Editor’s Note
This article outlines the Ecuadorian government’s push for foreign investment to establish a domestic gold refinery, a key initiative under its National Mining Plan. The move aims to capture more value from the country’s mineral resources.
QUITO, Pichincha – The Ministry of Energy and Mines is seeking foreign investors to build a gold refining plant in the country. The proposal, which is part of the National Mining Plan, was announced by Deputy Mining Minister Javier Subía during a media briefing organized by Expo Minas.
Subía explained, noting that refining represents the highest value-added stage within the mining chain, even surpassing mineral extraction.
Currently, Ecuador exports unrefined gold and loses between USD 80 and USD 120 per ounce by sending it abroad for processing into monetary gold, which has the highest demand in international markets.
assured the Deputy Minister.
One of the locations being considered for building the refinery is the Amazonian province of Zamora Chinchipe, home to the country’s two largest industrial mines: Mirador and Fruta del Norte. There are also several small-scale mining concessions in the area.
explained Subía.
Since 2019, Ecuador has had large-scale mining thanks to the Mirador and Fruta del Norte projects. Between 2025 and 2027, the construction of six new industrial mines is planned.
However, the industry faces tensions following the imposition of a new mining oversight fee in June 2025, with which the government of Daniel Noboa expects to raise between USD 200 million and USD 220 million. Companies in the sector have warned that the tax could hinder new exploration.
Despite the context, the government maintains its goal of turning Ecuador into a regional benchmark for mining value-added, attracting investments to develop infrastructure such as the country’s first gold refinery.