Ecuador's Mining Reboot: Can New Copper Projects Revive International Interest?

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)

---

Summary

Ecuador is trying to revive interest in its mining sector. New mineral discoveries by Solaris Resources at its Warintza project could help attract fresh capital. The sector remains undeveloped compared with those of its Andean neighbors.

---

Ecuador Behind Peru, Chile

Ecuador's mining industry remains less developed than those in neighboring Peru and Chile, both of which have built world-class copper industries. However, recent announcements regarding a potential large-scale copper project could renew international interest in Ecuador.

The gap between Ecuador and other countries shows in the numbers. In 2024, the Ecuador exported about US$3 billion in metals and minerals, a 7.5% decline from the previous year, according to Central Bank data. Gold, including minerals and concentrate, accounted for 61.7% of the total of last year, while copper exports amounted to 37.8%.

In contrast, Peru's metallic mining exports reached US$47.7 billion in 2024, with copper values remaining stable and gold export values increasing by 41.4% from 2023, according to the country's ministry data. Copper made up 49% of the total value, with gold accounting for 32.4%.

Currently, Ecuador's large-scale copper and mining operations rely on the Mirador copper mine and Lundin Mining Corporation's (Vancouver, British Columbia) Fruta del Norte gold asset. Last year, the industrial-scale mining sector registered investments of US$547 million, with US$301 million spent at the Mirador mine and another US$120 million at the Fruta del Norte gold mine. Subscribers to Industrial Info's Global Market Intelligence Metals & Minerals Plant Database can view the profiles of the Mirador and Fruita del Norte mines.

While the mines have increased Ecuador's profile in the mining sector, significant development is still required for the country to achieve greater scale in project development.

First Government Steps

Recent decisions in Quito could hint that the government wants to offer a new opportunity to the mining sector. In June, Ecuador's Ministry of Mines reopened the mining register for the first time in seven years. Minister Ines Manzado declared that "the mining registry will be opened gradually, in phases, until the end of the year. This tool is becoming the primary means of obtaining information on mining concessions, which is essential for future investments in the country."

At this stage, the government remains cautious. Initial concessions are designated for small non-metallic mining, with ENAMI, the state mining company, receiving preferential access.

Even so, Industrial Info is tracking 88 mining-related projects in Ecuador, worth US$14.96 billion.

The Warintza Project: A New Test for Ecuador

Against this backdrop, Solaris Resources (Vancouver, Canada) recently published pre-feasibility results for its Warintza copper project in Morona Santiago province, outlining initial investments of US$3.7 billion that would rise to US$5.4 billion over the span of the project.

The company is targeting annual copper-equivalent output of more than 300,000 tons over the first five years and volumes of more than 240,000 tons over the first 15 years of operation. Solaris expects the mine will operate for 22 years.

Beyond copper, Solaris expects annual by-products of 8,600 tons of molybdenum, 57,000 ounces of gold and 1.3 million ounces of silver over the first 15 years. The asset's mineral inventory is substantial, with 3.7 billion tons of measured and indicated resources, 2.1 billion tons of inferred resources, and 1.3 billion tons of mineral reserves.

If built, Warintza would sit near the Mirador copper mine and the San Carlos and Panantza copper deposits in Ecuador's south. For the nation, Warintza does not only mean more foreign direct investment, employment, and taxes, but also the idea that international mining companies could set their eyes on Ecuador.

Key Takeaways

• The Warintza project could offer hope to Ecuador's mining sector.
• Only two large-scale copper and gold mines operate in Ecuador.
• The government reopened the mining registry for the first time in seven years.

---

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).