Investment Catalogue in Strategic Sectors 2015 2017 Inglés

REPÚBLICA DEL ECUADOR
Investment catalogue
in strategic sectors
2015 - 2017
Investing in Ecuador is investing for the future.

INVESTMENT CATALOGUE
IN STRATEGIC SECTORS 2015-2017
Rafael Poveda Bonilla

Coordinating Minister for Strategic Sectors
José Icaza
Minister of Hydrocarbons
Esteban Albornoz
Minister of Electricity and Renewable Energy
Augusto Espín
Minister of Telecommunications and Information Society
Javier Córdova
Minister of Mining
Alexis Sánchez
Secretary for Water
Research and Production

Ministry Coordinator of Strategic Sectors
Design and printing:

Ministry Coordinator of Strategic Sectors
2016
REPÚBLICA DEL ECUADOR
in strategic sectors
2015 - 2017
INVESTMENT CATALOGUE
IN STRATEGIC SECTORS 2015-2017
1. INDEX 2
2. MESSAGE OF RAFAEL POVEDA, MINISTER COORDINATOR 3

OF STRATEGIC SECTORS
3. EXECUTIVE SUMMARY 4
4. MINISTRY COORDINATOR OF STRATEGIC SECTORS 5

a. About us
b. Strategic Objectives
5. INVEST IN ECUADOR 6
a. Growing economy
b. Safe and transparent country.
c. Qualified human talent
d. Consolidated infrastructure networks
6. SECURITY FOR FOREIGN INVESTMENT 8
7. INCENTIVES FOR PUBLIC AND PRIVATE FOREIGN INVESTMENT 9
8. OPPORTUNITY TO FINANCE PROJECTS IN ECUADOR 10
9. MODALITIES OF INVESTMENT 11
10. CONTACT 12
11. BASIC INDUSTRIES PROJECTS 13
12. MINING PROJECTS 17
13. PRIVATE MINING SECTOR PROJECTS 53
14. OIL SECTOR PROJECTS 66
15. BIOENERGETIC SECTOR PROJECTS 89
16. ELECTRIC PROJECTS 93
17. WATER SECTOR PROJECTS 108
18. TELECOMMUNICATION SECTOR PROJECTS 113
19. TECHNICAL DEFINITIONS 116
20. ABBREVIATIONS AND ACRONYMS 117
21. SYMBOLS AND MEASURES 117
2
in Strategic Sectors 2015-2017
MESSAGE OF THE MINISTER COORDINATOR

OF STRATEGIC SECTORS
The Government of the Republic of Ecuador has promoted public policies focused on the
responsible governance of our natural resources. With this judicious vision, the Ministry Coor-
dinator of Strategic Sectors was created with the mission of directing the policies and actions
of the institutions that make up hydrocarbons, mining, electricity, telecommunications, water,
and environment sectors.
In these nine years, the government of President Rafael Correa Delgado has reached a sig-
nificant growth in GDP of 3.9% compared to 2.9% of Latin American average. Based on the
effectiveness of public policies, investment in strategic projects and their implementation, we
have focused on transforming our energy matrix as a means to change the production matrix.
These investments are intended to generate a dynamic economy focused on knowledge and
innovation, diversified, inclusive and environmentally sustainable, producing 90% of energy
generated from renewable sources by 2017. This is low-cost pure energy that will benefit
production processes, enabling the good governance of our natural resources.
In our policy to change the production matrix, a fundamental pillar for the cross-sectional
development of the country is the creation of basic industries to enable that our economy
makes a quantitative leap, thus enhancing the use of our natural resources, adding value and
improving the competitiveness of Ecuador. This will generate in the short, medium and long
term, high potential for exports, imports substitution, and productive chaining.
With this background we present the updated edition of the 2015-2017 Investment Cat-
alogue in Strategic Sectors, which includes investment opportunities, strategic alliances and
other contracting modalities totaling more than 28 745 million dollars.
This document could not have been prepared without the valuable cooperation of all the
Ministries and affiliated institutions that rule the Strategic Sectors and, especially, without the
passion and drive of our employees.
Based on proper strategic planning, efficient management of our resources, and decisive
commitment to transform the country, we invite you to join us in the immediate future. We are
sure that, together, we are making true the dream that we started in 2007 a reality.
Rafael Poveda Bonilla

Coordinating Minister
for Strategic Sectors
3
EXECUTIVE SUMMARY
The Investment Catalogue in Strategic Sectors 2015-2017 is an essential guide for national
and international investors and financial institutions about the opportunities for public and
private investments the country offers.
Projects are divided according to the sector they belong to: basic industries, mining, oil, bio-
nergetic, electric, water and telecommunications.
In total, this cataloge includes 86 projects, both public and private, of which 75 are of the
Ecuadorian state and require an investment of 28 745 million dollars.
Nº. Projects Mumber of projects Investment amount

(Millions of USD)
1 Basic industries 2 3,910
2 Mining 8 133
3 Mining blocks for bidding 25 -
4 Private mining 11 -
5 Oil 21 17,034
6 Bioenergy 2 1,155
7 Electric 13 5,786
8 Water 3 727
total 85 28 745
Prepared by: Ministry Coordinator of Strategic Sectors
4
MINISTRY COORDINATOR OF STRATEGIC SECTORS
ABOUT US
The Constitution of the Republic of Ecuador considers that energy in all its forms, telecom-
munications, non-renewable natural resources, hydrocarbons, biodiversity, genetic heritage,
the radio electric spectrum and water, among others, constitute the strategic resources of
the country.
We are the agency responsible for leading the policies and actions of the institutions that
make up the Strategic Sectors; Ministries of Hydrocarbons, Mining, Electricity and Renewable
Energy, Telecommunications, Environment, and the Secretariat for Water in order foster,
through the coordinated, structured and efficient implementation of plans, programs and
sectoral and intersectoral projects, and through international financing, compliance with the
National Plan for Development, improving the quality of life of citizens, and fostering efficiency
in the institutions.
STRATEGIC OBJECTIVES
1. BE SOVEREIGN, with self-sufficiency in electric generation, refining of derivatives, access

to Information and Communication Technologies, and management of water resources.
2. BE PRODUCTIVE, providing quality in electric and telecommunications services, in the

exploitation of hydrocarbons and minerals, and in the management of water resources.
3. BE INCLUSIVE, in the provision of public services accessible to all the population, and in
the access to resources exploitation to the revenue produced by them.
5
INVEST IN ECUADOR
GROWING ECONOMY
Ecuador has become one of the most dynamic economies in Latin America. Since 2007 has
maintained an average growth rate of 3.9%1 and currently is the country with the highest
public investment, which reaches 9% of the GDP2. Subsecuently, Ecuador climbed 14
positions in the global competitiveness index3.
These successes have been achieved thanks to the political stability of the country that has
made it possible to make proper decisions during the Government of the Citizen’s Revolution.
Ecuadorian currency is the USD dollar, which has contributed to make our country attractive
for foreign investment. Inflation is of only one digit, lower than the Latin American average.
For more information, please visit: www.bce.fin.ec
SAFE AND TRANSPARENT COUNTRY
In order to strengthen a culture of honesty, ethics and quality in public administration,

Ecuador has enacted laws that promote transparency in all contracting processes, which
are carried out by the National Service for Public Acquisition (SERCOP in Spanish), through
agile, efficient and technologically updated procedures which facilitate the control of both
contracting entities and suppliers, and of the general public.
For more information, please visit: www.compraspublicas.gob.ec
Similarly, public companies can carry out contracting procedures through a special regime
determined by their specific line of business and, in case they have subscribed strategic
alliances, alliances or others documents of similar nature, such processes shall be determined
by the agreement.
1 Source: Economic Commission for Latin America and the Caribbean, ECLAC, Preliminary Overview of the Economies of Latin America and the
Caribbean 2015, updated at December 2015.
2 Central Bank of Ecuador, Economic Commission for Latin America and the Caribbean, ECLAC, based on official figures. 2015 data for Ecuador
corresponds to the projection made by ECLAC, published in the Preliminary Overview of the Economies of Latin America and the Caribbean
(updated at December 2015).
3 Source: World Economic Forum. The Global Competitiveness Index Historical Dataset © 2005 - 2015.
6
QUALIFIED HUMAN TALENT
We are the country that has made the highest investment in post-secondary education in
the entire region, reaching 2% of the GDP4. From 2007 to 2014, young Ecuadorians are
studying in the best universities of the world thanks to the delivery of 14,276 scholarships5.
To progress towards a social economy of knowledge, more than 1,000 million dollars will be
invested in new universities, including Yachay, thus enhancing the capacity for innovation and
research in the country.
The experience that Ecuadorian labor has on megaprojects of the strategic sectors makes it
highly productive and with great capacity learning. Salaries of Ecuadorian workers are com-
petitive in relation to other countries. Ecuador has one of the lowest unemployment rates in
South America which is of about 4.7%. Ecuadorian population is 16,533,6776 and more than
44% of them belong to the economically active population affiliated to social security7, which
reflects social cohesion and access to public services that ensure a better quality of life.
For more information, please visit: www.ecuadorencifras.gob.ec
CONSOLIDATED INFRASTRUCTURE NETWORKS
Ecuador is strategically positioned in terms of infrastructure and logistics.
According to the Ministry of Transport and Public Works, Ecuador has a transport infrastructure
consisting of 43,000 km of roads with an investment of over 8.9 billion; making it a leader in
the region in quality of roads, and second in integrated infrastructure (highways, ports and
airports). Thanks to a an important public investment 2 new airports have been built and
existing ones have been modernized.
The port system of Ecuador consists of seven public ports and ten private docks, specialized
in general cargo and oil. On the other hand, river transport is consolidated through several
navigable rivers, such as Guayas, Napo and Morona, some of which are part of to the Man-
ta-Manaus inter-oceanic corridor.
In technological terms, Ecuador has installed 60,000 km of fiber optic, which signifies an
increment of 40 more times the speed of Internet access that in 2016, binging cutting-edge
telecommunications services.
4 Source: National Secretariat of Higher Education, Science, Technology and Innovation (SENESCYT), based on information from the Ministry of
Economy and Finance 2015, UIS-UNESCO and OECD 2011.
5 Source: Senescyt, 2007-2015. For 2015, the cutoff date is December 31st.
6 Source: National Institute of Statistics and Censuses
7 Source: National Institute of Statistics and Censuses, National Survey on Urban and Rural Employment, Unemployment and Underemployment,
conducted in December.
8 Source: Ministry of Telecommunications and Information Society
9 Source: Ministry of Telecommunications and Information Society
7
SECURITY FOR FOREIGN INVESTMENT
(Organic Code of Production)
• Equality: of conditions and protection for national and foreign investments and investors.
• Property: protection of investors’ property (prohibition of all forms of forfeiture).
• Rights: liberty of production, marketing, import and export of goods and services, subject
to the provisions of the Constitution, laws and regulations established by the current
legislation.
• Taxation: national and foreign investments are subject to the same tax regime.
• Resolution of conflict: investment contracts with foreign investors may include arbitration
clauses to solve disputes that arise between government and investors. The dispute may
be subject to international arbitration in accordance with the treaties signed by Ecuador.
• Investment contracts: provide stability on tax incentives and those stated in the Organic
Code of Production. They may include contractual commitments that are necessary for
the development of the new investment. Also, for investments above 100 million Dollars,
investors can benefit from tax stability incentives over the rates charged to income tax, tax
on funds sent abroad, and other national direct taxes.
• Other: Free transfer of profits abroad and investment (upon completion of tax obligations
and other responsibilities, as stated in legal regulations).
For more information, please visit: www.produccion.gob.ec
8
INCENTIVES FOR FOREIGN PUBLIC AND PRIVATE INVESTMENT
(Organic Code of Production)
• Complementary nature: Foreign investments shall have a role of direct complementarity

in Strategic sectors and those prioritized in the economy that require investment and
financing.
• Development and promotion of Strategic Sectors:

- Delegate to private initiatives the investment in Strategic Sectors in those cases estab-
lished by the law for each sector.
- New projects of private companies for the generation of electricity, under an equal
treatment in terms of mechanisms and conditions of guarantee and/or payment in the
purchase of energy, than those applied to international transactions.
• Sectoral incentive: Total exemption of Income Tax for five years for new investments, as
of the operation phase in the sectors that contribute to the change of the energy matrix;
strategic substitution of imports, promotion of exports and rural development. Their
implementation in strategic sectors is limited to electric generation projects of renewable
energies.
- In the specific case of Basic Industries, Income Tax exemption is for 10 years as of the
operation of the industry.
For more information, please visit: www.produccion.gob.ec
9
OPPORTUNITY TO FINANCE PROJECTS IN ECUADOR
(Organic Code of Public Planning and Finances)
• Financial Agreement: Financing may establish provisions related to the participation of

national companies that provide the loans for the implementation of projects, under the
condition that funds are granted in profitable, advantageous or concessional terms for
Ecuador.
• Guidelines for bidding:
¿What do we observe when evaluating an offer?

