Ecuador’s mineral exports could fall around 20% year-on-year in 2024, due to power outages and delays in export certificatessaid the Vice Minister of Mines, Rebeca Illescas, at a sector conference on Tuesday.
Ecuador’s worst drought in more than 60 years has plunged the country, dependent on hydroelectric power, into an energy crisissince the decrease in reservoirs has left hydroelectric dams out of service, forcing the Government to ration energy.
“There will be a drop,” Illescas acknowledged. “I hope it will be less than 20% from last year.”
“We are going to recover next year,” he assured.
Mining exports totaled about US$3.3 billion in 2023according to data from the central bank.
One of the main factors that will affect mineral exports, mainly gold and copper, are the power cuts decreed at the national level.including large consumers, including mining operators.
The Mirador copper mine is operating at half capacity, according to Illescas. Mirador’s operator said in August that it expects to invest about US$650 million in the second phase of the project in three years.
“Mirador has had energy problems for more than 30 days and for approximately 10 days they have been in the middle of their operations,” reported the vice minister.
Mirador operator Ecuacorriente, a unit of Chinese consortium CRCC-Tongguan Investment Co Ltd, did not immediately respond to a request for comment.
Canadian mining company Lumina Gold will develop a gold project in the coastal province of El Oro, Illescas added, with production beginning in 2026.
The government closed the negotiation with the mining company and hopes to sign the contract in the coming months.
