Ecuador mineral exports could fall by some 20% this year
Ecuador’s mineral exports could fall by some 20% year-on-year, mining vice-minister Rebeca Illescas told an industry conference on Tuesday, as power cuts and delays in giving export licenses hit output.
Ecuador’s worst drought in over 60 years has plunged the hydropower-dependent country into an energy crisis as diminished reservoirs leave hydroelectric dams offline, pushing the government to impose power cuts.
“There will be a fall,” Illescas said. “I expect it will be at least 20% compared to last year.”
Output will recover next year, she said.
Mining exports were worth $3.3 billion for Ecuador in 2023.
The Mirador copper mine is operating at about half of its capacity, Illescas said. Mirador’s operator said in August they expect to invest about $650 million into the second phase of the project over three years.
“Mirador has had energy problems for more than 30 days and since about 10 days ago they are at half capacity,” Illescas said.
Mirador operator Ecuacorriente, a unit of Chinese consortium CRCC-Tongguan Investment Co Ltd, did not immediately respond to a request for comment.
Canadian miner Lumina Gold will develop a gold project in the coastal province of El Oro, Illescas added, with production set to begin in 2026.