- Companies with internationally recognized trajectory.
- An economic offer within market parameters.
- Quality of materials, equipment and service.
- Percentage of national aggregate.
If the offer includes financing:

- Firm offer for financing with an internationally recognized lending entity.
- Percentage of financing over the amount of investment.
- Term of the credit.
- Period of grace for payment of capital (at least equal to the period of time for the
implementation of the project).
- Interest rate (all in cost).
For more information, please visit: www.finanzas.gob.ec
10
INVESTMENT MODALITIES
Projects in this catalogue, in accordance with each sector and Government policies, may be
implemented through different modalities, namely:
PRIVATE
• DIRECT INVESTMENT: Refers to those modalities in which public or private insti-

tutions, different from Ecuadorian public entities, agree to develop in a direct manner,
under their sole responsibility and risk, a specific project. In this mechanism are included
alternatives such as concessions (electricity, mining, telecommunications), or contracts for
the provision of specific services (hydrocarbons), BOT.
• STRATEGIC ALLIANCES: Includes several associative modalities between public

or mixed Ecuadorian companies with national or foreign public or private companies for
the implementation of projects. This modality includes alternatives such as partnership
agreements, joint ventures, creation of subsidiaries, and other analogous forms. The
selection of partners or allies may be done on a direct basis for national or foreign public
companies and, in the case of national or foreign private companies, a special selection
process should be conducted.
PUBLIC
• CONTRACTING WITH INTERNATIONAL PUBLIC COMPANIES: Ecuadorian

laws permit direct contracting (commercial and for projects development) with public or
subsidiary companies of the International Community.
• BIDDINGS WITH FINANCING: Selection processes in which several interested

parties are invited to present their technical and economic offers to develop a project,
attaching also the financing offer duly supported with a letter of intent or other analogous
documents issued by internationally recognized financial institutions.
11
CONTACT
Coordinating Ministry for Strategic Sectors

investments@sectoresestrategicos.gob.ec
Telephone: (593-2)2260670
12
Basic industries
Basic industries projects
13
Basic industries
Basic industries are based on the responsible Basic industries will be located in development poles
exploitation of natural resources (raw materials) that are that are leveraged through the optimization of logistics,
transformed into intermediate products that constitute transport and services infrastructure, already existing
the chaining source to generate growth and added and/or being implemented. These industries have the
value in intermediate and final industries. following incentives:
They constitute one of the pillars of the strategy to • Stability through an investment contract
change the production matrix. Their implementation
shall generate acceleration of the economic growth • Exemption of Income Tax (22%) for the first 10 years
and shall be of support to overcome the major social of industry operation
challenges of the country.
• Special Development Zone, ZEDE (Zona Especial
Ecuador is seeking strategic partners to participate de Desarrollo) with the following incentives:
actively in the development of Ecuadorian industries.
This development will take place under an investment · Exemption of Value Added Tax (12%) for the
modality that prioritizes foreign and/or local private import of goods for 20 years.
partners, with potential involvement of the Government. · Exemption of Customs Duties and Taxes for the
Participation or ownership structures are open. import of goods for 20 years.
· Exemption of Tax on Funds sent Abroad (5%) for
Regarding basic industries, two ways to participate in goods and services for 20 years.
these projects have been considered:
1. Direct investment
2. Strategic public-private alliances
PROJECTS OF THE BASIC INDUSTRIES SECTOR
Nº. Project name Location Type Investment amount

(millions of USD)
1 Aluminum smelting plant Guayas Industrial 1 910
2 Copper smelting and refining plant Guayas Industrial 2 000
TOTAL 3 910
Source: Ministry Coordinator of Strategic Sectors
14
Aluminum smelting plant
Construction of a plant for alumina. Production will be

aluminum smelting with capacity primarily focused on exports,
to produce ~570 kton/year of especially to the region (South
primary aluminum using imported America).
C O L O M B I A
0 50 100 km
0º
Quito
O C E A N
P E R U
GUAYAS
P A C I F I C
Shipyard
Aluminum
Posorja
PROJECT STATUS: COMPETITIVENESS: ESTIMATED INVESTMENT:
✓ Pre-feasibility study is being pre- • Special rate for electricity genera- 1,910 MMUSD
pared by Hatch. It is expected to tion at low cost.
be completed in May 2015. • South America will become a net
importer of primary aluminum in MODALITY OF INVESTMENT:
✓ The firm CHALIECO has been se- the coming years.
lected to carry out the feasibility • Privileged location which favors • Direct Investment.
studies which it is estimated to be low-cost transport: alumina may • Strategic public-private alliances.
completed by march 2017. be imported from Brazil/Jamaica,
and exports will be focused on
✓ Estimated operation start date: South America.
2022. • Potential bilateral agreements be-
tween Ecuador and its target mar-
ket (South America).
15
Copper smelting and refining plant
Basic industries
Construction of a plant for using ~1000 kton of imported
copper smelting and refining and/or local concentrate. Focus
with production capacity of ~280 is on Asiatic markets, especially
kton/year of copper cathodes China.
C O L O M B I A
0 50 100 km
0º
Quito
O C E A N
P E R U
GUAYAS
P A C I F I C
Shipyard
Copper
Posorja
PROJECT STATUS: COMPETITIVENESS: ESTIMATED INVESTMENT:
✓ Pre-feasibility study carried out • Privileged location to export re- 2,000 MMUSD
by SNC-Lavalin and completed in fined copper to China and import
December 2014. concentrated copper from Chile
and/or Peru. MODALITY OF INVESTMENT:
✓The firm SNS Lavalin has been se- • Future integration with locally pro-
lected to carry out the feasibility duced concentrated copper. • Direct Investment.
studies which it is estimated to be • Potential to increase revenues by • Strategic public-private alliances.
completed by April 2017. exporting sulfuric acid byproduct
to Chile at competitive prices.
✓ Estimated operation start date: • Competitiveness factors at region-
2021 for smelting, 2022 for al and global scale (competitive
refining. electricity and labor costs).
16
Mining
Mining sector
projects
Mining sector
Ecuador is a country with great geological wealth begin operations, and others are already in advanced
throughout its territory. For many years, dozens of stages of exploration. This catalogue includes the
leading companies have performed research activities ENAMI projects that need investments through pub-
in Ecuador and their explorations have discovered lic-private alliances.
large gold and copper mining projects in the provinces
of Azuay, Zamora Chinchipe, Morona Santiago and Two main ways to participate in these projects have
Imbabura, among others. been considered:
Ecuador has granted mining concessions to private 1. Direct investment

companies whose projects are under prospection, 2. Strategic public-private alliances
exploration, and some close to come into production.
In this catalogue are include projects of the private Mining projects in Ecuador have several competitive
sector that need investments in order to be developed. advantages for potential investors:
Also, the decision to carry conduct biddings of new • High mineral recovery rates (very good mining laws)
mining areas has been taken in order to delegate, • Low stripping ratio (proximity of mineral)
through concession, these areas to companies that • Access to water
ensure the use of the best exploration and exploitation • Sufficient provision of electricity at attractive costs
practices of areas that have been considered of • Modern infrastructure in roads, ports and airports
interest due to their important geological potential. • Monetary stability
Auction processes can be performed by request of the
government or by request of an interested party, which Besides the natural advantages of projects, the Ecua-
is why financial bids shall not be rated, only the bidder dorian State accompanies mining development in a
with regard to their experience and financial capacity, responsible manner, ensuring productive development
as well as the technical and environmental proposal and providing incentives:
they submit.
• Tax stability and incentives
In 2010 the Ecuadorian Government created the • Accelerated depreciation of the machinery used
Empresa Nacional Minera, ENAMI (National Mining • Clear and established rules based on Ecuadorian
Company) that has projects in prospection and explo- legislation
ration stages. Most of them have all legal permits to
MINING SECTOR PROJECTS

Nº. Project name Location Stage Mineral Investment amount
(province) (millions of USD)
1 Llurimagua Imbabura Advanced exploration Copper-molybdenum 29
2 Tola Norte Esmeraldas Advanced exploration Ferrous-titaniferous sand 26
3 Nanguipa Zamora Chinchipe Initial exploration Gold and copper 19
4 El Torneado Bolívar Advanced exploration Copper and molybdenum 18
5 La Bonita Sucumbíos Initial exploration Gold and copper 14
6 Telimbela Bolívar Advanced exploration Copper and molybdenum 14
7 Pacto Pichincha Initial exploration Gold and polymetals 7
8 Sangola Zamora Chinchipe Initial exploration Gold and copper 6
TOTAL 133
Source: ENAMI EP
18
Llurimagua mining project
Advanced exploration of copper Location: Province of Imbabura

and molybdenum within an area
of 4,839 Ha.
COLOMBIA
Mining
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U CARCHI
ESMERALDAS
0 50 100 km
IMBABURA
COTACACHI
Ibarra
Llurimagua
PICHINCHA
SUCUMBIOS
PROJECT STATUS: ESTIMATED INVESTMENT: GEOLOGICAL MODEL:

✓ Environmental license. 29 MMUSD

✓ First drilling phase 15,000 m.
MODALITY OF INVESTMENT:
✓ The drilling campaign is scheduled
to start on March 15th, 2015. • Direct investment.
• Strategic public-private alliances.

POTENTIAL:
• Inferred resource: 318 million tons

of minerals.
• Copper grade: 0.7%
• Molybdenum grade: 0.026%
• Project lifetime: 30 years.
(Magnified image in enclosed CD)
19
Tola Norte mining project
Advanced exploration of Ferro-ti- Location: Province of Esmeraldas

taniferous sand (beach sand),
within an area of 4,648 Ha.
VALDEZ (LIMONES)
PACIFIC OCEAN
TOLA NORTE
LA TOLA
TAMBILLO
LAS PEÑAS
BORBÓN
COLOMBIA
PA C I F I C O C E A N
CARCHI
COLOMBIA
Esmeraldas
0º
QUITO
ESMERALDAS
OCEAN
MANABÍ
PACIFIC
IMBABURA
Guayaquil
P E R U
PICHINCHA
SANTO DOMINGO
0 50 100 km
DE LOS TSÁCHILAS
PROJECT STATUS: POTENTIAL: GEOLOGICAL MODEL:

✓ Environmental license. • Geological potential: 70 MMT
(VHM: South American Iron and
✓ First drilling phase (completed). Steel. SAIS 2005-2010).
Analysis and interpretation of

✓ • Project lifetime: 35 years.
samples obtained for the deter-
mination of inferred resources
(February 2015). ESTIMATED INVESTMENT:
✓ Second drilling phase scheduled 26 MMUSD

(April 2015).

