Twelve mining projects would generate more than $176 billion in exports over 30 years

Twelve mining projects would generate more than $176 billion in exports over 30 years

Around 700,000 people would be employed in the mining sector by 2030. There are two large mines in production and another 10 projects in development.

Currently, Ecuador has 12 mining projects advanced large and medium scale. Of that total, only two are in operation (Fruta del Norte and Mirador); the other 10 are in different stages of development.

If those Projects progress smoothly, Foreign Direct Investment (FDI) that they can generate, between 2022 and 2025, reaches $10,524 million. That value more than doubles until 2052, which is the limit of its useful life.

According to a report presented by the Chamber of Mining of Ecuador, and the Spurrier Group, in the next 30 years, if they all reach the exploitation phase, and all the mineral reserves are used, the direct contribution to the treasury of those 12 mines would add $44,449 million. From 2022 to 2025, that contribution would not be less than $3,103 million.

In those same 30 years, the exports they would have a present value of $176,396 million until the end of their useful life in 2052. To this must be added more than $7,000 million in royalties for social investment. These added values ​​are equivalent to six times the current General State Budget (PGE).

Also, the development of the 12 mining projects would lead to a significant increase in the generation of jobs. It would go from the 138,000 created until 2021 to 698,000 jobs in 2030.

Obstacles and growing anti-mining lobby

Alberto Acosta Burneo, an economist, explained that the mining potential it is enormous and could be a decisive factor for the economic and social growth of the country, as long as the profits are invested intelligently.

However, with the mere development of the 12 Projects advanced countries, the added value of the mining sector would increase to 3.6% of the Gross Domestic Product (GDP). Those levels would leave Ecuador very far from neighbors such as Chile and Peru with percentages of 12.5% ​​and 10.2%, respectively.

The future of the sector is uncertain because there is a growing anti-mining lobby that seeks not only to stop current initiatives, but also to block the path to all future activity. Even scenarios are considered where only the mines in production (Fruta del Norte and Mirador) continue to operate, and the rest are definitively blocked.

In that case, more than $137 billion would be lost in exports$34.7 billion in tax revenue, and 345,000 suitable jobs.

Walter Spurrier, an economist, recalled that the anti-mining lobby is not new, but it has been gaining strength. “The same ones who supported the 2008 mining mandate, during the Montecristi Constituent Assembly, now seek to stop the activity,” he said.

That mandate paralyzed the investments that were beginning to grow at that time. With neither resources nor options, the original discoverers of the big mines like Fruta del Norte and Mirador had to sell their concessions.

Spurrier recalled that during most of Rafael Correa’s decade the path to mining activity was closed, but everything changed since the end of 2014. On that date the price of oil began to collapse and suddenly mining was seen as a table of salvation.

Added to the political and social opposition is the heavy red tape, the lack of controls on the illegal minery and the growing ones popular queries that put in trouble a sector that is just taking its first firm steps in the country. (JS)

FACT.- The mining sector has a multiplier effect of 1.42. This means that for every dollar of production in this sector, $0.42 is generated in the rest of the economy.

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