Ecuador Project Pipeline: From Emerging Market to Global Player

Ecuador is at a turning point. In just over five years, it has transitioned from a frontier jurisdiction to a credible mining destination, thanks to the successful development of two industrial-scale operations—Fruta del Norte and Mirador. These landmark projects proved that mining in Ecuador is not only possible, but investable. More importantly, they demonstrated how responsible mining can deliver critical economic benefits to a dollarized economy in need of new engines of growth.

Today, mining accounts for nearly 2% of Ecuador’s GDP and has rapidly become the country’s fourth-largest export sector. But this is only the beginning. With just 10% of its territory explored and world-class copper and gold deposits still in the pipeline, Ecuador holds massive untapped potential.

Geologically rich, strategically located, and politically more open to mining than ever before, Ecuador offers a unique proposition in Latin America: it is neither immature nor saturated. It is a market poised to scale.

The challenge now lies in transforming proven potential into long-term value—by building more mines, strengthening regulatory certainty, engaging communities, and attracting responsible investment.

Current Projects

Fruta del Norte

• The mine continues to outperform, producing 139,433 oz of gold in Q2 2025 and raising its annual guidance to 475,000–525,000 oz. Lundin Gold is also expanding its drill program to 108,000 metres and boosting shareholder returns with a US$100 million special dividend and a new variable payout. The mine remains a top-tier, high-grade, low-cost operation with strong long-term potential.

Mirador

• A large-scale, open-pit copper-gold project that began production in 2019 and remains Ecuador’s largest operational mine. It hosts proven and probable reserves of 3.2 million tonnes of copper, 3.4 million ounces of gold, and 27.1 million ounces of silver. After a brief power-related disruption in late 2024, the mine is now operating at full capacity, with its Phase II expansion progressing on schedule—positioning Mirador to significantly boost output in the coming years.

Project Pipeline

Curipamba

• copper-gold-zinc project being developed as an open-pit mine, with plans to transition to underground operations over time. Owned jointly by Silvercorp Metals and Salazar Resources, the project requires an estimated investment of US$240.5–248 million. According to the 2021 feasibility study, it is expected to produce around 10,500 tonnes of copper annually during its first decade at a competitive cash cost of US$1.14/lb copper equivalent, with additional underground reserves set to extend the mine’s life.
• As of mid-2025, the Curipamba–El Domo project is advancing steadily. It secured its environmental license in January and received court approval in late 2024. Early construction works began in late 2024, with full-scale construction set for Q2 2025. Production is targeted for the second half of 2026. The project is structured into three bid packages, with the first awarded to CRCC 14 for initial site and road work. Detailed plant design is being led by Jinpeng, with equipment procurement expected by May 2025 and installation starting in May 2026. Commissioning is scheduled for December 2026. An Investment Contract with the Ecuadorian government ensures tax stability and other incentives through 2033.

La Plata

• La Plata is a high-grade, gold-rich VMS deposit located in Ecuador and owned by Atico Mining. The planned operation includes a 900 tpd underground mine, supported by a state-of-the-art flotation plant and filtered tailings technology to reduce environmental impact. Key infrastructure upgrades such as a 69-kilovolt powerline and improved access roads are also underway.
• Over its projected 8.1-year mine life, the project is expected to process 310,250 tonnes annually, producing 9.7 million lbs of copper, 15,929 oz of gold, 226,299 oz of silver, and 13.25 million lbs of zinc. Capital costs are estimated at US$138 million, or US$176 million inclusive of VAT.
• Atico has received environmental approval for the powerline and is progressing with permits for construction and operation. The environmental license was anticipated in Q1 2025, with remaining approvals—including construction, water use, and tailings—expected in Q2 2025. To date, there is no updates on these.
• Base and detailed engineering, along with metallurgical optimization, are currently underway. The company also awaits the resumption of a paused environmental consultation process.

Cangrejos

• Cangrejos is a large-scale porphyry gold‑copper project located in El Oro Province, southwest Ecuador. A 2023 prefeasibility study confirms measured & indicated resources of 1.376 billion tonnes at 0.46 g/t gold, and 659 million tonnes of probable reserves at 0.55 g/t gold—representing 11.6 Moz of gold and substantial copper content. The deposit offers favorable mining conditions, including shallow open‑pit ore, low strip ratio, and strong access to infrastructure—roads, power, water, and ports.
• In April 2025, China’s CMOC Group completed its C$581 million acquisition of Lumina Gold (owner of Cangrejos), marking CMOC’s strategic entry into Ecuador’s gold sector.
• As of January 2025, the project has received CELEC approval for grid connection—the final step for a 20 km, 138 kV transmission line and substation tie-in. The definitive feasibility study, led by Ausenco, is over 90% complete and expected by mid‑2025, along with the Environmental Impact Study submissio. . Cost projections include a US$925 million initial capex and life‑of‑mine output of ~469 koz AuEq annually over 26 years