✓ Third drilling phase scheduled MODALITY OF INVESTMENT:
(2016).
• Direct investment.
• Strategic public-private
alliances.
20
Nanguipa mining project
Initial exploration until identifying copper within an area of

resources that make it feasible 5,066 Ha.
the conduction of a pre-feasibility
mining study in order to quantify Location: Province of Zamora
probable reserves of gold and Chinchipe
Mining
A Z U AY
COLOMBIA
MORONA SANTIAGO
0º
QUITO
OCEAN
PACIFIC
Z amora C hinchipe Guayaquil
P E R U
0 50 100 km
Zamora
LOJA
CENTINELA DEL CÓNDOR
NANGUIPA1
ZAMORA
NANGUIPA NANGARITZA
PERU
PROJECT STATUS: ESTIMATED INVESTMENT: GEOLOGICAL MODEL:
✓ Initial exploration plan (under 19 MMUSD

development).
✓ Environmental license (being MODALITY OF INVESTMENT:

processed).
POTENTIAL: alliances.
• Geological potential:
300 MMT with 0.5% copper grade
(CODELCO 2012)
21
El Torneado mining project
Advanced exploration of copper Location: Province of Bolívar

and molybdenum mineral
resources within an area of
approximately 17,878 Ha.
C O T O PA X I
TUNGURAHUA
LOS RIOS
GUARANDA
COLOMBIA Guaranda
CALUMA
0º
QUITO
San Antonio
CHIMBO
OCEAN
Cerro Gualazay
Grande
PACIFIC
Guayaquil
El Cristal Chicaloma
P E R U
CHIMBORAZO
0 50 100 km
BOLIVAR
G U AYA S
PROJECT STATUS: GEOLOGICAL MODEL:
✓ Environmental license granted
✓ Identification of three zones with

high mineralization potential
and high values of copper and
molybdenum
✓ Implementation of the first drilling ESTIMATED INVESTMENT:

stage of 500 m divided into 3 drill-
ings in anomalies for massive sul- 18 MMUSD
phide sulphide.

POTENTIAL:
• Direct investment
• Inferred resources: 200 MMT • Strategic public-private
• Project lifetime: 25 to 30 years alliances
22
La Bonita mining project
Initial exploration of gold and Location: Province of Sucumbíos

copper to determine the mineral
resources existing within an area
of 13,610 Ha.
COLOMBIA
0º
QUITO
Mining
La Bonita
COLOMBIA
OCEAN
PACIFIC
Guayaquil
SUCUMBIOS Rosa Florida
P E R U
0 50 100 km
La Chispa CASCALES
CARCHI
IMBABURA
COLOMBIA
SUCUMBIOS
PICHINCHA
Nueva Loja
SUCUMBIOS
NAPO
ORELLANA
PERU
PROJECT STATUS: • Possible continuation of tjhe por- GEOLOGICAL MODEL:

phyry copper system of Mocoa
✓ Environmental license (being Colombia
processed) • Large areas of hydrothermal alter-
ation (12 km2)
✓ Geological, structural and hydro-
thermal alterations mapping
ESTIMATED INVESTMENT:
✓ Geochemistry of stream sedi-
ments, rocks and soils.ils 14 MMUSD
✓ Airborne geophysical studies

(scheduled) MODALITY OF INVESTMENT:
• Direct investment
POTENTIAL: • Strategic public-private
alliances
• Resources (under determination
process): geochemistry of stream
sediments indicates presence of
coarse gold panning
23
Telimbela mining project
Advanced exploration of copper Location: Province of Bolívar

and molybdenum to determine
mineral resources existing within
an area of 4,033 Ha.
C O T O PA X I
TUNGURAHUA
LOS RIOS
GUARANDA
Guaranda
CALUMA
COLOMBIA Telimbela
0º
CHIMBO
QUITO
OCEAN
PACIFIC
Guayaquil
B O L I VA R
CHIMBORAZO
P E R U
G U AYA S
0 50 100 km
PROJECT STATUS: GEOLOGICAL MODEL:
✓ Environmental license granted POTENTIAL:
✓ Soil samples reflect abnormalities • Geological potential: 250 MTM

in: • Close to South Curimpamba proj-
ect, with 2.33 & Cu and 2.99 g/t
✓ North Telimbela: 0.4 g/t Au, 5.8 g/t gold.
Ag and 1.65% Cu. (400 x 1200m) • Project lifetime: 23 years
✓ Center Telimbela: 0.2 g/t Au;

1.6 g/t Ag and 1.60% Cu (500 x ESTIMATED INVESTMENT:
300m)
15 MMUSD.
✓ South Telimbela: 0.05% Cu
✓ 4000n drilling in Ashuaca sector MODALITY OF INVESTMENT:
alliances.
24
Pacto mining project
Initial exploration of gold and Location: Province of Pichincha

polymetals to determine the
mineral resources that exist
within an area of 4,645 Ha.
ESMERALDAS
IMBABURA
Mining
SUCUMBIOS
DISTRICT
METROPOLITAN
QUITO
Quito
SANTO DOMINGO DE LOS
TSÁCHILAS
NAPO
PICHINCHA
CANTÓN QUITO
Gualea
COLOMBIA
C O T O PA X I
0º QUITO
URCUTAMBO
PACTO COD: 403009
2351 Ha
OCEAN
PACIFIC
Guayaquil
INGAPI
COD: 403008
P E R U
2394 Ha
0 50 100 km
✓ Environmental license • Geological Potential:

(being processed) 250,000 ounces of gold
✓ Determination of three areas of

exploration interest within the ESTIMATED INVESTMENT:
Urcutambo concession
7 MMUSD
✓ Development of drilling plan of
1,800m in “El Viudo” sector.
alliances.
25
Sangola mining project
Initial exploration of gold and Location: Province of Zamora

copper to determine mineral Chinchipe
resources that exist within an
area of 6,507 hectares.
A Z U AY
MORONA SANTIAGO
Z amora
C hinchipe
PERU
Zamora
LOJA
COLOMBIA
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
Palma
Karina 6
Chorocoto Rebeca
PROJECT STATUS: • Located in the geological strip GEOLOGICAL MODEL:

of Fruta del Norte and Mirador
✓ Initial exploration plan (being projects.
developed).
✓ Environmental license (being ESTIMATED INVESTMENT:

processed).
6 MMUSD.
POTENTIAL:
• 3 main veins with a confirmed and
sampled area with a longitude of • Direct investment. (Magnified image in enclosed CD)
250m to 300m, and with tenors • Strategic public-private
ranging from 4.7 to 102g/t Au. alliances.
• Polymetallic veined deposit of low
sulphidationt.
26
Mining blocks for bidding

Nº. Name of Area Location Potential (occurrences)
the block (Ha) Province Reference coordinate
Mining
1 1 A 23.724 Esmeraldas Lat: 1.073 N; Long: 78.63 W Gold
2 1 B 24.278 Esmeraldas Lat: 0.989 N; Long: 78.730 W Gold
3 1 C 17.551 Esmeraldas Lat: 0.900 N; Long: 78.860 W Gold
4 2 A 6.612 Carchi Lat: 0.807 N; Long: 78.244 W Gold and manganese
5 2 B 8.853 Imbabura Lat: 0.679 N; Long: 78.346 W Gold
6 3 A 20.400 Esmeraldas Lat: 0.460 N; Long: 79.050 W Platinum, cobalt, manganese and tellurium
7 3 B 4.500 Imbabura Lat: 0.330 N; Long: 78.760 W Gold
8 4 3.300 Santo Domingo Lat: 0.301 S; Long: 78.900 W Gold, silver, copper, lead and zinc
de los Tsachilas
9 5 33.500 Napo Lat: 0.896 S; Long: 77.80 W Gold
10 6 A 16.000 Cotopaxi Lat: 1.063 S; Long: 79.19 W Gold and copper
11 6 B 39.500 Bolívar Lat: 1.312 S; Long: 79.08 W Gold and copper
12 6 C 5.304 Los Ríos Lat: 1.580 S; Long: 79.29 W Gold and copper
13 7 37.100 Chimborazo Lat: 1.940 S; Long: 78.49 W Zinc, copper and silver
14 8 10.890 Cañar Lat: 2.540 S; Long: 79.12 W Gold, silver and zinc
15 9 28.175 Morona Santiago Lat: 3.240 S; Long: 78.83 W Gold, magnetite and pyrite
and Azuay
16 10 A 9.562 El Oro Lat: 3.37 S; Long: 79.540 W Gold, zinc, cobalt and tellurium
17 10 B 7.310 El Oro Lat: 3.54 S; Long: 79.620 W Gold and polymetals18
11 A 9.350 Zamora Chinchipe Lat: 3.84 S; Long: 78.830 W Gold and silver
19 11 B 5.000 Zamora Chinchipe Lat: 3.93 S; Long: 78.900 W Gold and silver
20 12 A 31.160 Loja Lat: 3.92 S; Long: 79.780 W Gold, lead and antimony
21 12 B 12.680 Loja Lat: 4.17 S; Long: 79.790 W Gold, silver, lead, zinc and molybdenum
22 12 C 5.000 Loja Lat: 4.28 S; Long: 79.510 W Gold, copper and lead
23 13 A 9.850 Zamora Chinchipe Lat: 4.65 S; Long: 78.920 W Gold, copper, lead and zinc
24 13 B 22.425 Zamora Chinchipe Lat: 4.82 S; Long: 79.010 W Gold
25 13 C 39.777 Zamora Chinchipe Lat: 4.80 S; Long: 79.210 W Molybdenum, thorium, barium,
uranium, cerium, tungsten,
niobium, tin and lead

Source: Instituto Nacional de Investigación Geológico Minero Metalúrgico, INIGEMM (National Institute for Geological, Mineral and Metallurgical Research)
27
Block 1A
This block is located north of Location: Province of

Ecuador in the foothills of the Esmeraldas
Toisán range which is part of the Coordinates: Lat: 1.073 N
Cordillera Occidental Range. Reference GCS: Long: 78.63 W
Altitude varies from 50 to 500
meters above sea level. The area
of the block is 23,724 Ha.
COLOMBIA
SAN LORENZO
Block 1A
CARCHI
Esmeraldas
ESMERALDAS
IMBABURA
MANABÍ
COLOMBIA
PICHINCHA 0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
POTENTIAL: BLOCK GEOLOGY: GEOLOGICAL MODEL:
Occurrences of gold in alluvial depos- The block is located on rocky out-

its and Quaternary age terraces. crops that are part of a forearc sed-
imentary basin of the Tertiary age,
corresponding to the Borbon and
MODALITY OF INVESTMENT: Canoa formations, covered by San
Tadeo formation and estuarine ma-
• Direct investment. rine clays.
28
Block 1B

Mining
COLOMBIA
SAN LORENZO
CARCHI
Block 1B
Esmeraldas
ESMERALDAS
IMBABURA
MANABÍ
COLOMBIA
PICHINCHA
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
Occurrences of gold in alluvial depos- In the block outcrop sedimentary

its and Quaternary age terraces. rocks of the tertiary basin corre-
sponding to Zapallo, Playa Rica,
Angostura, Onzole and Borbón for-
MODALITY OF INVESTMENT: mations; estuarine marine clays cov-
er the area.
29
Block 1C

COLOMBIA
SAN LORENZO
CARCHI
Block 1C
Esmeraldas
ELOY ALFARO
ESMERALDAS
IMBABURA
MANABÍ
COLOMBIA
PICHINCHA
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
Occurrences of gold in alluvial depos- In the block outcrop sedimentary

its and Quaternary age terraces. rocks of the tertiary basin corre-
sponding to Zapallo, Playa Rica,
Angostura, Onzole and Borbón for-
MODALITY OF INVESTMENT: mations; estuarine marine clays cov-
er the area.
30
Block 2A
This block is located north of Location: Province of Carchi

