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Ecuador wants to 10% of Latin America’s mining exploration spending

Staff writer |
Ecuador wants to gradually increase its share of Latin American investment in mining exploration to roughly 10% over the next five years, Mining Minister Javier Cordova said.

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Although the Ecuadorian government’s position is that Chile, Peru, Ecuador and other nations in the region could present themselves as a block, and not as competitors for investment, Cordova discussed the factors that made his country more attractive as a destination for capital.

Chile “is completely explored out,” which gives Ecuador an advantage in the search for new mining projects, Cordova said, adding that “a similar thing” is the case with Peru, “which has too many concessions.”

Nearly 21 percent of the world’s investment in mining exploration goes to Latin America.

Of the between $20 billion and $30 billion invested in 2013, Peru and Colombia received between $4.5 billion and $5 billion, while Ecuador attracted just $30 million, or “virtually nothing,” the minister said.

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