Noboa told Canada that mining is a driver of the country's development. The Energy Minister said they are working to reopen the mining registry.

The Ecuadorian government has signed six mining investment commitments for USD 4,800 million, during a visit by the president Daniel Noboa in Canada this Monday, March 4, 2024.

“As part of the official agenda, Minister Sonsoles García, together with Andrea Arrobo, head of the Energy and Non-Renewable Resources portfolio, signed six investment agreements with the aim of formally expressing the mutual interest of the Ecuadorian State and investors develop projects in the mining sector,” reports an official press release.

The Ministry of Production said that “these agreements have laid the foundations for future negotiations and collaborationswith a sustainable, responsible and long-term business approach.”

The agreements have a value of more than 4.8 billion dollars and do not involve any expenditure of resources on the part of the Ecuadorian state.

Ministry of Production

The agreements will follow the procedures established in legislation Ecuador will have to determine the scope of the project, commitments, timetables, approvals and responsibilities of each party, added this group of states.

During his speech at the PDAC mining fair, TorontoPresident Noboa presented the reforms he is adopting for attract investment for mining, as the creation of a mechanism resolution of disputes between the State and investors.

Noboa He is the first Ecuadorian president to participate in the PDAC, the the world's largest mining fair.

Our Chairman of the Board of Directors, @Caroline11119010welcomed the #EcuadorDay 🇪🇨 and presented the mining potential within the framework of the @the_PDAC 2024. pic.twitter.com/4VKLi3n40e

— Chamber of Mines of Ecuador (@mineriaecuador) March 4, 2024

The Head of State travelled to Canada accompanied by his Foreign Ministers, Gabriela Sommerfeld; Energy and Mines, Andrea Arrobo; and Production, International Trade, Investments and Fishing, Sonsoles García.

In front of the leaders of mining companies and investors, Noboa, who has just completed 100 days in power, assured that his government considers Mining sector as an economic priority.

“There Mining is a driver of national development and that is why we are here, thanking you for your support and interest in Ecuador,” the president said.

Arbitration moves to popular consultation

In this sense, the Minister of Production stressed that the Ecuadorian government is trying to reform the Constitution to enable the approval of an investment protection mechanism, a “international arbitration between private investors and the government.”

Garcia said that Ecuador is currently a good place for foreign investment.

“We have political stability, which is good for the predictability of investments. We also have economic stability,” García said.

And he added, “We have a dollarized economy and a commercial investment policy open to the world. We have natural resources such as water, minerals and agriculture. And we benefit from tax incentives.”

And the opening of the mining cadastre?

The Minister of Energy and Mines, Andrea Arrobo, announced that the Ecuadorian government will accelerate the withdrawal of “unused” concessionsunpaid or engaged in illegal activities.”

“Furthermore, the government of Ecuador working on reopening the mining cadastre. I know you've heard a lot about this before. But the government of Ecuador is working on it,” he added.

He mining cadastre, officially closed since 2018is the database for the Investors demand mining concessionsWithout this I can't do any new exploration.

For her part, the president of the Chamber of Mines of Ecuador, Carolina Orozco, presented the mining potential within the framework of the PDAC.

Meanwhile, in Quito, Social and environmental groups protested March 4, 2024 near the Canadian Embassy, ​​in opposition to a possible intention to advance on the mining border.

The agenda also included a meeting with representatives of the Canadian Council for the Americas to report on the trade openness policy and the trade agreement negotiation process, a dialogue with Barrick Gold executives and a meeting with Export Development Canada to promote technical cooperation in the structuring of PPP projects and the internationalization of new companies.

The Ecuadorian government also signed letters of intent to benefit from financing,
120 million Canadian dollars, intended for clean energy projects.