Editor’s Note
Ecuador is seeking to revive a long-planned gold refinery project through foreign private investment, with Deputy Mining Minister Javier Subía confirming strong international investor interest.
Ecuador aims to revive plans for the construction of a gold refinery with foreign private capital investment.
According to Subía, the refinery could be located in the Amazonian province of Zamora Chinchipe, home to the country’s only two industrial mines in production—the Mirador copper mine and the Fruta del Norte gold mine—or in Loja province, 58 km from Zamora.
According to authorities’ aspirations, the plant could become a hub for processing not only Ecuadorian gold but also minerals from Colombia and Peru, due to the proximity of these two countries.
Subía said Ecuador loses between US$80 and US$120 per ounce of gold that must be sent abroad for refining.
Former President Guillermo Lasso expressed intentions in 2021 for the country to build a US$2 billion refinery, but the initiative did not progress, despite, according to authorities at the time, there being interest and even a firm proposal for the project.
Subía added that the plan is still active, although the interested parties have changed.