This is a best prospect industry sector for this country. Includes a market overview and trade data.
Last Published: 8/2/2016

Overview

The Ecuadorian mining sector is one of the top growth prospects for the near- and medium-term.  Ecuador enjoys excellent mineral resources on par with its neighbors: Peru, Colombia, and Chile.  Ecuador’s most valuable mineral exports are gold, copper, and silver. Despite its tremendous mineral potential, between 2007 and 2012, the industry fell stagnant as a result of government policy changes. Starting in 2013, the government publicly acknowledged mistakes and embarked on a series of tax and regulatory reforms that have revitalized the sector and positioned it for strong growth in the coming years.

Mining contributed less than one percent to Ecuador’s Gross Domestic Product in 2015.  Nevertheless, two large-scale mining projects expect to begin production by 2018 and the Mining Ministry recently opened the Mining Registry to award new concessions for the first time in six years.  As a result, the country expects to see an increase in foreign direct investment in the sector over the next two years.

Sub-Sector Best Prospects

Mineral exploration, including geophysics, mapping, and tunneling equipment; production equipment for drilling, extraction, loading, hauling and crushing; and mining software for resource estimation, modeling, mine design, and optimization; and mine safety equipment.

Opportunities

The Mining Ministry projects that the industry will see more than $600 million in foreign direct investment in 2016 and approximately $1 billion in investment in 2017. Many U.S. exporters are active in neighboring markets, including Peru and Chile, and are well positioned to supply quality products to Ecuadorian importers.

Web Resources

Ecuadorian Chamber of Mines: http://www.cme.org.ec/
Ecuadorian Mining Ministry: http://www.mineria.gob.ec/
Ecuadorian National Mining Company (Enami EP): http://www.enamiep.gob.ec/
Ecuadorian Ministry of the Environment: http://www.ambiente.gob.ec/
Ecuadorian Coordinating Ministry for Strategic Sectors: http://www.sectoresestrategicos.gob.ec/
Ecuadorian Secretary of Water: http://www.agua.gob.ec/

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