Ecuador’s mining export revenue grew 134% in first eight months of 2021

RIO DE JANEIRO, BRAZIL – Ecuadorian mining exports in the first eight months of 2021 reached US$961.1 million, reflecting an increase of 134%, the Ministry of Energy and Non-Renewable Resources reported Thursday.

The most exported mineral in Ecuador was gold. Its concentrates and mining production is placed as the most productive sector of the country after oil, shrimp, and bananas said the Ministry in a press release.

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The Minister of Energy, Juan Carlos Bermeo, stated that these data show that the country has “reached 60% of the mining exports projections” for this year, among the main destinations of Ecuadorian minerals in China, with 253 million dollars, Switzerland with 165 million dollars, and the United States with a little more than 148 million dollars.

The cause of the increase in mineral production is due to the so-called small-scale mining or artisanal mining, and the two large-scale mines that the country has in the deposits of Fruta del Norte and Mirador, located in the southern province of Zamora Chinchipe.

In gold and its concentrates, the Andean country collected more than US$720 million in sales, which represents 74.94% of the total, and the next is copper concentrate, which amounts to 24.32% of mining revenues.

In June, the country broke its record for mining export revenue in a single month with an amount of US$178.80 million.

In parallel, another additional income under this concept will be the two million dollars obtained by the State with the sale by the National Mining Company of mining material seized between 2017 and 2019 in illegal mining settlements in the province of Imbabura.

The Guillermo Lasso administration seeks to boost development and is open to bidding for new mining concessions for exploitation.

However, indigenous communities, environmentalists, and human rights defenders announced that they would sue President Lasso before the Constitutional Court for Decree 151, proposing an Action Plan to boost the mining sector. The objective, according to authorities, is to make mining a more efficient, responsible, and environmentally friendly sector.

A lawsuit against the president was filed this week by the indigenous leadership and Amazonian collectives before the highest judicial court, challenging presidential decree 95, which aims to double oil production.