The Chamber of Mining of Ecuador represents this sector and promotes mining with principles, transparency and responsibility.
Important milestones in 2022
The Chamber of Mining of Ecuador represents this sector and promotes mining with principles, transparency and responsibility. It is an industry that generates taxes, royalties and employment by being actively involved with the communities.
1. Poverty was reduced thanks to industrial mining
Zamora Chinchipe is the province that most managed to reduce the percentage of poverty. It has managed to reduce the percentage of poverty in the span of two years, according to the latest data available from INEC. Poverty in that province fell 13 percentage points if you compare 2019 with 2021 and reached 30%. In other words, before, 43 out of every 100 inhabitants were poor and that figure increased to 30 out of every 100.
2. Industrial mining is the answer to unemployment
Until the third quarter of this year, the sector had 46,298 direct jobs, which in turn generated 138,894 indirect jobs, giving a total of 185,192 direct and indirect jobs that benefit Ecuadorian families. (Source: Ministry of Energy and Mines).
3. The contributions of industrial mining to Ecuador are also reflected in the taxes paid to the State
The industry’s tax collection, between January and September 2022, amounted to $592 million. Fundamental income for the national treasury. (Source: Ministry of Energy and Mines).
4. Mining is the fastest growing sector of the economy
From January to October 2022, $2,310 million in mining products were sold abroad. The amount represents a growth of 42.24% compared to the same period last year. In the same period of time, Ecuador exported 178,962 tons of gold concentrate and 507,250 tons of copper concentrate. (Source: Ministry of Energy and Mines).
5. Mining is the fourth export product of Ecuador
Mining products are now the fourth export product and third product with respect to non-oil exports. This positively supports the trade balance and transforms resources into welfare and development for Ecuadorians.
6. The two industrial mines operating in Ecuador are among the fastest growing companies
With only 8% of the explored territory, world-class deposits have been found. The two industrial mines that are in operation (Fruta del Norte and Mirador) are among the 10 companies that contribute the most taxes to the country. They are also among the 20 fastest growing companies in 2021, the same is expected for 2022.
7. More economic growth is on the horizon
According to a study on the impact of the mining sector carried out by the Spurrier Group, we know that with only 12 advanced mining projects, exports would have a present value of $176,000 million until the end of their useful life in 2052, paving the way for a great project portfolio and consolidating the industry as one of the main engines of the national economy.
8. Industrial mining is committed to caring for water
Good water management is vital for legal and responsible mining. Its operations foresee the use of modern techniques, state-of-the-art technology and respect for current regulations. In the large-scale projects that Ecuador has, the water is recirculated, which ensures the rational consumption of the vital liquid and avoids waste; once treated and analyzed by an independent laboratory, it is guaranteed that it is returned in the same physical-chemical conditions as those in which it was collected.
Source: Eluniverso
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