fruta del Norte is run by Canada’s Lundin Gold LUG.TO.
The Andean nation has abundant mineral reserves, but has lagged regional neighbors like Peru and Chile in large-scale mining development due to opposition from indigenous communities and court rulings that have halted project progress.
Ecuador’s mining exports in 2021 were valued at $2.09 billion, according to official data. Mining accounts for the country’s fourth most exported products, behind oil, shrimp and bananas.
With several new mining projects coming online over the next two years, including Australian SolGold’s SOLG.L Cascabel concession, the government hopes to bring in another $4 billion in mining exports by 2025.
The main destinations for Ecuador’s mining exports are China, the United States and Switzerland, according to the ministry’s statement.
