Ecuador is preparing to move forward with one of its largest mining developments, as the government advances plans to sign an exploitation contract for the Cangrejos gold project in El Oro province.
Located between Santa Rosa and Atahualpa, the project would become the country’s first large-scale open-pit gold mine and the first industrial operation of its size on the coast. The contract signing, initially expected earlier, has been rescheduled for April 27.
• Estimated investment of $1.648 billion
• Project area spans about 4,999 hectares
• Expected operating life of 26 years
Cangrejos represents a shift in Ecuador’s mining strategy, expanding large-scale extraction beyond the Amazon region. Until now, major industrial mines have been concentrated in Zamora Chinchipe.
The project has been in development for years and recently underwent a change in ownership. Control moved from Lumina Gold Corp. to CMOC Singapore, a subsidiary of CMOC Group Limited, following a completed sale in January 2026.
Early phases have already generated employment, with more than 1,100 jobs reported through 2025. Construction is expected to take around four years once it begins.
The government expects the project to generate significant revenue over its lifespan, including royalties, taxes, and other payments. A new royalty structure tied to commodity prices has been negotiated, along with advance payments totaling about $25 million.
Energy demand is also a key factor. At peak production, the mine is projected to require about 80 megawatts of power. To address this, the company has agreed to develop its own power generation facility.
The project highlights both opportunity and scrutiny. Supporters point to investment, jobs, and export potential, while critics are expected to focus on environmental impact, water use, and effects on nearby communities.