Ecuador's Ministry of Natural Resources said on Friday that it expected the country's four major mining projects to start production before the end of President Russo's first term in 2025. The conservative leader seeks to diversify the economy before oil exports.
Russo, a former banker who took office in May, is seeking to attract private investment to boost the economy after a severe recession last year exacerbated the government's cash shortage.
Ecuador is rich in minerals, but lags behind its Andean neighbours Peru and Chile in developing large mines.
Gold mining by three Canadian companies has entered an advanced stage of exploration and will start production in 2023, the country's Ministry of Energy and non-Renewable Natural Resources said in a statement.
The Cascabel mine, controlled by Australia's SolGold PLC, is expected to start producing copper in 2025, the department added.
Large mining projects in Ecuador have been opposed by local communities, which has slowed down the development process.
The Mirador project, the first large copper mine in the South American country, goes into production in mid-2019. The Fruta del Norte project of Canada's Lunding Gold, the first large gold mine, began in November of that year.
Ecuadorian authorities expect mineral resources exports to reach $1.6 billion this year, an increase of 74 per cent over 2020.