Ecuador in the foothills of the Coordinates: Lat: 0.807 N
Toisán range which is part of the Reference GCS: Long: 78.244 W
Cordillera Occidental Range.
Mining
ESMERALDAS
COLOMBIA
MIRA
Tulcán
Block 2A
CARCHI
COLOMBIA
0º
QUITO
SUCUMBIOS
OCEAN
PACIFIC
Guayaquil
PICHINCHA
P E R U
0 50 100 km
Traces of gold and manganese Bedrock is made up, to the west, by

are found in samples of active volcanic rocks that are part of an is-
river sediments. This block is ad- lands arc of tholeiitic affinity which are
jacent to Cascabel project of the included in the Naranjal Unit of the
CORNERSTONE - SOLDGOLD Cretaceous age and east by sedi-
Company. mentary rocks of the Cretaceous age
that are part of the Pilatón unit. To the
west, bedrock is in tectonic contact
MODALITY OF INVESTMENT: with Eocene sedimentary rocks of El
Laurel unit. Sequences are covered
• Direct investment. by continental volcanic rocks of calc-
alkaline affinity of the San Juan de
Lachas unit of the Oligocene. (Magnified image in enclosed CD)
31
Block 2B

Ecuador in the foothills of the Imbabura
Altitude is 500 meters above sea
level. The area of the block is
8,853 Ha.
COLOMBIA
0º
QUITO
IBARRA
OCEAN
PACIFIC
Guayaquil CARCHI
Block 2B
P E R U
ESMERALDAS
0 50 100 km
SAN MIGUEL DE
URCUQUÍ
IMBABURA
Ibarra
PICHINCHA
SUCUMBIOS
Traces of gold are found in samples Bedrock is made up, to the west,
of active river sediments. This block by volcanic rocks that are part of an
is adjacent to Cascabel project of islands arc of tholeiitic affinity which
the CORNERSTONE – SOLDGOLD are included in the Naranjal Unit of
Company. the Cretaceous age and east by sed-
imentary rocks of the Cretaceous
age that are part of Pilatón unit.
MODALITY OF INVESTMENT: Sequences are overlain by Eocene
sedimentary rocks of El Tortugo
• Direct investment. and El Laurel units to the west and
to the east, respectively. Sequences
are covered by continental volca-
nic rocks of calc-alkaline affinity of
the San Juan de Lachas unit of the
Oligocene. Pluton of La Merced (Magnified image in enclosed CD)
de Buenos Aires, of granodiorite
and diorite composition from the
Miocene, intrudes the pre-Oligocene
sequences.
32
Block 3A
This block is located in the foothills Location: Province of

of the Cordillera Occidental Range, Esmeraldas
with heights not higher than 800 Coordinates: Lat: 0.46 N
meters above sea level. The area Reference GCS: Long: 79.05 W
COLOMBIA
CARCHI
Esmeraldas
ELOY ALFARO
ESMERALDAS
MANABÍ
IMBABURA
Block 3A
QUININDÉ
COLOMBIA
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
Traces of platinum, cobalt, manga- The region bedrock is made up by

nese and tellurium are found in sam- mafic and ultramafic rocks included
ples of active river sediments. This in the Naranjal Unit which is part of
block is located east of Llurimagua the Caribe plateau, overlain by marine
project of the ENAMI and north of El sedimentary rocks of the Colorado
Corazón project. Unit and volcanoclastic rocks of Río
Desgracia Unit. A gabbroic intrusive
is placed in the cretaceous rocks.
MODALITY OF INVESTMENT: The area is crossed by the Canandé
fault.
33
Block 3B
This block is located in the Location: Province of

foothills of the Cordillera Occi- Imbabura
dental Range at an average Coordinates: Lat: 0.33 S
altitude of 200 meters above sea Reference GCS: Long: 78.76 W
level. The area of the block is
4,500 Ha.
COLOMBIA
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
ESMERALDAS
CARCHI
IMBABURA
Ibarra
Block 3B
COTACACHI
PICHINCHA
SUCUMBIOS
Traces of gold are found in samples The region bedrock is made up by

of active river sediments in the drains mafic and ultramafic rocks included
located at the southwest of the in the Naranjal Unit, which is part of
block. The block is located between the Caribe plateau, overlain by ma-
El Corazón (Au) and Llurimagua (Cu- rine sedimentary rocks of El Tortugo
Mo) mining projects. Unit from the Eocene. In the east
area, Apuela batholith rocks intrude
the pre-Oligocene sequences. The
MODALITY OF INVESTMENT: area is crossed by the Toachi fault.
34
Block 4
This block is located in the Cor- Location: Province of Santo

dillera Occidental Range at an Domingo de los
average altitude of 1,500 meters Tsáchilas
above sea level. The area of the Coordinates: Lat: 0.301 S
block is 3,300 Ha. Reference GCS: Long: 78.90 W
ESMERALDAS
Mining
PICHINCHA
Block 4
Santo Domingo
ALLURIQUÍN
SANTO DOMINGO
MANABÍ DE LOS TSÁCHILAS
COLOMBIA
0º
QUITO
OCEAN
PACIFIC
C O T O PA X I
Guayaquil
P E R U
0 50 100 km
LOS RIOS
Two traces of gold, silver, copper, The bedrock is constituted by ma-

lead and zinc have been found in La rine sedimentary rocks included
Palma and Dos Ríos areas. The block in Malaute and Pilatón units of the
is located northeast of La Plata mine Cretaceous age. The western part of
(VMS), which is currently inactive. the area has volcanic rocks which are
part of an arc of islands of tholeiitic
affinity included in the Macuchi Unit.
MODALITY OF INVESTMENT: Eocene intrusive bodies elongated
with north-south direction and of di-
• Direct investment. orite composition intrude the rocks of
the Cretaceous units. Quaternary ter-
races cover partially the above men-
tioned rocks in the south of the block.
A branch of the Toachi regional fault is
the contact between the rocks of the
Macuchi and Mulaute units.
35
Block 5
This block is located in the Location: Province of Napo

foothills of the Real Oriental range Coordinates: Lat: 0.896 S
at an average altitude of 1,000 Reference GCS: Long: 77.80 W
COLOMBIA
0º
SUCUMBIOS
QUITO
OCEAN
PICHINCHA
PACIFIC
Guayaquil
P E R U
0 50 100 km
NAPO
ORELLANA
ARCHIDONA
Block 5
TENA
Tena
C O T O PA X I
PA S TA Z A
TUNGURAHUA
Indications of alluvial gold in three rivers The oldest sequence is the Misahuallí
that cross the block. Adjacent to the ar- Unit of the Jurassic age, constituted
eas of Terra Earth Resources S.A. mainly by calc-alkaline volcanic rocks
of continental arc. Overlaying incon-
gruously in the Misahuallí Unit we can
MODALITY OF INVESTMENT: find the Hollín and Napo marine sedi-
mentary formations and the Tena for-
• Direct investment. mation of the upper Cretaceous age
of continental origin. Cenozoic conti-
nental sediments cover sequences in
the western sector. In the northwest
of the area, Abitagua granite from the
Jurassic age is exposed.
36
Block 6A
This block is located in the Location: Province of

Cordillera Occidental Range, Cotopaxi
southwest of the province of Coordinates: Lat: 1.063 S
Cotopaxi at an average altitude of Reference GCS: Long: 79.19 W
1,500 meters above sea level. The
area of the block is 16,000 Ha.
Mining
COLOMBIA
0º
QUITO
OCEAN
SANTO DOMINGO
DE LOS TSACHILAS
PACIFIC
Guayaquil
PICHINCHA
P E R U
0 50 100 km
LOS RIOS
Latacunga
C O T O PA X I
NAPO
Block 6A
PANGUA
TUNGURAHUA
B O L I VA R
Traces of gold and copper are found in This block is made up mostly by
samples of active river sediments col- volcanic, volcanoclastic and volca-
lected in the northeast and southwest nosedimentary rocks, predominantly
of Block 6A. of mafic composition and tholeiitic
affinity included in the Macuchi Unit,
Block 6A is located southwest of the which is part of an islands arc that
old Macuchi (VMS) mine which was developed in the Paleocene-Eocene.
exploited in the last century, and near By geological correlation, it is estab-
Curipamba projects of Curimining S.A. lished that bedrock is the Caribbean
Plateau. This sequence is intruded by
plutons of quartz dioritic, dioritic and
MODALITY OF INVESTMENT: tonalitic composition, of calc-alkaline
affinity. Several alluvial deposits and
• Direct investment terraces cover the above mentioned
sequences, south-west of the area.
37
Block 6B
This block is located in the Cor- Location: Province of Bolivar

dillera Occidental Range, north Coordinates: Lat: 1.312 S
of the province of Bolívar, at an Reference GCS: Long: 79.08 W
average altitude of 2,500 meters
above sea level. The area of the
block is 39,500 Ha.
C O T O PA X I
TUNGURAHUA
Block 6B
LOS RIOS
GUARANDA
Guaranda
BOLIVAR
COLOMBIA
0º
QUITO
OCEAN
CHIMBORAZO
G U AYA S
PACIFIC
Guayaquil
P E R U
0 50 100 km
Several areas of hydrothermal alteration This block is constituted by volca-

and places with pyrite and chalcopyrite nic rocks included in the Macuchi
mineralization. Occurrences of copper Unit and vocanosedimentary rocks
and gold. Located near Curipamba of the Arrayanes Unit. In the south-
Projects of Curimining S.A. eastern part, sequences are covered
by volcanosedimentary rocks of the
Zumbahua Group. Several intrusions
MODALITY OF INVESTMENT: of Miocene age of variable composi-
tion (quartz dioritic, dioritic and tonal-
Direct investment. itic), including plutons of El Corazón
and Chazo Juan, intrude the above
described sequences.
38
Block 6C
This block is located in the west Location: Province of

flank of the Cordillera Occidental Los Ríos
Range, east of the province of Coordinates: Lat: 1.580 S
Los Ríos, at an average altitude Reference GCS: Long: 79.29 W
of 700 meters above sea level.
The area of the block is 5,304 Ha.
MANABÍ
COLOMBIA
C O T O PA X I
0º G U AYA S
QUITO
OCEAN
Quevedo
PACIFIC
Guayaquil
P E R U
0 50 100 km
LOS RIOS
B O L I VA R
Block 6C
URDANETA
Several areas of hydrothermal alter- The bedrock is constituted by volca-

ation and places with pyrite and chal- nic rocks of Macuchi Unit. An intru-
copyrite mineralization. Occurrences of sive of the Oligocene-Miocene age of
copper and gold. Located northeast of granodioritic to tonalitic composition
Telimbela project of the ENAMI. intrudes the paleoscenic sequences
which make up most of the north-
western part of the area.
39
Block 7
This block is located in the central Location: Province of

area of the Real Oriental range in Chimborazo
Sacraurcu sector, northeast of the Coordinates: Lat: 1.94 S
Province of Chimborazo, at an Reference GCS: Long: 78.49 W
block is 37,100 Ha.
TUNGURAHUA
RIOBAMBA
COLOMBIA B O L I VA R
0º
QUITO Riobamba
CHAMBO
OCEAN
PACIFIC
Guayaquil
Block 7
P E R U
0 50 100 km MORONA SANTIAGO
G U AYA S
CHIMBORAZO
GUAMOTE
CAÑAR
POTENTIAL: BLOCK GEOLOGY:
Several signs of volcanogenic mas- The oldest rocks are included in the
sive sulphides with occurrences of Alao-Paute Unit of the Jurassic age, GEOLOGICAL MODEL:
zinc, copper and silver. Adjacent interpreted as an arc of islands locat-
to the Yurac Rumi project of the ed west of the rocks that form the
CONMINAS S.A. Company. core of the metamorphic belt of the
Cordillera Real. In the western part
of the block, in tectonic contact, are
MODALITY OF INVESTMENT: the metaturbidites of Maguazo Unit
which are also from the Jurassic age.
• Direct investment. On the western edge appears the
Peltetec Unit consisting of mafic and
ultramafic rocks which are part of an
ophiolitic complex. Sequences are
intruded by Alao pluton of the Tertiary
age. The southern region is covered
by Tertiary and Quaternary volcanic
rocks. (Magnified image in enclosed CD)
40
Block 8
This block is located in the Cor- Location: Province of Cañar

