TORONTO – Ecuador is seeking some $600 million in mining exploration investment, Mining Minister Javier Cordova said at the inauguration of the Ecuadorian pavilion at the world’s largest mining fair, the PDAC in Toronto.
Cordova said Ecuador has established the conditions whereby its mining sector can be competitive with its neighbors, including re-opening the mining registry office after a six-year hiatus, adding that Quito provides great advantages compared with other nations in infrastructure, energy and mineral deposits.
For the second consecutive year, Ecuador is participating as a sponsor of PDAC – being held from March 6-9 and projected to attract more than 25,000 visitors – a role that has given the country a special relevance.
During the opening of the Ecuadorian pavilion, attended by representatives of other Latin American delegations, including Chilean Mining Minister Aurora Williams, Cordova said that “mining it Ecuador’s future.”
Williams said that Chile feels “cooperation is very important with all ... countries in the region, such as Ecuador, with whom we have a noteworthy cooperative relationship.”
Cordova told EFE that “this year, we want something more concrete, to attract investment in new exploration.”
The $600 million Ecuador wants represents 10 percent of the investment in mining exploration destined for Latin America.
To date, however, the country has only received $30 million, although neighboring Peru and Colombia are receiving $1 billion in such investment.
Cordova said that Ecuador has made “the necessary adjustments” to attract investment, including changes in the tax rate and the legal framework that offers “the legal security that a businessman needs.”