Ecuador plans to become a major player in the global mining industry through several projects in process, said Rafael Poveda, Minister and Coordinator of Strategic Sectors.

“As a country, we gather every necessary condition for this to happen: we have large mineral reserves, we have access to the infrastructure needed for this kind of industry, energy at competitive prices and access to strategic resources, such as water”, said Poveda.

The Ecuadorian Minister specified that an advanced project has been developed for a few years now in an alliance with the public Chilean company Codelco.

“The project with Codelco, called Llurimagua, is at an advance exploration stage”, said Poveda. “We obtained the environmental license during 2014 and have now started the advanced exploration plan, which includes excavations for the next 18 months. After that, a feasibility study will be conducted”, he added.

According to available information “there are good chances that a copper deposit shall be found. Then, the mine’s construction and financing stages will begin”. It is a 4.839 hectares’ license, located in the Imbabura province (north) where there are estimations of a major copper and molybdenum deposit.

Chile is not the only relevant ally of Ecuador for its plan of developing strategic resources such as mining, hydrocarbons and forest resources. China has made large public investments in the electric sector during the past few years. “For example, we are completely transforming our electricity transmission grid for 2016, when hydroelectric centrals built during the past few years will start operating”, explained Poveda.

“We will have an electricity transmission grid with 90% of electricity generated by water, which is efficient and environmentally friendly”, he claimed.

This projects are an important challenge for the Ecuadorian labour market.