LatinNews Daily - 19 July 2019

In brief: Large new copper mine comes on stream in Ecuador

* The Chinese-owned mining firm Ecuacorriente has begun production at its large-scale mining project at the El Mirador copper mine, located in the Tundayme parish, Zamora Chinchipe province, near the Peruvian border. The open-pit mine will begin producing some 10,000 tonnes (t) of copper concentrate per day during the first six months, which is expected to rise to 60,000t by the end of the year. Initially approved in 1994 by the Ecuadorean government, this project has undergone 25 years of advanced investigation, economic evaluation, and construction. It is estimated to have a life of 27 to 30 years and involves a private investment of US$2bn. This is expected to translate into US$7.6bn in taxes, profits and royalties by 2049. Exports of the copper concentrate are estimated to reach US$30.3bn between 2019-2049, rising from US$95m in 2019 to US$498m in 2020.