Two contracts will boost gold and copper exploration in Imbabura and Los Ríos. The Government issued two decrees to facilitate the arrival of private capital.
In the framework of the Ecuador Open for Business, the Ecuadorian Government signed two new contracts from investment this November 19, 2021.
Those contracts are related to the mining sector in the country. First, the Lumina Gold Corp company takes over four concessions in the province of Los Ríos, specifically in the whole called Cangrejos.
With an initial investment of $ 35.6 million, exploration operations of gold and copper. However, if enough minerals are found, the concessions open the door to 25-year production.
Secondly, the company SolGold Ecuador committed to start the exploration works of gold and copper in the Cascabel project, located in the province of Imbabura.
The concession it is for 15 years; and the initial investment was established at $ 430 million.
Guillermo Lasso, President of the Republic, explained that these two contracts They were developed in the last two months, which means a significant reduction in time because normally these types of understandings take up to two years to build.
«One of the main functions as President of the Republic is to act as a facilitator. I am here to fight against bureaucratic processes, “he said.
Announcements of new investments are given one day after The Minister of Energy, Juan Carlos Bermeo, will ensure that the mining cadastre will open from January 2022. The Government’s goal is to complete more than $ 4 billion in new projects in the sector by 2025.
Two decrees to boost investment
Along with the announcement of the new contracts, President Lasso signed two executive decrees. In the first, the creation of the Single Window for Investments, whose objective is to gather the procedures of 35 public institutions in a single virtual platform.
Thus, the Government seeks to simplify and reduce the processes needed to initiate a investment in the country.
“We want to avoid having them from one building to another, from one platform to another. You are like investors They come to Ecuador to do business and not to do paperwork, “said the president to the participants in the Ecuador Open for Business.
The second decree, for its part, gives way to the establishment of the technical secretary for Public-Private Associations and delegated management. This body must become the direct interlocutor between the authorities and the investors.
Lasso stressed that Ecuador is a land of opportunities for business; and he even invited international businessmen to set up regional offices and analyze the possibility of coming to live in the country.
“Each new project is a source of job creation for parents and young people,” he concluded. (JS)
More good news! We sign the decrees to create:
• The National System of Attraction and Facilitation of Investments SNAFI and the Single Window of Investments (VUI)
• The Technical Secretariat of Public – Private Associations and Delegated Management.#EcuadorOpenForBusiness– Guillermo Lasso (@LassoGuillermo) November 19, 2021
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