Ecuador consolidates its mining investments

The southern country forecasts that mining activities will reach 3,805 million dollars from 2018 to 2021

The Ministry of Energy and Non-renewable Natural Resources of Ecuador released a statement that underlines that “the normal development of mining activities in the country will consolidate the sector and attract investment.”

The deputy minister of mines, Fernando Benalcázar, said that mining will be the basis of the Ecuadorian economy in the future and that it will contribute 4% to gross domestic product by 2021. He also stressed that it will generate 32,000 direct and indirect jobs. The authority expects mining activity to become the second category of the nation’s non-oil export.

Obviously, the projections made by the government representatives are subject to the normal progress of the mining projects in the country. Meanwhile, the government policy hopes to encourage a legal mining controlled by the State to deal with illegal mining.

Fernando Carrión, manager of social responsibility of the company INV Minerals, said: “The investment that the mining company has made for more than 15 years in the productive and social field has directly benefited 800 families and 33 organizations with an investment of around 4 million dollars since 2004.”


Source: Banca&Negocios

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