• CAPEX Mine: 2.187 MM USD
  • CAPEX Plant: 2.058 MM USD

Financial Indicators

IRR: 21%

Recovery Time: 6 years

Management Model

  • Mining concession for advance exploration and exploitation in connection with the CSRC
  • The investor will exploit the mine and will incorporate the copper concentrate as raw material in the refined copper production process
  • A sustainable environmental closure of the mine has to be carried out once the reserves of the mine are terminated
  • The products of the CSRC and Refining Complex can be freely marketed at investors convenience
  • The CSRC being a purely private business remains indefinitely as an asset of the investor

Benefits for the investor

  • Exemption from income tax during the first 10 years of operation; a 5% reduction of income tax for the next 5 years
  • Exemption of paying the currency outflow tax on importation of goods, acquisition of services, financing, dividends or profits, payments for acquisition of shares rights or equity
  • Exemption of customs duties and VAT on imported goods
  • By signing an Investment Contract between the State and the Investor, stability is acquired on: Incentives, Taxation and qualifying conditions of the service contract


Achieve economies of large scale and greater profitability by integrating the CPL and the CSRC in Ecuador.

Project Details

  • The project includes the integration of the Copper Concentrate production of the CPL (highly attractive for its technical and investment characteristics) as the main raw material in the CSRC, achieving overall high profitability
  • Taking advantage of the country’s location, access to services, and connection with the main sea transportation routes to supply the main consumer markets for refined copper
  • The site determined for the plant presents optimum conditions of soil mechanics and it is adjacent to the new deepwater port of Posorja under construction
  • The project has social acceptance in surrounding communities
  • The CSRC counts with a feasibility study including basic engineering carried out by HATCH

Technical description of the Project


Ore deposit type: Copper-Molybdeum Porphyry Deposit.
Location: Imbabura Province, Ecuador.
Resources and reserves (from technical reports):

    • Inferred resources:
      664 Mt @ 0.89% Cu and 0.04% Mo (Source: Report NI 43-101 Micon International Co. Ltd. August 2004 for the Company Ascendant Holdings)
    • Probable reserves (not NI 43-101 compliant): 318 Mt @ 0.71% Cu and 0.026% de Mo (Source: JICA /MMAJ, 1997)
    • Estimated overall reserves (used in calculations): 840 Mt @ 0.71% Cu and 0.026% Mo

Estimated cooper % in concentrate: 30%
Construction: 4 Years pre-exploitation.
Mine life: 27 years.
Annual cooper concentrate production: 710,600 metric tonnes (Average: 671,122 Metric Tonnes).

Annual processing capacity: 1 Million tonnes of copper concentrate.
Annual refined copper production: 267,312 tonnes.


  • Production is destined to satisfy the refined copper market, by exporting 96% and supplying 4% domestic demand
  • The main export markets are China, Europe and USA

Regulatory Framework

  • Mining Law
  • Organic Code of Production, Trade and Investment



  • Province: Imbabura
  • County: Cotacachi


  • Province: Guayas
  • County: Guayaquil, Posorja