Two major miners invested over US$200mn in Ecuador in Jan-Sep 2024

Canada’s Lundin Gold and Chinese-owned EcuaCorriente, which have the only two industrial-scale mines in Ecuador, invested US$211mn in the operations in the first three quarters of 2024.

The figure is equivalent to 64% of the US$329mn projected by the two companies for the whole of 2024, according to the latest statistics published by the central bank.

Lundin operates the Fruta del Norte gold mine while EcuaCorriente has the Mirador copper mine, both located in the Amazonian province of Zamora Chinchipe in southern Ecuador.

Of the amount invested between January and September, Lundin accounted for US$68mn and EcuaCorriente US$143mn.

The central bank said investment planned for all 2024 by Lundin Gold in Fruta del Norte was US$105mn, while EcuaCorriente projected US$224mn.

Lundin Gold's projected investment in 2024-26 in the mine is US$168mn and EcuaCorriente’s is US$355mn for 2025-27, according to the bank.

Lundin is currently concentrating exploration efforts on increasing Fruta del Norte production and finding another large gold deposit in the country.

CEO Ron Hochstein recently said that thanks to the potential of the mine, important exploration and expansion campaigns will be carried out in 2025.

The investment in exploration planned for this year is US$45mn for near-mine and regional programs, with emphasis on the former, according to the company.

Production guidance for this year is 450,000-500,000oz compared to output of 502,029oz last year.

EcuaCorriente, meanwhile, is in talks with the mines department to obtain the green light to carry out phase II of its concession, which involves expanding processing at the Mirador I (south) deposit to 80,000t/d from the current 60,000t/d and developing the Mirador Norte pit to process another 60,000t/d, bringing the total to 140,000t/d by 2028, according to the firm's plans.

Mirador is designed to produce 100,000t/y copper.