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Corriente Plans $1.72 Billion Investment in Ecuador Copper Mine

Ecuacorrientes SA, an Ecuadorean miner owned by Corriente Resources Inc., plans to invest $1.72 billion in its Mirador copper project in the South American country to achieve full production.

Mirador will have an ore-processing capacity of 60,000 tons per day by the end of 2016 and produce about 354,000 tons of copper concentrate annually, Corriente’s parent company, China Railway Construction Corp., said in a Hong Kong stock exchange filing yesterday.

Ecuador’s Non-Renewable Natural Resources Minister Wilson Pastor said last week the company would need $1.4 billion to produce about 60,000 metric tons per year.

Vancouver-based Corriente is 50-50 venture of China Railway and Tongling Nonferrous Metals Group Holdings Co., China’s second-biggest copper producer.

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