dillera Occidental Range, in the Coordinates: Lat: 2.54 S
center of the province of Cañar Reference GCS: Long: 79.12 W
at an average altitude of 2,400
meters. The area of the block is
10,890 Ha.
G U AYA S
CHIMBORAZO
CAÑAR
SUSCAL
EL TAMBO
CAÑAR
Block 8
Azogues
MORONA SANTIAGO
COLOMBIA
A Z U AY
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
Areas with hydrothermal alteration The oldest sequences are the subaer-
with pyrite mineralization and oc- ial volcanic and intermediate calc-al-
currences of zinc, silver and gold. kaline to acid rocks of the Saraguro
Adjacent to ELIPE and AMEGOLD Group, which include the Ocaña for-
S.A. projects. mation, overlain by the Tomebamba
Unit, the Chanlud and Cerro Caucay
formations whose age ranges from
MODALITY OF INVESTMENT: the Late Middle Eocene to the Early
Miocene. There is a predominance of
• Direct investment. andesitic lavas interbedded with vol-
canic sediments and andesitic mas-
sive tuffs with lithic lapilli, produced
by ash flows. Rhyolitic domes intrude
into the Chanlud formation.
41
Block 9
This block is located on the Location: Provinces of

western flank of the Cordillera Morona Santiago
Real range, southeast of the and Azuay
province of Azuay and on the Coordinates: Lat: 3.24 S
border with the province of Reference GCS: Long: 78.83 W
Morona Santiago at an average
altitude of 2,900 meters above
sea level. The area of the block is
28,175 Ha.
COLOMBIA
TUNGURAHA
0º
QUITO
OCEAN
PACIFIC
Guayaquil
PA S TA Z A
P E R U
CHIMBORAZO
0 50 100 km
Macas
CAÑAR
MORONA SANTIAGO
G U AYA S
Cuenca
A Z U AY NABÓN
PERU
Block 9
EL ORO GUALAQUIZA
LOJA
ZAMORA CHINCHIPE
Several rivers with presence of alluvi- The bedrock is made up by meta-

al gold, in addition to gold, magnetite morphic rocks of the Chiguinda unit.
and pyrite mineralization. Traces of Regarding lithology, bedrock includes
zinc, arsenic, antimony and barium low-grade metamorphic rocks, inter-
in samples of river sediments and, preted as a part of an intracratonic ba-
in heavy sediments, tungsten, tin, sic and correlated with Carboniferous
cerium, yttrium and chromium. This and Devonian rocks of the Peru –
block is adjacent to the projects of Bolivia Depression. To the west there
TERRASOURCES S.A. is an outcrop of Type S metagranites
of the Tres Lagunas unit. Contact be-
tween the two units is tectonic. Minor
MODALITY OF INVESTMENT: intrusive bodies of the Tertiary age are
located in the pre-Cretaceous units.
• Direct investment. Units are covered by tertiary conti-
nental volcanic rocks.
42
Block 10A
This block is located south of Location: Province of El Oro

the Cordillera Occidental Range, Coordinates: Lat: 3.37 S
northeast of the province of Reference GCS: Long: 79.54 W
El Oro, at an average altitude of
1,400 meters above sea level.
Mining
COLOMBIA
0º
QUITO
OCEAN
PACIFIC
Guayaquil
Machala
P E R U
A Z U AY
0 50 100 km
Block 10A
CHILLA
EL ORO
ZARUMA
PERU
LOJA
Occurrences of gold, zinc, cobalt and The block is located southwest of

tellurium. Close to the San Gerardo the Cordillera Occidental range,
mining areas. bedrock is made of rocks of El Oro
Metamorphic Complex which in-
cludes rocks of the Piedras Maphic
MODALITY OF INVESTMENT: Complex and of the Moromoro
Granitoyd Complex of the Triassic
• Direct investment. age, overlaid incongruously by rocks
related to the Oligocene volcanism of
the Saraguro Group from the Middle
Late Eocene to the Early Miocene,
and volcanosedimentary rocks of
the Santa Isabel formation. Rocks of
granodioritic composition from the
Miocene intrude the metamorphic,
volcanic and sedimentary rocks.
43
Block 10B
This block is located on the Location: Province of El Oro

southwest of the Cordillera Coordinates: Lat: 3.54 S
Occidental Range, east of the Reference GCS: Long: 79.62 W
province of El Oro and at an
block is 7,310 Ha.
COLOMBIA
0º PA C I F I C O C E A N
QUITO
OCEAN
Machala
PACIFIC
Guayaquil
P E R U
A Z U AY
0 50 100 km
CHILLA
EL ORO
ATAHUALPA Block 10B
PERU
ZARUMA
LOJA
Occurrences of metallic minerals of The bedrock is made up by rocks of

gold and polymetals. There is also a El Oro Metamorphic Complex which
mesothermal mineralization area with includes rocks of the Piedras Maphic
presence of tourmaline, quartz, seric- Complex and of the Moromoro
ite, epidote and arsenopyrite. Traces Granitoyd Complex of the Triassic
of gold, zinc, cobalt-mercury-antimo- age, overlaid incongruously by rocks
ny-lead-tellurium and arsenic in sam- related to the Oligocene volcanism of
ples of active stream sediments. the Saraguro Group from the Middle
Late Eocene to the Early Miocene.
Rocks of granodioritic composition
MODALITY OF INVESTMENT: from the Miocene are largely spread
and intrude the metamorphic and vol-
• Direct investment. canic rocks of the Saraguro Group.
44
Block 11A
This block is located south of Location: Province of Zamora

the Cordillera Real range in the Chinchipe
Pan de Azúcar Mountain, at an Coordinates: Lat: 3.84 S
average altitude of 1,800 meters Reference GCS: Long: 78.83 W
block is 9,350 Ha.
Mining
MORONA SANTIAGO
A Z U AY
CHILLA
Block 11A
CENTINELA
ZAMORA DEL CÓNDOR
Zamora
LOJA
COLOMBIA
PERU
0º
QUITO
Z amora
OCEAN
C hinchipe
PACIFIC
Guayaquil
P E R U
0 50 100 km
Occurrences of gold and silver. This In this sub-Andean belt appears the
block is located west of the Fruta del Misahualli Unit, made up by conti-
Norte project (AURELIAN S.A.). nental calc-alkaline lavas, intruded by
the Zamora batholith which is made
up by granodiorites and diorites.
45
Block 11B

the Cordillera Real range in Chinchipe
San José, Cumbaratza and La Coordinates: Lat: 3.93 S
Ramada hills, at an average Reference GCS: Long: 78.90 W
5,000 Ha.
MORONA SANTIAGO
AZUAY
Block 11B
Zamora
ZAMORA
LOJA
COLOMBIA
0º
PERU QUITO
OCEAN
Z amora
C hinchipe
PACIFIC
Guayaquil
P E R U
0 50 100 km
Occurrences of gold and silver, and In the sub-Andean belt appear most-
also of alluvial gold. The block is lo- ly rocks from the Zamora batolite,
cated west of the Fruta del Norte which are made up by granodiorites
project (AURELIAN S.A.) and diorites of calc-alkaline affinity.
46
Block 12 A
This block is located in the Cor- Location: Province of Loja

north central part of the Province Reference GCS: Long: 79.78 W
of Loja, at an average altitude of
Mining
COLOMBIA AZUAY
0º
QUITO
SARAGURO
OCEAN
PACIFIC
Guayaquil
EL ORO
P E R U
0 50 100 km
CHAGUARPAMBA
Block 12A OLMEDO

Loja
PALTAS
ZAMORA
LOJA CHINCHIPE
PERU
Traces of lead, gold and antimony. This block is located in the Alamor
Adjacent to projects of ELIPE S.A. Lancones Basin, south of El Oro
Metamorphic Complex and is
made up by volcanoclastic rocks
MODALITY OF INVESTMENT: of the Celica Unit from the Lower
Cretaceous Age, overlain by volca-
• Direct investment. nosedimentary rocks of the Alamor
Group (Quillosara and Zapotillo units)
of the Upper Cretaceous.
47
Block 12 B
This block is located on the Cor- Location: Province of Loja

east central part of the Province Reference GCS: Long: 79.79 W
of Loja at an average altitude of
COLOMBIA
AZUAY
0º
QUITO
SARAGURO
OCEAN
PACIFIC
Guayaquil
EL ORO
P E R U
0 50 100 km
Loja
ZAMORA
CHINCHIPE
CELICA
LOJA
Block Block
12B 12B
SOZORANGA
PERU
Traces of polymetals with gold, sil- Block 12B begins in Alamor Lancones
ver, lead, zinc and molybdenum. Basin and is made up by basic effu-
Adjacent to ELIPE S.A. projects. sive and intrusive rocks of tholeiitic
affinity of the Punta de Piedra Unit
from the Lower Cretaceous age. In
MODALITY OF INVESTMENT: most of the area occurs the Tangula
batholith of calc-alkaline affinity from
• Direct investment. the Cretaceous age, which intrudes
the volcanic rocks.
48
Block 12 C
IThis block is located on the Cor- Location: Province of Loja

central-east part of the Province Reference GCS: Long: 79.51 W
of Loja at an average altitude of
Mining
COLOMBIA AZUAY
0º
QUITO
SARAGURO
OCEAN
PACIFIC
Guayaquil
EL ORO
P E R U
0 50 100 km
Loja
ZAMORA
LOJA CHINCHIPE
Block 12B GONZANAMÁ
Block 12C
CARIAMANGA QUILANGA
PERU
Traces of polymetals with gold, cop- This block is located in the east edge
per and lead. Adjacent to ELIPE S.A. of the Alamor Lancones Basin and
projects. is made up by volcanic and volca-
noclastic rocks from the Paleocene-
Eocene age of the Sacapalca Unit.
49
Block 13 A

Ecuador in the Cordillera Real Chinchipe
range in San Francisco del Vergel Coordinates: Lat: 4.65 S
sector, at an average altitude of Reference GCS: Long: 78.92 W
MORONA SANTIAGO
A Z U AY
COLOMBIA
Zamora
0º
QUITO
LOJA
OCEAN
Z amora C hinchipe
PACIFIC
Guayaquil
P E R U
NANGARITZA 0 50 100 km
PALANDA
Block 13A
PERU
CHINCHIPE
Several rivers have traces of allu- Located in the Cordillera del Cóndor
vial gold, lead, zinc and copper in range, the block is made up by conti-
samples of river sediments, and in nental calc-alkaline volcanic rocks of
heavy sediments there are traces of the Misahuallí Unit from the Jurassic
chrome and vanadium. Close to ar- age, intruded by granodiorites and
eas of the National Mining Company diorites of Zamora batholith from the
andBIRA S.A. Jurassic age. Sequences are overlain
incongruously by sedimentary rocks
of the Hollin and Napo formations
MODALITY OF INVESTMENT: of the Cretaceous age. Contact be-
tween all sequences is tectonic and
• Direct investment. is represented by La Canela fault of
north-south direction.
50
Block 13 B
This block is located on the Location: Province of Zamora

southern border of Ecuador Chinchipe
with Peru in the Chito sector of Coordinates: Lat: 4.82 S
the Cordillera Real range, at an Reference GCS: Long: 79.01 W
block is 22,425 Ha.
MORONA SANTIAGO
A Z U AY
COLOMBIA
Zamora
0º
QUITO
OCEAN
LOJA
Z amora C hinchipe
PACIFIC
PERU
Guayaquil
P E R U
0 50 100 km
PALANDA
Block 13B
CHINCHIPE
Several rivers with traces of alluvial Located in the Cordillera del Cóndor
gold. Adjacent to areas of the National range, this block is made up by con-
Mining Company and BIRA S.A. tinental calc-alkaline volcanic rocks of
the Misahuallí Unit from the Jurassic
age, intruded by granodiorites and
MODALITY OF INVESTMENT: diorites of the Zamora batholith from
the Jurassic age. Sequences are
• Direct investment. overlain incongruously by sedimen-
tary rocks of the Hollin and Napo
formations from of the Cretaceous
age. Contact between all sequences
is tectonic and is represented by La
Canela fault of north-south direction.
51
Block 13 C
This block is located in the Location: Province of Zamora

southern border of Ecuador with Chinchipe
Peru in Chito sector of the Cor- Coordinates: Lat: 4,80 S
dillera Real range, at an average Reference GCS: Long: 79,21 W
39,777 Ha.
A Z U AY
MORONA SANTIAGO
PERU
Zamora
COLOMBIA
0º
QUITO
LOJA
Z amora C hinchipe
OCEAN
PACIFIC
Guayaquil
P E R U
PALANDA 0 50 100 km
Block 13C
CHINCHIPE
Presence of molybdenum, thori- The block is located in the Cordillera

um, barium, uranium, cerium, tung- Real range and is mostly made up by
sten, niobium, tin and lead has been metamorphic rocks of the Sabanilla
reported. Unit from the Triassic age, which
are in tectonic contact with rocks of
the Isimanchi Unit and the Zamora
MODALITY OF INVESTMENT: batholith, along the Palanda fault of
north-south direction.
52
Private mining
Private mining projects
53
PRIVATE MINING PROJECTS
No. Project name Location Stage Type of mineral

