Ecuador received $23mn for mining royalties in 2019 after mineral exports increased from the country last year according to the country’s Mining Regulation and Control Agency.
The agency indicated that 60pc of this amount will be invested to develop areas around the mines.
Last year, Ecuador made 1,219 shipments of minerals including lead, zinc, zeolite, silver, and gold to Austria, Belgium, Chile, China, Colombia, United Arab Emirates, Spain, United States, Finland, Guatemala, India, Italy, Mexico, Netherlands, Peru, Czech Republic, and Switzerland.
The mining industry is one of the most important economic activities in Ecuador and is projected to represent about 4pc of GDP by 2021, according to government data.