Ecuador’s Copper Exports Drop 14% in 2024 Amid Power Crisis

Mirador

Mirador Mine Recovers After Blackouts, But Annual Output Still Lags

Ecuador's copper concentrate exports fell by 14% in 2024, totaling 523,660 metric tonnes, according to the Central Bank of Ecuador. The sharp decline was primarily caused by severe power outages between September and December, which disrupted mining operations.

The country’s only large-scale copper mine, Mirador, operated by China’s Ecsa-Ecuacorriente, was forced to reduce output to minimal levels during October and November. This was because Ecuador’s national power grid supplied only about half the electricity needed to maintain full production.

Mirador Accounts for 90% of Ecuador’s Copper Exports

Mirador generates nearly 90% of Ecuador’s copper concentrate exports, while the remaining 10% comes from marginal copper recovered from gold mining operations. Once power supply stabilized, Mirador quickly resumed full-scale production. The result was a less severe output decline than initially expected.

Government official Javier Illescas noted that the production drop could have reached 20%, but recovery efforts reduced the overall impact. Ecsa-Ecuacorriente now aims to boost production in 2025 to compensate for last year’s losses.

Export Revenue Falls Despite Higher Prices

Despite the volume drop, Ecuador earned $1.16 billion from copper concentrate exports in 2024, down 6% from $1.24 billion in 2023. This smaller decline was offset by a 9% rise in average export prices, which reached $2,220 per tonne in 2024.

Copper accounted for 37.9% of total metallic mineral exports, while gold led with 61.9%. Other minerals, including zinc, lead, and iron, made up just 0.2% of Ecuador’s $3.1 billion metallic mineral export total, which itself was down 8% year-on-year.