Cascabel

• The Cascabel project, led by SolGold in Ecuador, is one of the world’s most promising undeveloped copper-gold assets, centered around the Alpala deposit—set to become a top global producer of silver, gold, and copper. The project will be developed in phases, with Phase 1 targeting 12 Mt/year of high-grade ore and Phase 2 doubling to 24 Mt/year by year six. Over its 28-year life, Cascabel is expected to produce 2.9 Mt of copper, 6.9 Moz of gold, and 18.4 Moz of silver.
• As of March 2025, Phase 1 of the Feasibility Study reached 74% completion, with key milestones including the selection of Esmeraldas Port, completion of geological models, and tailings storage site evaluations. SolGold is actively advancing engineering, permitting, and infrastructure development, while a 5,400 m drilling campaign at Tandayama-Ameríca aims to fast-track early open-pit production by Q1 2028. Full-scale underground mining at Alpala is expected by Q4 2028, with processing and tailings operations also launching that same quarter.
• To fund development, SolGold secured a US$750 million gold stream agreement with Franco-Nevada and Osisko, with the second tranche recently disbursed. Early works—such as road upgrades, site prep, and community relocation—are underway and targeted for completion by mid-2026. The company is also evaluating hydroelectric power options and securing land access, while permitting progresses under a three-pronged strategy.

Warintza

• Developed by Solaris Resources, is a world-class copper-gold-molybdenum project in southeastern Ecuador. With multiple high-grade porphyry targets across a large concession, it’s seen as one of the most promising copper assets in Latin America. The Alpala-style mineralization offers strong potential for phased, low-cost development.
• As of mid-2025, Solaris has completed over 82,000 meters of infill drilling, finalized internal roads, and advanced permitting workstreams. A 5,400m drill program is targeting near-surface resources at Tandayama to unlock early-stage open-pit potential and accelerate cash flow.
• The Environmental Impact Assessment (EIA) is expected to be approved in mid-2025. A pre-feasibility study led by Ausenco and Knight Piésold is underway, with delivery expected in Q3 2025. Engineering design and infrastructure studies are progressing in parallel.
• A US$200 million stream and royalty deal with Royal Gold is funding the project through to Final Investment Decision, targeted for late 2026. Full permitting, final engineering, and early site works are planned to begin in 2026, positioning Warintza for construction shortly thereafter.

Loma Larga

• Loma Larga is an underground gold-copper-silver project located in Azuay province, Ecuador. It is expected to produce nearly 140,000 oz of gold, 795,000 oz of silver, and 5.1 million lbs of copper annually over a 12-year mine life. The project will begin with a 3,000 tpd operation, ramping up to 3,400 tpd by year five, with ore processed through a conventional crushing and milling circuit.
• The Ecuadorian Ministry of Environment (MAATE) has granted the environmental license for exploitation, allowing Dundee Precious Metals to prepare for formal negotiations of the exploitation agreement. Additionally, Ecuador conducted its first free, prior, and informed consultation with the Escaleras community, which showed support for moving the project forward. As a result, construction is expected to begin by the end of 2025.
• An updated feasibility study was completed in Q2 2025 to reflect current gold prices and revised cost estimates, with results expected to be released soon. However, the project still faces legal uncertainty stemming from a 2021 popular consultation that restricts mining near water sources. Dundee continues to pursue judicial clarification to confirm that the project is compliant and can proceed.

Conclusion

Ecuador’s mining industry is at a crossroads—full of promise, but not without its growing pains. While the country has proven it can build and operate world-class mines like Fruta del Norte and Mirador, challenges remain. Regulatory delays, legal uncertainty, and community concerns—especially around water and land—continue to test investor confidence and project timelines. The 2021 popular consultation banning mining near water sources still casts a shadow over certain projects.

But the momentum is shifting. The government has taken real steps toward streamlining environmental approvals, reopening the mining cadastre, and engaging in formal community consultations. Projects like Curipamba, Cascabel, and La Plata are moving forward, and the appetite from both investors and the state to see mining succeed is stronger than ever.

Ecuador isn’t just sitting on massive copper and gold potential—it’s learning how to unlock it responsibly. With the right balance between regulation, community engagement, and industry leadership, Ecuador could be one of Latin America’s next great mining success stories. The path is being paved—now it’s about walking it with consistency, clarity, and collaboration.

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