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Ecuador is preparing for a major shift in its mining sector through a new agreement with the Chinese mining company CMOC Group Limited to develop the Cangrejos Gold-Copper Project. The operation is set to become the country’s first large-scale open-pit gold mine.
Work on the site will be led by Odin Mining Ecuador, a subsidiary created to manage both construction and long-term operations. Planned investment exceeds US$1.7 billion, with construction expected to begin before the end of 2027.
A Deposit With Extensive Resources
The Cangrejos site hosts a substantial mineral concentration, with estimates indicating more than 11 million ounces of gold, roughly 1.4 billion pounds of copper, and over 14 million ounces of silver. This combination makes the deposit one of the most valuable undeveloped mining assets in Ecuador, featuring both precious and industrial metals.
Revenue and Employment Over the Long Term
The mine is expected to operate for approximately 26 years, with the Ecuadorian government taking a 50% share of its value and projected state revenue of US$4.39 billion over that period. In addition, advance royalties tied to project milestones are expected to generate tens of millions of dollars before full production begins, creating early financial returns.
The operation is projected to create over 1,200 jobs, and additional employment is also likely to come from related industries such as transportation, maintenance, and supply services. This expansion comes at a time when mining exports in Ecuador are on the rise, increasing 35% between 2024 and 2025, reflecting a growing dependence on the sector.
Energy Plans for the Project
To meet its energy needs, CMOC plans to construct its own power generation facility. This will allow the project to operate without relying on Ecuador’s national electricity system, which has faced periods of strain.
A dedicated power source also provides greater control over operations, reduces the risk of interruptions, and avoids adding pressure to existing infrastructure used by households and businesses.
Location Brings Both Opportunity and Risk
The project is located in El Oro Province near the Ecuador-Peru border, an area that has seen ongoing challenges linked to illegal mining and organized crime, including the presence of groups such as Los Lobos.
At the same time, formal mining activity has been expanding in the region since 2019. Large-scale projects like Cangrejos are part of a wider effort to establish regulated operations in areas where informal extraction has been common.
Environmental Pressure Builds Around the Project
The scale of the Cangrejos mine has raised concerns about its environmental impact, particularly in a region known for agriculture. Open-pit mining requires large areas of land and can alter landscapes in ways that are difficult or impossible to reverse.
One of the central issues involves the disposal of mining waste. The project is expected to generate millions of tons of material, creating challenges around storage and potential effects on nearby water sources and farmland.
A Turning Point for Ecuador’s Mining Sector
The planned development of the Cangrejos Gold-Copper Project marks a significant expansion of large-scale mining in Ecuador, bringing together foreign investment, long-term production, and expanding export capacity in a single operation.
Its outcome is expected to shape the country’s economic path and influence how it handles environmental, regulatory, and regional pressures tied to large-scale extraction.
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