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| Mirador mine |
Mirador Mine recovers after blackouts, but annual volumes and revenue dip
Ecuador’s copper concentrate exports dropped by 14% in 2024, totaling 523,660 metric tonnes, according to the Central Bank of Ecuador. The sharp decline stemmed from nationwide power blackouts between September and December, which severely disrupted mining operations, particularly at the country’s largest copper facility.
Mirador Mine Hit Hard by Electricity Shortages
The Mirador mine, owned by Ecsa-Ecuacorriente, accounts for 90% of Ecuador’s copper concentrate exports. During October and November, it operated at minimum capacity as the national power grid delivered just 50% of the required electricity. Output rebounded once power stabilized, but the mine’s annual performance still lagged behind 2023.
Government official Javier Illescas said that without rapid recovery efforts, the drop could have reached 20%. The operator plans to ramp up production in 2025 to offset the 2024 losses.
Copper Revenue Slides Despite Higher Prices
Ecuador’s copper export revenue fell by 6%, dropping to $1.16 billion from $1.24 billion in 2023. The decline was softened by a 9% increase in average copper prices, which reached $2,220 per tonne in 2024.
Copper made up 37.9% of Ecuador’s metallic mineral exports, second to gold, which accounted for 61.9%. The nation’s total metallic mineral exports fell 8% year-on-year, totaling $3.1 billion. Minor contributors included zinc, lead, and iron, representing just 0.2% of total mineral export value.
As the country stabilizes its power grid and Mirador resumes full production, Ecuador’s copper sector is expected to rebound in 2025.
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