Articles
Business intelligence and analysis on Ecuador
Lundin Gold Deploys $100M Exploration Campaign at Fruta del Norte
Canadian miner Lundin Gold will invest $100 million in 2026 to extend the mine life of its Fruta del Norte operation in Zamora Chinchipe province. The program deploys 18 drill rigs (7 underground, 11 surface) targeting 133,000 metres. Current reserves stand at 5.54 million ounces of gold, with expected annual production of 475,000-525,000 ounces through 2028.
Ecuador Reopens Mining Cadastre After 7-Year Freeze — $3B Llurimagua Tender Set for 2026
Ecuador's mining ministry announced the reopening of the national mining cadastre after a seven-year freeze, with new concession applications to be processed in phases starting 2026. Separately, state miner Enami is preparing an international tender for the $3 billion Llurimagua copper-molybdenum project in Imbabura province, projected to produce 210,000 tonnes of copper annually. The moves arrive alongside CMOC's C$581 million acquisition of the Cangrejos gold-copper project and Lundin Gold's planned $100 million exploration investment.
Lundin Gold Commits $100M for 133,000-Meter Drilling Program — Largest Single-Year Exploration Investment in Ecuador's Mining History
Lundin Gold announced its largest-ever exploration program — $100 million and 133,000 meters of drilling in 2026 — focused on extending the life of its high-grade Fruta del Norte gold mine in Zamora Chinchipe province. The investment represents the largest single-year exploration commitment by any mining company in Ecuador's history. A development decision on the Fruta del Norte South deposit is expected in H1 2026, with annual gold production guidance maintained at 475,000-525,000 ounces through 2028.
89 Mining Concessions Suspended Across Napo, Loja, and El Oro in One Week — Environmental Enforcement Crackdown Intensifies Under Noboa
Ecuador's Ministry of Environment and Energy suspended 89 mining concessions and shuttered 54 mineral processing plants across Napo, Loja, and El Oro provinces in a single-week enforcement operation. The crackdown — targeting operations that lack environmental licenses, exceed permitted boundaries, or fail to comply with water protection regulations — signals the Noboa administration's dual approach of aggressively courting international mining investment while demonstrating environmental governance credentials to satisfy ESG-conscious investors and multilateral lenders.
Lundin Gold Commits $100 Million to 2026 Ecuador Exploration, Deploys 18 Rigs Across 133,000-Meter Drill Program to Extend Fruta del Norte Mine Life
Lundin Gold announced a $100 million investment in 2026 exploration to extend the life of its Fruta del Norte mine in Zamora Chinchipe province, deploying 18 drilling rigs across a 133,000-meter program. The company expects to produce 475,000-525,000 ounces of gold annually from 2026-2028, with key expansion decisions — Fruta del Norte South development in H1 and mill throughput expansion in H2 — that could transform Ecuador's largest gold mine into a multi-decade operation.
ENAMI Prepares International Tender for $3 Billion Llurimagua Copper Project After Arbitration Tribunal Awards Codelco Just $25.3 Million of $567 Million Claim
Ecuador's state-owned mining company ENAMI plans to launch an international tender in 2026 for the $3 billion Llurimagua copper-molybdenum project after the ICC International Court of Arbitration rejected most of Chile's Codelco $567 million damages claim, awarding just $25.3 million in July 2025. The project — located in Imbabura province, 80 km northeast of Quito — holds a 982-million-tonne resource capable of producing approximately 210,000 tonnes of copper per year over a 27-year mine life.
US Formally Designates Ecuador's Rare Earth, Copper, and Gold Reserves as Strategic Minerals at 54-Nation Critical Minerals Ministerial
The United States formally recognized Ecuador's rare earth, copper, and gold deposits as strategic minerals at the February 4, 2026 Critical Minerals Ministerial in Washington, signing a bilateral framework agreement as part of a 54-nation effort to diversify supply chains away from Chinese dominance. The designation opens access to $10 billion in EXIM Bank financing and DFC investment guarantees — but faces a paradox: Chinese state-linked firms already control Ecuador's three largest undeveloped mining projects worth an estimated $50+ billion in combined resources.
TerraEarth Resources: How a Chinese-Owned Firm Amassed 10,900 Hectares of Gold Concessions in Ecuador's Amazon While Contaminating Rivers at 500x Safe Levels
TerraEarth Resources S.A. — a Quito-registered company with $580,000 in capital and two employees, controlled by Chinese nationals Peng Yongming and Wang Ye — holds 10,900 hectares of gold mining concessions across six sites in Napo Province, making it the largest single concession holder in Ecuador's Amazon gold belt. An investigation by Primicias reveals that despite 29 government inspections documenting 55 environmental violations, the company deforested nearly 700 acres and contaminated the Chumbiyacu River with heavy metals at 500 times acceptable levels before its licenses were finally suspended in May 2025.
Lundin Gold Commits $100 Million to 2026 Ecuador Exploration Campaign, Plans 133,000 Meters of Drilling at Fruta del Norte Complex
Lundin Gold announced a $100 million exploration budget for 2026 -- the largest single-year exploration investment in Ecuador's mining sector -- with 133,000 meters of planned drilling across concessions in Zamora Chinchipe province. The company set full-year production guidance at 475,000-525,000 ounces of gold at an all-in sustaining cost of $1,110-$1,170/oz, and expects to make development decisions on both the Fruta del Norte South deposit and a mill expansion beyond 5,500 tonnes per day by year-end.
ENAMI Plans 2026 International Tender for $3 Billion Llurimagua Copper-Molybdenum Project After Codelco Exit
State mining company ENAMI EP plans to launch an international tender in 2026 for the Llurimagua copper-molybdenum project, valued at $3 billion, after Chile's Codelco exited the 51/49 joint venture. The Imbabura province deposit holds a 982-million-tonne resource base with projected output of 210,000 tonnes of copper per annum over a 27-year mine life -- potentially one of Ecuador's largest-ever mining investments at a time of surging global demand for the electrification metal.
Decree 273 Reshapes Ecuador's Mining Investment Calculus: New 3-8% Royalty Scale, 100% Self-Power Mandate, and Tightened Exploration Timelines Take Effect
Executive Decree 273, signed by President Noboa on December 31 and effective January 1, 2026, introduced the most significant changes to Ecuador's mining regulatory framework in over a decade. The decree establishes a 3-8% sliding royalty scale based on commodity prices, mandates that all mining projects supply 100% of their electricity needs, and tightens exploration timelines -- reshaping the cost structure for an $8 billion+ investment pipeline.
Ecuador Reopens Mining Concession Registry After Seven-Year Freeze, Targets $4B in Annual Mining Exports
Ecuador officially reopened its mining concession registry, frozen since January 2018, in a phased process that will culminate with full metallic concession availability by early 2026. Mining exports exceeded $3 billion last year and could reach $4 billion as six large and medium-scale projects -- including CMOC's Cangrejos and SolGold's Cascabel -- prepare to begin construction over the next four years.
