Mining
Gold, copper, silver, concessions
37 articlesEcuador Signs First Open-Pit Gold Mine Contract: Cangrejos at $1.648B Investment, 26-Year Term
Ecuador's government formalized the exploitation contract for Cangrejos — the country's first open-pit gold mine and the world's 13th-largest undeveloped primary gold deposit. Chinese-backed Odin Mining Ecuador (CMOC subsidiary) will invest $1.648 billion across a 26-year contract in El Oro province.
Army Dismantles Illegal Mining Camp in Puyango, Loja — Mercury Seized Near Bosque Petrificado
The Ecuadorian Army dismantled an illegal mining camp in Puyango canton, Loja province, near the Bosque Petrificado and Río Puyango. Seizures included mercury, water pumps, and an unidentified white substance; no arrests reported.
Cangrejos Gold Megamine: CMOC/Odin Mining Contract Signing Targeted for H1 2026, $34M Upfront
Ecuador's third large-scale mining exploitation contract — the Cangrejos gold project in El Oro operated by CMOC Group subsidiary Odin Mining del Ecuador — is expected to be signed in H1 2026. The state will receive $34 million on signing with $54 million in total anticipated royalties. Production capacity is projected at 11.5 metric tons of gold annually.
Lundin Gold Executes Silver Stream Agreement with LunR Royalties — Fruta del Norte
Lundin Gold Inc. executed a definitive silver stream agreement with LunR Royalties Corp. for the Fruta del Norte gold mine in Zamora-Chinchipe province. LunR will acquire the life-of-mine silver stream in exchange for 50.5 million LunR common shares, which Lundin Gold intends to distribute to its shareholders as a dividend in kind.
Ecuador Mining Reform Law Active Since March 2 — Key Changes for Operators and Investors
Ecuador's reform law on strategic mining and energy sectors entered into force on March 2, 2026, introducing significant changes to the mining legal framework. Key provisions include the creation of integrated mining clusters, state protection for strategic mining areas backed by the Armed Forces, a revised royalty framework, and streamlined permitting processes designed to attract new investment.
Llurimagua $3B Copper-Molybdenum Tender Expected This Year After Codelco Exit
Ecuador's state mining company Enami plans to launch an international tender this year for the $3 billion Llurimagua copper-molybdenum project in Imbabura province, following the exit of Chile's Codelco from the joint venture. The project, containing an estimated 5.2 million tonnes of copper equivalent, represents Ecuador's largest single mining investment opportunity.
Mining Reform Enters Force — $10-$15B Investment Pipeline, Lundin Gold Commits $100M
Ecuador's mining reform law entered force on February 26, 2026, establishing a modernized regulatory framework designed to unlock an estimated $10-$15 billion in mining investment. Lundin Gold has committed $100 million to expanded exploration drilling at Fruta del Norte, while the broader industry plans 133,000 meters of drilling across key concessions. The reform simplifies permitting, enhances security provisions for remote operations, and revises the royalty structure.
Mining Reform Law Opens $10-15B Investment Pipeline for Ecuador
Ecuador's mining reform law, effective March 2, 2026, following a 77-70 National Assembly vote, overhauls the regulatory framework with a variable 3-8% royalty scale, a 100% self-power generation mandate, and the reopening of the metallic concession registry frozen since 2018. The Llurimagua copper-molybdenum project -- estimated at $3 billion -- will proceed to international tender, while the February 4 Critical Minerals Ministerial recognized Ecuador as a strategic minerals source, unlocking up to $10 billion in US EXIM/DFC financing.
ENAMI Prepares International Tender for $3B Llurimagua Copper Project
Ecuador's state mining company ENAMI is preparing an international tender for the Llurimagua copper project in Imbabura province, a $3 billion development with a 982 million-tonne resource capable of producing 210,000 tonnes of copper annually over a 27-year mine life. The tender follows the resolution of arbitration with Chile's Codelco, which was awarded $25.3 million of a $567 million claim.
Lundin Gold Targets 475,000-525,000 oz Production, Launches $85M Exploration Campaign
Lundin Gold released 2026 guidance targeting 475,000-525,000 ounces of gold production from its Fruta del Norte mine in Zamora-Chinchipe province, with throughput increasing to 5,500 tonnes per day. The company is investing $85 million in a 133,000-meter exploration drilling program and expects to make a development decision on the FdN South deposit in H1 2026.
ENAMI Plans 2026 International Tender for $3B Llurimagua Copper Project — 982M-Tonne Resource
Ecuador's state mining company ENAMI plans to launch an international tender in 2026 for the Llurimagua copper-molybdenum project in Imbabura province, valued at an estimated $3 billion. The deposit holds a 982-million-tonne resource capable of producing approximately 210,000 tonnes of copper annually over a 27-year mine life. The tender arrives at a strategic inflection point — weeks after the National Assembly's mining reform and Ecuador's inclusion in the U.S. Critical Minerals Ministerial.
Lundin Gold Commits $100M Exploration Budget for 2026 — Fruta del Norte South Decision by H1
Lundin Gold has committed $100 million in exploration investment for 2026, targeting a development decision on the Fruta del Norte South satellite deposit by H1 and a mill expansion study (beyond 5,500 t/d) by H2. The company produced 498,315 ounces of gold in 2025 and guides 475,000-525,000 oz for 2026 at all-in sustaining costs of $1,110-1,170/oz. Ecuador's Decree 273 sliding royalty regime has added approximately $150/oz to the cost structure.
U.S. Designates Ecuador as Strategic Minerals Source — Unlocks $10B in EXIM/DFC Financing
Ecuador was recognized as a strategic minerals source at the February 4, 2026 Critical Minerals Ministerial in Washington, attended by 54 nations. The designation unlocks access to up to $10 billion in U.S. EXIM Bank and DFC project financing for qualifying mining projects. Ecuador's heavy rare earth deposits, copper reserves, and gold resources were specifically cited. However, Chinese firms already control the country's three largest undeveloped mining projects, representing over $50 billion in combined resource value.
National Assembly Passes Mining Reform 77-70 — Environmental Permitting Overhauled
Ecuador's National Assembly passed comprehensive mining reform legislation on February 27, 2026, by a 77-70 vote. The law replaces the single environmental licensing system with a tiered authorization framework, establishes protected military zones covering approximately 400 illegal mining sites, and creates a formalization pathway for artisanal miners. Indigenous organization Ecuarunari has signaled it may challenge the law in the Constitutional Court, citing inadequate prior consultation.
Decree 273 Introduces Sliding Mining Royalties: 3%-5%-8% Scale Plus 100% Self-Power Mandate
Presidential Decree 273, signed December 31, 2025 and effective January 1, 2026, restructures Ecuador's mining royalty framework with a sliding scale tied to trailing three-year LME averages: 3% below reference, 5% at reference, 8% above. The decree also mandates 100% self-generated power for all mining operations — adding an estimated $150-400 million per project — and compresses exploration timelines from approximately 8 years to 3.5-5 years. The regime directly affects SolGold's Cascabel ($3.2B), CMOC's Cangrejos ($2.5B), Solaris' Warintza ($1.4B), and Dundee's Loma Larga ($312M).
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.