Ecuador’s Copper, Lead, and Precious Metals Exports Decline Amid Mine Constraints

Ecuador's exports of copper, lead, and precious metals fell during the first three quarters of the year compared to the same period last year, as the country's largest mines limited production, the government announced on November 25. Copper-lead concentrates dropped 16.7% to 447,277 metric tons (mt) through September, down from 536,684 mt a year earlier. The Production Ministry attributed the decline to Tongling Nonferrous Metals Group's reduced shipments from its 60,000 mt/d Mirador copper mine. Export revenue from copper-lead concentrates fell by 10% to $984 million.

Tongling, a Chinese company that began operating the Mirador mine in 2019, is currently expanding the plant at a cost of $650 million, aiming to boost capacity to 140,000 mt/d. Meanwhile, other mining exports, including silver and refined lead, rose 14.5% to $614 million. Gold exports, however, decreased by 33%, dropping to 14 metric tons from 20 metric tons the previous year.

The country is also facing operational difficulties due to rolling power blackouts, which have affected mining operations and port activities, prompting the government to declare a state of emergency.

Lundin Gold has plans to expand its Fruta del Norte gold-silver mine from 4,400 mt/d to 5,000 mt/d by the end of the year. The mine produced 366,788 ounces of gold during the first three quarters, reflecting a 4% decline from the same period last year. Nevertheless, CEO Ron Hochstein stated on November 8 that the mine is expected to meet the high end of its 2024 production guidance, ranging from 450,000 to 500,000 ounces.

Ecuador, which saw mining exports reach a record $3.7 billion in 2023, is home to several advanced mining projects, including SolGold's Cascabel, Lumina Gold's Los Cangrejos, Atico Mining's La Plata, Silvercorp Metals' Curipamba, and Dundee Precious Metals' Loma Larga.