(province)
1 Vetas Grandes Azuay Advanced exploration Gold and Silver
2 Caña Brava Loja and El Oro Initial exploration Gold, Silver and Copper
3 Bella María El Oro Initial exploration Gold and copper
4 Barranco Colorado Azuay Exploitation Gold, Silver and Copper
5 El Palmar-Los Mandariyacus Manabí Advanced exploration Gold, silver, copper, zinc and lead
6 Loma Larga Azuay Pre-feasibility Gold
7 Río Zarza Azuay Advanced exploration Gold and copper
8 Condor Gold Zamora Advanced exploration Gold
9 Warints Morona Santiago Initial exploration Copper
10 Cangrejos El Oro Advanced exploration Gold and copper
11 Zaruma El Oro Exploitation Gold

54
Vetas Grandes mining project
Advanced exploration of a low Location: Province of Azuay

sulphidation epithermal deposit
with high grades of gold and
silver within an area of 4,700 Ha.
G U AYA S
Private mining
Cuenca
Vetas Grandes
A Z U AY
MORONA
SANTIAGO COLOMBIA
0º
QUITO
OCEAN
LOJA
PACIFIC
Guayaquil
ZAMORA
CHINCHIPE
P E R U
0 50 100 km
PROJECT STATUS: • Regional inspection suggests ad- GEOLOGICAL MODEL:

ditional potential of gold and silver
✓ Geology, geochemistry, geophys- epithermal systems and gold and
ics, trenching and mapping works copper porphyry deposits.
have been completed.
✓ Environmental license for advanced CONTACT INFORMATION:

exploration (being processed).
Cornerstone
Yvan Crepeau - General Manager
POTENTIAL: Phone number: (593 2) 223 2217
Website: cornerstoneresources.com
• Quartz veins that outcrop in an Email: crepeau@crigold.com
area of 1,400m x 400m with high
grade values between 1 and 50
g/t Au (up to 884.6 g/t Au) and
with 40 to 1,000 g/t Ag.
55
Caña Brava mining project
Initial exploration of a high Location: Provinces of Loja

sulphidation epithermal deposit. and El Oro
Surface gold and silver and gold
and copper porphyry at depth.
The project covers an area of
1,150 Ha.
Machala
A Z U AY
COLOMBIA
0º
QUITO EL ORO
OCEAN
Caña Brava
PACIFIC
Guayaquil
P E R U
0 50 100 km Loja
LOJA
ZAMORA
CHINCHIPE
PERU
PROJECT STATUS: • Economic values of gold, silver GEOLOGICAL MODEL:

and copper in samples collected
Prospection
✓ and Geological suggest great potential for the ex-
Survey Program completed (re- istence of epithermal deposits of
sults February 2015). precious metals, as well as deep
copper-gold deposits.
✓ The project has all necessary
permissions.
CONTACT INFORMATION:
POTENTIAL: Cornerstone
Yvan Crepeau – General Manager
• Two areas with high epithermal Phone number: (593 2) 223 2217
mineralization of high sulphidation Website: cornerstoneresources.com (Magnified image in enclosed CD)
have been identified, covering an Email: crepeau@crigold.com
area of up to 2,5 km x 2 km in the
Caña Brava gap and of 1.75 x 1
km in the East area.
56
Bella Baria mining project
Initial exploration within an area Location: Province of El Oro

covering 1,401 Ha. containing
porphyry-type, veined mineral-
izations, where main minerals are
gold, copper and molybdenum.
COLOMBIA
0º
QUITO PA C I F I C O C E A N
OCEAN
PACIFIC
Private mining
Guayaquil
P E R U
A Z U AY
0 50 100 km
Machala
Bella María
EL ORO LOJA
PERU

✓ Initial exploration phase in process • Anomaly of gold-copper+/-molyb-
to change to advanced explora- denum in the central part of the
tion phase. 3x2 km concession.
• Seven prospects identified to
✓ 2,163 samples analyzed (645 date, with significant mineraliza-
rocks, 1,254 soils, 43 sediments, tion of Au, Ag and Cu.
66 BLEGs and 155 HMCs). • Located in the southern part
of the porphyry belt of the Late
✓ Environmental license for the ad- Oligocene – Early Miocene.
vanced exploration phase.
Cornerstone
Yvan Crepeau – General Manager (Magnified image in enclosed CD)
Phone number: (593 2) 223 2217
Website: cornerstoneresources.com
Email: crepeau@crigold.com
57
Barranco Colorado mining project
Exploitation of a polymetallic Location: Province of Azuay

deposit with high grades of gold,
silver and copper. The project
covers an area of 566 Ha.
CAÑAR
G U AYA S
Cuenca
camilo
ponce
enriquez
Shumiral
A Z U AY
MORONA
SANTIAGO COLOMBIA
0º
QUITO
OCEAN
ZAMORA
LOJA
PACIFIC
CHINCHIPE
Guayaquil
P E R U
0 50 100 km
PROJECT STATUS: - Agriplaza vein with an average GEOLOGICAL MODEL:

thickness of 0.3 m and an aver-
✓ Exploitation phase through under- age gold grade of 15 g/t.
ground methods. - The normal vain has an average
thickness of 1 m. and an average
✓ There is a mapping of under- grade of 5 g/t.
ground works and geological • Project lifetime: 20 years.
samples.
✓ Environmental license. CONTACT INFORMATION:
AGRIPLAZA S.A.
POTENTIAL: Eng. María Gracia Dueñas
Commercial Manager
• Inferred resources of 388,746 E-mail: mgduenas@agriplaza.com (Magnified image in enclosed CD)
ounces of gold. Phone number: (593 4) 382 3596.
• Two main structures are currently
being exploited:
58
El Palmar - Los Mandariyacus mining project
Exploration of a porphyry-type Localization: Province of Imbabura

deposit with high grade of gold,
silver and copper, within the
Junín-Cascabel Metallogenic
District. The project covers an
area of 800 Ha.
COLOMBIA
0º
QUITO
Private mining
OCEAN
PACIFIC
Guayaquil
P E R U
ESMERALDAS
CARCHI
0 50 100 km
IMBABURA
Ibarra
García Moreno
El Palmar
PICHINCHA
SUCUMBIOS
PROJECT STATUS: CONTACT INFORMATION: GEOLOGICAL MODEL:
✓ Drilling and sampling works have Eng. Edgar O. Salazar M.

been carried out and samples E-mail: salazaredgar563@gmail.com
have been analyzed. Phone number: (593) 9 970 79912
POTENTIAL:
• Geological resources of at least

3 thousand ounces of equivalent
gold.
59
Loma Larga mining project
Epithermal deposit of high sulphi- Location: Province of Azuay

dation of gold, silver and copper.
Covers an area of 8,030 Ha.
CAÑAR
G U AYA S
Cuenca
GIRÓN A Z U AY
San Fernando
MORONA
SANTIAGO
COLOMBIA
0º
QUITO
ZAMORA
LOJA CHINCHIPE
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
✓ Financial pre-feasibility study of • Measured reserves of 3.5 thou-

the project is being completed. sand ounces of gold.
✓ The implementation of under-

ground mining method is being CONTACT INFORMATION:
considered, and to process 1,000
tons per day. INV METALES ECUADOR
Eng. Jorge Barreno (Magnified image in enclosed CD)
General Manager
Phone number: (593 2) 246 8673
Website: www.invmetals.com
E-mail: jbarreno@invmetals.com.ec
60
Río Zarza mining project
Advanced exploration of a poly- Location: Province of Zamora

metals deposit with high values Chinchipe
of gold and copper. The project
covers an area of approximately
1,140 Ha.
MORONA SANTIAGO
A Z U AY
Private mining
Río Zarza
YANTZAZA
COLOMBIA
0º
QUITO
PERU
Zamora
OCEAN
PACIFIC
Guayaquil
LOJA
P E R U
Z amora C hinchipe
0 50 100 km
PROJECT STATUS: thermal deposits in the country: GEOLOGICAL MODEL:

Fruta del Norte and Bonza Las
✓ Drilling, geochemistry, geophysics Peñas, property of the Kinross /
and modeling works have been Lundin Company.
carried out. • Project lifetime: 35 years.
✓ Environmental license.
POTENTIAL: Ecometals Limited (Magnified image in enclosed CD)

Rodrigo Izurieta, Finance
• This project is located near the E-mail: rizurieta@ecometalsltd.com
most recent discoveries of hydro- Phone number: (593 2) 600 4444
61
Condor Gold mining project
Advanced exploration of a poly- Location: Province of Zamora

metallic porphyry of gold, silver Chinchipe.
and copper. The project covers
an area of 8,000 Ha. and has the
NI 43 101 Technical Report.
MORONA SANTIAGO
A Z U AY
COLOMBIA
PAQUISHA
0º
QUITO
PERU
OCEAN
Zamora
Cóndor Gold
PACIFIC
Guayaquil
LOJA
P E R U
0 50 100 km
Z amora C hinchipe
NANGARITZA
PROJECT STATUS: CONTACT INFORMATION: GEOLOGICAL MODEL:
✓ Preliminary financial studies. CHF Investor Relations

Jeanny So
✓ Environmental and social license. E-mail: jeanny@chfir.com
Phone number: 001 416 868 1079
POTENTIAL:
• Indicated and inferred resource:

- 10.6 million ounces of gold.
- 37.7 million ounces of silver.
- 1.2 billion pounds
of copper. (Magnified image in enclosed CD)
62
Warints mining project
Initial exploration of a copper Location: Province of Morona

and molybdenum polymetallic Santiago
deposit. The project covers an
area of 10,000 Ha.
CHIMBORAZO
Private mining
Macas
PA S TA Z A
CAÑAR
MORONA SANTIAGO
A Z U AY LIMÓN
INDANZA PERU
COLOMBIA
SAN NUAN 0º
BOSCO QUITO
GUALAQUIZA
OCEAN
PACIFIC
ZAMORA
CHINCHIPE Guayaquil
P E R U
0 50 100 km
PROJECT STATUS: POTENTIAL: CONTACT INFORMATION:
✓ Social license and permits (being • 195 million tons with 0.6% of Lowell Mineal Exploration
processed). equivalent copper. Eng. Jorge Fierro
Exploration Vice President
✓ Project lifetime: 10 years or more, E-mail: jorgefie@gmail.com
depending on exploration results. Phone number: 00511 4403801
63
Cangrejos mining project
Advanced exploration of a Location: Province of El Oro

porphyry with high values of gold
and copper. The project covers
an area of 5,503 Ha.
COLOMBIA
0º
QUITO PA C I F I C O C E A N
OCEAN
PACIFIC
Guayaquil
P E R U
A Z U AY
0 50 100 km Machala
Santa Rosa
Cangrejos mining project

LOJA
PERU
EL ORO
✓ Advanced exploration stage with • 15.8 Mt a 1.10g/t Au and 0.20%

the following results: Cu.
• 137.3 m @ 1.27 g/t Au & 0.11%
Cu from 14.5 m hole C11-30.
• 117.5 m @ 1.10 g/t Au & 0.09% CONTACT INFORMATION:
Cu from 14.5 m hole C11-31.
• 70 m @ 1.06 g/t Au & 0.11% Cu Odin Mining Ecuador
from 70 m hole C11-33. Diego Benalcázar
• 6 m @ 8.96 g/t Au & 0.23% Cu E-mail: dbenalca@yahoo.com
from 276 m hole C12-37.
• 18 m @ 2.55 g/t Au & 0.18% Cu
• 24 m @ 1.65 g/t Au & 0.08% Cu
64
Zaruma mining project
Exploitation of a deposit com- Location: Province of El Oro

prising a low sulphidation veins
system with high content of
gold. The area of the project is
9,189 Ha and has the NI 43-101
Technical Report.
COLOMBIA
0º
QUITO
Private mining
OCEAN
PACIFIC
Guayaquil
P E R U A Z U AY
Machala
0 50 100 km
EL ORO LOJA
ZARUMA
PERU
Zaruma mining project
PROJECT STATUS: • Measured and indicated resourc- GEOLOGICAL MODEL:

es 2.6Mt @ 12.8 g/t Au, 1.1MOz
✓ Geology, geochemistry and drilling Au (in situ).
works have been carried out. • Project lifetime: 20 years.
✓ Exploitation license available.

