Ecuador's mining exports doubled in value in 2021

Ecuador’s mining exports almost doubled in value in 2021 to $2.09 billion, surpassing the government’s $1.6 billion expectation, the Ministry of Energy said.

In 2021, mining exports were “99% more than what was exported in 2020, when a value of $1.05 billion was registered," the ministry said in a statement.

Last year’s figure places mining as the country’s fourth-largest export, following oil, bananas, and shrimp, reported Reuters.

Ecuador mainly exports copper concentrate, gold concentrate, gold doré, and, to a lesser extent, minerals such as silver, lead, and zinc to China, Switzerland, the United States, and Finland.

Ecuador’s president, Guillermo Lasso, has invested in mining as he seeks to diversify the South American country’s income sources. The government is opening three new mines in Bolivar, Cotopaxi, and Azuay.

The government expects the value of mining exports to rise to $4 billion by 2025.

"Thanks to exports from the large-scale mines Fruta del Norte (USD 740 million), Mirador (USD 840 million) and the continued growth of small-scale mining activities (USD 513 million), this sector is advancing to become a fundamental pillar of the national economy," said the Minister of Energy and Non-Renewable Natural Resources, Juan Carlos Bermeo Calderón.