Articles
Business intelligence and analysis on Ecuador
National Assembly Passes Mining Reform Law — 77-70 Vote
Ecuador's National Assembly passed the Mining Reform Law in a 77-70 vote, establishing a new environmental compliance system, restructured community consultation framework, and streamlined permitting processes. The reform is projected to unlock $10-15 billion in mining investment by 2030, driven primarily by gold and copper projects in the southern highlands and coastal cordillera.
Lundin Gold Invests $100M in 2026 Exploration — 133K Meters Drilling
Lundin Gold announced a $100 million exploration investment for 2026, including 133,000 meters of drilling at and around the Fruta del Norte gold mine in Zamora-Chinchipe province. The program targets mine life extension, resource expansion, and near-mine discoveries at Ecuador's flagship producing gold operation.
Mining Reform Law Takes Effect: New Environmental Framework, Military Zones
Ecuador's Mining Reform Law entered into force on March 2, 2026, replacing the traditional environmental license with a tiered 'environmental authorization' system. The law creates protected mining zones with military deployment authority, establishes a formalization path for artisanal miners, and supports a $14 billion project pipeline. Mining exports reached $3 billion in 2024, with the government targeting a doubling by 2027.
Large-Scale Mines Cross $1B Annual Revenue Mark
Ecuador's three operating large-scale mines — Fruta del Norte (gold), Mirador (copper), and Cascabel (copper-gold) — have crossed the $1 billion combined annual revenue threshold. Fruta del Norte alone has attracted $2.7 billion in total investment since inception. Meanwhile, the next generation of projects — Warintza, La Plata, and Curipamba — are advancing through feasibility and permitting stages, though the mining cadastre has remained closed since January 2018.
Decree 273 in Effect: New 3-8% Mining Royalty Scale and Self-Power Mandate
Ecuador's Decree 273, approved by the National Assembly 77-70 on February 26, establishes a price-linked mining royalty scale of 3-8% based on the trailing three-year London Metal Exchange average. At current gold prices near $2,050/oz, the standard rate is 5%. The decree also mandates 100% self-power generation for mining operations and clears the path for $14B+ in project investment including Cascabel, Llurimagua, Fruta del Norte, Warintza, and Loma Larga.
U.S. Designates Ecuador's Rare Earth, Copper, and Gold as Strategic Minerals
The United States has designated Ecuador's rare earth, copper, and gold reserves as strategic minerals under a bilateral Critical Minerals Framework signed at the February 4 Critical Minerals Ministerial in Washington. Ecuador was one of 11 nations to sign the framework, which enables U.S. EXIM Bank financing for mining projects and positions the country as a priority partner in Washington's strategy to diversify critical mineral supply chains away from China.
Mining and Energy Reform Law Approved: Environmental Licensing Simplified, Galapagos Extraction Permitted
Ecuador's National Assembly approved the Mining and Energy Reform Law on February 26 with a 77-70 vote, replacing environmental impact licenses with simplified authorizations for mining and energy projects. The law also permits rock and aggregate extraction in Galapagos outside national park boundaries. The government targets $10-15 billion in mining investment by 2030, with Cascabel and Curipamba advancing to exploitation phase.
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.