POTENTIAL: Andrés Ycaza Palacios

E-mail: aycaza@andradeveloz.com
• Inferred resources 3.7Mt @ 12.2 Phone number: 593-2-2508040
g/t Au, 1.4M Oz Au (in situ).
65
Oil sector projects
66
Oil Sector
Ecuador strives to efficiently exploit its energy resources The Ecuadorian State fosters private participation in oil
by promoting the exploration of new oil and gas fields, exploration and extraction through concessions, under
as well as investment in the refining of crude oil with a services modality with the payment of an agreed fee
the objective of guaranteeing autonomy in the con- during a certain period of time, thus ensuring return for
sumption of derivatives. the investor, regardless of oil prices fluctuation.
In this new edition of the Investment Catalogue in Similar systems can be used for oil transportation
Strategic Sectors, we are presenting 21 major projects through the payment of a fee for a certain period of
in the oil sector, 17 of them focused on the explo- time, after which investment is returned to the State.
ration and extraction of exploration blocks. The rest of We have considered two main ways to participate in
projects are focused on transportation (oil and multi- these projects:
purpose pipelines) and infrastructure projects.
1. Direct investment.
2. Strategic public-private alliances.
OIL
SUMMARY OF PROJECTS
Nº. Project name Location (province) Type Investment amount

millions of usd)
1 Block 20 Orellana Exploration and development 6,260
2 Block 43 Orellana Exploration and development 5,600
3 Block 86 Pastaza Exploration and development 1,720
4 Block 31 Orellana Development 668
5 Block 78 Morona Santiago Exploration and development 190
7 Block 81 Pastaza Exploration and development 185
9 Block 76 Pastaza and Morona Santiago Exploration and development 92
12 Block 29 Napo and Orellana Exploration and development 60
14 Block 70 Pastaza and Morona Santiago Exploration and development 40
18 “Quinindé - Pacific Esmeraldas and Manabí Crude oil transportation 650
Refinery” oil pipeline
19 “El Aromo” terminal and Manabí and Santa Elena Infrastructure for oil derivatives 330
“El Aromo - Monteverde” storage and transportation
multipurpose pipeline
20 Facilities for hydrocarbon Santa Elena and Guayas Infrastructure for oil derivatives 165
operations in Monteverde storage and transportation
21 Projects for the Optimization Amazon region Optimization 400
of Electric Generation and
Energy Efficiency, OGE&EE
TOTAL 17,034
Source: Ministry of Natural Non-Renewable Resources
67
Exploration and development of block 20
(Pungarayacu field)
Exploration and development The area covered is of approx-

of the block, where the quality imately 110,000 Ha, of which
of crude oil quality should be Pungarayacu field occupies
improved through the use of the 65,000 Ha.
most suitable technical pro-
cedure for production in this field. Location: Province of Orellana
COLOMBIA
0º
SUCUMBIOS
QUITO
OCEAN
PACIFIC
PICHINCHA
Guayaquil
MODELAJE DEL
PROYECTO P E R U
0 50 100 km
S.O.
T.E
ORELLANA
NAPO
Tena
C O T O PA X I
Block 20
PA S TA Z A
TUNGURAHUA
PROJECT STATUS: POTENTIAL: ESTIMATED INVESTMENT:
✓ 26 wells drilled. • POES (Original oil in situ) between 6,260 MMUSD

5 and 12 billion barrels of oil.
✓ Seismic studies. • Estimated recovery of more Exploratory plan 60 MMUSD.
than 800 million barrels of oil in Development plan
✓ Located at approximately resources. 6,200 MMUSD.
40 km of the main SOTE and OCP • Crude oil between 8 and 10 API
pipelines. degrees.
✓ Crossed by first-order paved main
roads. • Direct investment.
68
(fields: Ishpingo, Tiputini and Tambococha)
Exploration and development of well as drilling and completion

the block in an area of approxi- of 276 wells, change of zones
mately 190,000 Ha. Investments and duals, and other minor
include permits, 10 platforms, investments.
flow lines, process plants, and
other facilities necessary for Location: Province of Orellana
project implementation, as
Coca river
NAPO
SUCUMBIOS
Francisco de
Orellana Napo river
Napo river
Tiputini phase I
OIL
ORELLANA
Yasuni National
Park Tambacocha phase II
Ishpingo phase III
Block 43
COLOMBIA
PA S TA Z A PERU
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
PROJECT STATUS: POTENTIAL: MODALITY OF INVESTMENT:
✓ Basic and detail engineering. • There are seven exploration wells. • Direct investment.
• Existing reserves: 920 million bar- • Strategic public-private
✓ Environmental impact studies. rels of oil. alliances.
✓ Environmental permits.
✓ Service orders.
5,600 MMUSD.
✓ Purchase orders.
Exploration plan and 3D seismic
✓ Bases for IPC, flowline. studies: 35 MMUSD
Development plan: 5,565 MMUSD
69
Exploration and development Location: Province of Pastaza

of block located south of the
Oriente basin in the southern
border of the Province of
Pastaza.
NAPO
ORELLANA
17
22
TUNGURAHUA
Intangible zone
Puyo PA S TA Z A
28
74 79 83 84
70 87
75 80 Block 86
81
85
PERU
MORONA SANTIAGO
82
COLOMBIA
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
Seismic and geological informa-

✓ • 90 million barrels of proven re- 1,720 MMUSD
tion to outline the exploration and serves of oil.
development plan prepared by • A production peak of 27,500 bpd. Exploratory plan: 90 MMUSD.
Gaffney, Cline & Associates. • API degrees: between 10° and Development plan: 1,630 MMUSD.
23°.
70
Development of block 31 (fields: Obe, Apaika Sur,
Minta, Boica Norte, Kuwatai and Pimare)
Development and incorporation facilities, pipelines, 10 platforms,

into production of new fields in 44 wells, and environmental
Block 31, such as Obe, Apaika management plan.
Sur, Minta, Boica Norte, Kuwatai
and Pimare. Investments include Location: Province of Orellana
NAPO
SUCUMBIOS
Francisco de
Orellana
Yasuni
National Park Boica
North
ORELLANA Pimare
Minta N
Minta S
Apaika
South
Kuwatai
OIL
Block 31
Obe
PERU
COLOMBIA
PA S TA Z A
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
✓ 10 wells drilled in Apaika Field. • Resources: 129 million barrels of 668 MMUSD.
oil (P-90 Ryder Scott).
✓ 1 platform in Apaika Field. • Estimated recovery: more than 30
million barrels of oil in resources. MODALITY OF INVESTMENT:
✓ Production in Apaika Field started • Crude oil between 12 and 18 API
on October 4th, 2013. degrees. • Direct investment.
✓ Cumulative production to date is
1.95 million barrels of oil.
✓ 688 km2 of 3D seismic studies in

Block 31.
71
Exploration and development Location: Province of Morona

of the block with an area of Santiago
1,454 km², located west of the
province of Morona Santiago and
bounded with the Republic of
Peru on the south.
TUNGURAHA
PA S TA Z A
CHIMBORAZO
71
Macas
76
M orona S antiago
72
CAÑAR 77 Block 78
73
COLOMBIA
PERU 0º
A Z U AY QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
ZAMORA CHINCHIPE
0 50 100 km
✓ 23 km of 2D seismic studies • Located in oil trend 2 which 190 MMUSD

available. is related to oil fields such as
Pungarayacu, Oglán and Bermejo, Exploratory plan: 190 MMUSD.
Aerogravimetry and aeromag-
✓ which have been identified north Development plan (to be defined).
netometry information. of the Oriente basin.
• POTENTIAL: soot reservoirs.
72
Exploration and development of Republic of Peru, northeast of

the block with an area of 1,535 the southeastern basin.
km², located northwest of the
Province of Pastaza, bounded on Location: Provinces of Pastaza
the north by the Yasuní National and Morona Santiago
Park and on the west by the
NAPO
ORELLANA
17
22
TUNGURAHUA
Intangible zone
Puyo PA S TA Z A
28
74 79 83 84
70 Block 87
OIL
75 80 86
MORONA SANTIAGO 81
85
PERU
COLOMBIA
0º 82
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
217 km of 2D seismic lines

✓ • Located in oil trend 6, north of 190 MMUSD
available. which ITT (Ishpingo - Tiputini -
Tambococha) structural axis is Exploratory plan: 190 MMUSD.
located, which has large reserves Development plan (to be defined).
of oil, especially in M-1 and U
reservoirs.
• POTENTIAL: sandstone reservoirs
in M-1. • Direct investment.
73
Exploration and development of Location: Province of Pastaza

the block with an area of 1,305
km², located south-central of the
Province of Pastaza in the central
part of the southeastern basin.
NAPO
ORELLANA
17
22
TUNGURAHUA
Intangible zone
Puyo PA S TA Z A
28
74 79 83 84
70 87
75 80 86
Block 81
MORONA SANTIAGO
85
PERU
COLOMBIA
82
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km

✓ • Located in oil trend 4 on which oil 185 MMUSD
available. fields such as Auca, Cononaco,
Cachiyacu, Tiguino, Curaray, Exploratory plan: 185 MMUSD.
✓ Capahuari, Tambo and others are Development plan (to be defined).
netometry information. located.
• POTENTIAL: T and U sandstone
reservoirs. MODALITY OF INVESTMENT:
74

km², located west-central of
the Province of Pastaza in the
eastern part of the southeastern
basin.
NAPO
ORELLANA
17
22
TUNGURAHUA
Intangible zone
Puyo PA S TA Z A
28
74 79 83
Block 84
70 87
OIL
75 80 86
81
MORONA SANTIAGO
85
PERU
COLOMBIA
82
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km

