Ecuador’s mining exports rise 46% in one year

RIO DE JANEIRO, BRAZIL – According to Ecuador’s Central Bank, US$1.101 billion worth of mining products were exported between January and May 2022, a 49% increase over the same period in 2021. This was announced by the Ministry of Energy and Mines in a statement.

According to the ministry, of this US$1.101 billion, US$490 million came from the export of copper concentrate from the Mirador mine, US$333 million from the export of gold and its concentrate from the Fruta del Norte mine (both in Zamora Chinchipe) and US$278 million from small-scale mining.

The monthly average of mining exports is thus set at US$220.28 million, 26% higher than the average for 2021 (US$174.35 million) and 152% higher than the average for 2020 (US$87.55 million).

“The most important mining product exported is gold and its concentrate at $572 million, followed by copper and its concentrate, which accounts for 48% of total mining exports,” the report said. Also 51% of mining products are exported to China, followed by Switzerland and the United States with 10% each.

On the other hand, mining activities, including support activities for the exploitation of mines and quarries, as well as the production of non-metallic products (cement, glass, ceramics, etc.) generated US$448.61 million in tax revenues by May 2022.