The Mining Companies in Ecuador to Watch in 2023 – Solaris Resources, Lundin Gold, and More

Ecuador has become one of the most attractive countries for mining investments in Latin America, with a favourable investment climate, attractive legal and tax frameworks, and a wide variety of mineral deposits. With this in mind, here are some of the mining companies in Ecuador to watch in 2023.

Solaris Resources (TSX:SLS) (OTCQB:SLSSF)

Solaris Resources is a junior mining company based in Canada, with its flagship Warintza Project located in southeastern Ecuador. The company has enjoyed multiple successful discoveries at the Warintza Project while building a positive relationship with the government and signing an important investment contract protecting the project.

On December 22, 2022, Solaris and the government of Ecuador signed an investment contract ratifying the Investment Protection Agreement announced on June 9, 2022. The important contract marked a major milestone for the company and displays how important the project is to the country. Some of the highlights of the agreement surrounding protections and incentives for the duration of the title of the Project which extends with renewal to 2066 are as follows:

  • Security of investment
  • Stability of mining law
  • Stability of taxes at a reduced income tax rate of 20% (25% previously)  
  • Exemption from capital outflow tax (5% previously)
  • Exemption from import duties (up to 5% previously)
  • Detailed procedures for dispute resolution and international arbitration protection

Solaris also recently announced results from metallurgical test work at the project conducted by FLSmidth USA with high recoveries of over 90% copper and 80% molybdenum. The test work revealed and confirmed that the project holds further potential for high-grade copper discoveries and more. 

Luminex Resources (TSXV:LR)

Luminex Resources recently reported new drill results from its Condor copper-gold project in Ecuador. Drilling confirmed a strike length of 350 metres, and the anomaly has now been mapped at surface for more than 500 metres at the Cuyes West step-out holes. 

Highlights from the results are as follows:

  • CU22-12 – 2.5 metres grading 18.54 g/t Au Eq
  • CU22-13 – 36.0 metres grading 2.29 g/t Au Eq
  • CU22-14 – 4.0 metres grading 19.35 g/t Au Eq; including 2.0 metres grading 36.59 g/t Au Eq
  • CU22-15 – 17.5 metres grading 3.07 g/t Au Eq

Lundin Gold (TSX:LUG) 

Lundin Gold’s Fruta Del Norte mine in southeast Ecuador has also seen results from ongoing drilling. The company reported results from the 2022 near-mine expiration program identifying new zones of mineralization to the south and at depth of FDN’s currently defined Mineral Resources. 

Highlights from the results are as follows:

  • Drillhole FDN2022-009 intersected 5.11 g/t Au over 30.3m from a depth of 267.7m, including;
  • 9.79 g/t Au over 14.0m from 284.0m
  • Drillhole FDN2022-006 intersected 3.99 g/t Au over 4.8m from 181.7m, and 4.40 g/t Au over 8.1m from 213.9m

Highlights from holes drilled under the southern portion of the FDN mineral resource envelope:

  • Drillhole UGE-DD-22-008 intersected 4.11 g/t Au over 23.0m from 197.7m, including;
  • 6.03 g/t Au over 10.0m from 202.7m
  • Drillhole UGE-DD-22-005 intersected 3.53 g/t Au over 44.9m from 134.8m, including;
  • 5.25 g/t Au over 12.9m from 134.8m, and;
  • 4.32 g/t Au over 15.0m from 164.7m



The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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