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Ecuador enticing mining investors

Bnamericas
Ecuador enticing mining investors

As part of its policy to promote the mining sector, Ecuador plans to open up its mining cadastre by January, enabling it to process 506 procedures to speed up delayed mining concession applications and grant new ones.

“It’s time to open the mining cadastre; the industry demands it, investors require it and we’re going to take firm steps to have the registry open in January 2022,” said energy minister Juan Carlos Bermeo during the Ecuador Open for Business investment convention.

Ecuador expects mining investments of US$975mn in 2021 and by 2025, when the term of President Guillermo Lasso ends, to reach US$4.26bn.

"The future of Ecuador is in mining," said Bermeo.

The minister said the cadastre will have all necessary guarantees so the information it contains cannot be manipulated.

Bermeo added that the country’s doors are open for those who want to invest in formal mining and pledged to control illegal activities.

The cadastre will include a comprehensive information management system that will be based on analysis, with the assistance of the IDB and the World Bank, providing a transparent platform.

Concessions have only been granted for 6.93% of Ecuador’s territory, of which 1.57% is for production and 5.36% for exploration.

The Mirador copper mine and the Fruta del Norte gold mine are currently the only large-scale operations in the country.

Photo: Mirador mine

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