✓ • Located in oil trend 5 in whose 130 MMUSD
available. train and to the north of south-
east, important oil fields have de- Exploratory plan: 130 MMUSD.
veloped which are currently in pro- Development plan (to be defined).
duction such as: VHR, Capirón,
Iro, Vinita, Capirón and ITT (not in
production). MODALITY OF INVESTMENT:
• POTENTIAL: reservoirs of M-1
and U sandstone. • Direct investment.
75
Exploration and development Location: Provinces of Morona

of the block with an area of Santiago and Pastaza
1,950 km², located between the
provinces of Morona Santiago
and Pastaza, bordering south
with blocks 77 and 78.
NAPO
ORELLANA
17
22
TUNGURAHA
Intangible zone
Puyo
28 PA S TA Z A
74 79 83 84
70 87
75 80 86
CHIMBORAZO
Block 71
81
Macas 85
Block 76
82
CAÑAR 72
M orona S antiago 77 78
73 COLOMBIA
0º
QUITO
A Z U AY
PERU
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
ZAMORA CHINCHIPE
✓ One well drilled: Cangaime-1. • Covers two hydrocarbon trends, 92 MMUSD

mainly 2 and 3 oil trends.
193 km of 2D seismic data
✓ • Oil trend 2 relates to oil fields Exploratory plan: 92 MMUSD.
available. such as Pungarayacu, Oglán and Development plan (to be defined).
Bermejo.
✓ • Oil trend 3 relates to the occiden-
netometry information. tal play of the basin, aligned to MODALITY OF INVESTMENT:
Yuralpa, Villano and Moretococha
fields. • Direct investment.
• POTENTIAL: M-1 and soot • Strategic public-private alliances.
reservoirs.
76
Exploration and development of Location: Province of Morona

the block with an area of 1,992 Santiago
km², located southwest of the
Province of Morona Santiago
and bordering south with the
Republic of Peru.
TUNGURAHA
PA S TA Z A
CHIMBORAZO
71
Macas
76
M orona S antiago
OIL
CAÑAR
72
Block 77 78
73
COLOMBIA
0º
QUITO
PERU
A Z U AY
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
ZAMORA CHINCHIPE
✓ 60 km of 2D seismic data. • Covers two hydrocarbon trends, 92 MMUSD

mainly 2 and 3 oil trends.
✓ • Oil trend 2 relates to oil fields Exploratory plan: 92 MMUSD.
netometry information. such as Pungarayacu, Oglán and Development plan (to be defined).
Bermejo.
• Oil trend 3 relates to the occiden-
tal play of the basin, aligned to MODALITY OF INVESTMENT:
Yuralpa, Villano and Moretococha
fields, and to Situche field in the • Direct investment.
direction to Peru. • Strategic public-private alliances.
• POTENTIAL: soot reservoirs.
77

km², located in the Province of
Pastaza, in the central part of the
southeast basin.
NAPO
ORELLANA
17
22
TUNGURAHUA
Intangible zone
Puyo PA S TA Z A
28
74 79 83 84
70 87
75 Block 80 86
81
MORONA SANTIAGO
85
PERU
COLOMBIA
82
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
✓ Three wells drilled: • Located in oil Trend 4, which is lo- 92 MMUSD

cated north of the southeast, with
- Bobonaza-1 (TD:-14.695 ft., oil fields such as Frontera, Sacha, Exploratory plan: 92 MMUSD.
most data are available). Shushuifindi, Auca, Tiguino and Development plan (to be defined).
- Manati-1 (TD:-12.888 ft.). Curaray and, in Peru, Capahuari,
- Tigrillo-1 (TD:-12.741 ft., Tambo, Carmen and Dorissa oil
with presence of oil samples). fields. MODALITY OF INVESTMENT:
• POTENTIAL: sandstone reservoirs
✓ in Napo formation: T and U. • Direct investment.
available. • Strategic public-private alliances.

✓
netometry information.
78
Exploration and development of Location: Provinces of Napo

the block located between the and Orellana
provinces of Napo and Orellana,
in the north part of the southeast
basin. The area of the block is
1,684.9 km².
PICHINCHA
SUCUMBIOS
Francisco
de Orellana
NAPO
Block 29
ORELLANA
Tena
OIL
P astaza
PERU
COLOMBIA
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
✓ 2 wells: Huataracu-1 (TD: 5.815 • POTENTIAL: reservoirs of T sand- 60 MMUSD

ft.); and Cotapino-1 (TD: 7.058 ft.). stone and soot.
• Western part with compressive Exploratory plan: 60 MMUSD.
✓ deformations with NNE-SSW ori- Development plan (to be defined).
existing. entation, related to tjhe Andean
orogeny of the Miocene-Pliocene
✓ age. MODALITY OF INVESTMENT:
netometry information. • Central part with thick sediments
of cretaceous to quaternary series. • Direct investment.
79
Exploration and development of The area of block 22 is

the block located in the western 1,754 km².
part of the Province of Pastaza,
center-west of the Oriente basin. Location: Province of Pastaza
NAPO
ORELLANA
17
Block 22
TUNGURAHUA
Intangible zone
Puyo PA S TA Z A
28
74 79 83 84
70 87
75 80 86
81
MORONA SANTIAGO
85
PERU
COLOMBIA
82
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
✓ 3 wells with presence of oil sam- • Located in oil trend 3 and 50 MMUSD
ples: Oglan Shell-1 (TD: 9.439 aligned with Yuralpa, Villano and
ft.); Vuano-1 (TD: 5.282 ft.); and Moretococha fields. Exploratory plan: 50 MMUSD.
Tzapino-1 (TD: 10.524ft.). • Located near the deformation Development plan (to be defined).
front were structural closures of
✓ There are 424 km of 2D seismic hydrocarbon interest can be seen,
lines available. corresponding to Cretaceous and MODALITY OF INVESTMENT:
Pre-Cretaceous ages.
✓ • POTENTIAL: reservoirs of T sand- • Direct investment.
netometry information. stones and soot. • Strategic public-private alliances.
80
Exploration and development Location: Provinces of Morona

of the block with an area of Santiago and Pastaza
1,800 km², located between the
provinces of Morona Santiago
and Pastaza, bordering with the
Andes Mountain Range.
NAPO
ORELLANA
TUNGURAHUA
17
22
Intangible zone
Puyo
28 PA S TA Z A
74 79 83 84
Block 70 87
75 80 86
CHIMBORAZO
OIL
Block 71
81
Macas 85
76
82
CAÑAR 72
M orona S antiago 77 78
COLOMBIA
73
0º
QUITO
A Z U AY
PERU
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
ZAMORA CHINCHIPE
✓ Guallino-1 well (TD: 6.565 ft.) with • Covers two hydrocarbon trends, 40 MMUSD
presence of oil. mainly oil trends 1 and 2.
• Oil trend 1 relates directly to the Exploratory plan: 40 MMUSD.
✓ There are 25 km of 2D seismic Santiago basin. Development plan (to be defined).
lines available. • Oil trend 2 relates to Pungarayacu,
✓ Aerogravimetry and aeromag- Oglan and Bermejo oil fields.
netometry information. • POTENTIAL: reservoirs of T sand- MODALITY OF INVESTMENT:
stone and soot.
81
Exploration and development of basin, near the Andes Mountain

the block with an area of 1,854 Range.
km², located in the central-north
part of the Province of Morona Location: Province of Morona
Santiago, central-east of the Santiago
TUNGURAHA
PA S TA Z A
CHIMBORAZO
Block 71
Macas
76
CAÑAR
72
77 78
M orona S antiago
73
COLOMBIA
0º
QUITO
PERU
A Z U AY
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
ZAMORA CHINCHIPE

✓ • Covers two hydrocarbon trends, 40 MMUSD
netometry information. mainly Oil trends 1 and 2.
Santiago Basin and, in Peru, and Development plan (to be defined).
has a high presence of hydrocar-
bon prospectivity.
• Oil trend 2 is related to oil fields MODALITY OF INVESTMENT:
such as Pungarayacu, Oglan and
Bermejo identified north of the • Direct investment.
Oriente basin. • Strategic public-private alliances.
• POTENTIAL: reservoirs of T sand-
stone and soot.
82
Exploration and development of Range, and at the northern edge

the block with an area of 1,876 of the Santiago Peruvian basin.
km², located in the center of the
Province of Morona Santiago, Location: Province of Morona
adjacent to the Andes Mountain Santiago
TUNGURAHA
PA S TA Z A
CHIMBORAZO M orona S antiago

71
Macas
76
OIL
CAÑAR Block 72
77 78
73
COLOMBIA
0º
QUITO
PERU
A Z U AY
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
ZAMORA CHINCHIPE

netometry information. mainly Oil trend 1 and 2.
Santiago basin which has import- Development plan (to be defined).
ant discoveries in Peru and ex-
tends to Ecuador.
• Oil trend 2 relates to oil fields MODALITY OF INVESTMENT:
Bermejo. • Direct investment.
• Potential reservoirs of T sand- • Strategic public-private alliances.
stone, soot and of the pre-creta-
ceous age.
83
Exploration and development Location: Province of Morona

of the block with an area of Santiago
1,980 km², located south of the
Province of Morona Santiago,
at the northern edge of the
Santiago Peruvian basin.
TUNGURAHA
PA S TA Z A
CHIMBORAZO
71
Macas
76
M orona S antiago
72
CAÑAR
77 78
Block 73
COLOMBIA
PERU 0º
A Z U AY QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
ZAMORA CHINCHIPE 0 50 100 km

netometry information. mainly oil trends 1 and 2.
Santiago basin which has import- Development plan (to be defined).
ant discoveries in Peru and ex-
tends to Ecuador.
• Oil trend 2 relates to oil fields MODALITY OF INVESTMENT:
Bermejo. • Direct investment.
• POTENTIAL: reservoirs of T sand- • Strategic public-private alliances.
stone and soot
84
Quinindé- Refinería del Pacífico” pipeline
Construction of an oil pipeline Pacífico” refinery in the Province

of approximately 243 km and of Manabí.
a diameter of 36”, from the city
of Quinindé in the Province of
Esmeraldas, place where the two
Ecuadorian pipelines (SOTE and Location: Provinces of Esmeraldas
OCP) cross, to the “Refinería del and Manabí
Pump station
Quinindé
ESMERALDAS
COLOMBIA
0º
QUITO
OCEAN
PACIFIC
Guayaquil MANABÍ SANTO DOMINGO

DE LOSTSÁCHILAS
OIL
P E R U
0 50 100 km
Manta
RDP
S A N TA E L E N A
G U AYA S
PROJECT STATUS: • Characteristics of the pumping ESTIMATED INVESTMENT:

stations that are needed.
The conceptual engineering of • Estimate of Class 4 costs for in- 650 MMUSD
the project has been completed. vestment and operation (CAPEX (Margin of uncertainty from
Engineering works were performed and OPEX). -20 to +40 %)
by the French company Beicip
Franlab, and include:
POTENTIAL: MODALITY OF INVESTMENT:
• Pipeline route with sensitive spots
localization (river crossings, roads). • Main means of crude oil transport • Direct investment.
• Technical and hydraulic character- to the Pacific Refinery (200 – 300 • Strategic public-private alliances.
istics of the pipeline. MBPD).
85
“El Aromo” terminal and
“El Aromo-monteverde” multipurpose pipeline
Construction of “El Aromo” The project comprises the fol-

terminal and of “El Aromo-Mon- lowing components:
teverde” multipurpose pipeline
to store, distribute and transport Construction of storage facility
derivatives produced in the of oil derivatives in El Aromo
“Refinería del Pacífico” refinery.
• Storage tanks for LPG,
gasoline, diesel and jet fuel.
• Facilities for the distribution

of LPG, gasoline (regular and
premium), diesel and jet fuel
to be delivered through tank
ESMERALDAS trucks.
Construction of El Aromo mul-

tipurpose pipeline (“Refinería
del Pacífico” refinery)
- Monteverde
MANABÍ
• Length: 140 km Diameter: 24”.
PA C I F I C O C E A N • Most of the multipurpose
pipeline route shall use the
right of way of “La Libertad –
Manta” multipurpose pipeline.
Manta
Location: Provinces of Manabí

and Santa Elena
El Aromo
G U AYA S
COLOMBIA
0º
QUITO
OCEAN
PACIFIC
Guayaquil
Monteverde
P E R U
S A N TA E L E N A
0 50 100 km
Santa Elena
Completed conceptual engineer-

✓ • Storage of the production of the 330 MMUSD
ing of the project. “Refinería del Pacífico” refinery (According to conceptual studies).
for domestic and international
✓ Basic engineering (to be defined distribution.
once the construction of the • “El Aromo – Monteverde” multi- MODALITY OF INVESTMENT:
“Refinería del Pacífico” refinery purpose pipeline shall be the exit
starts). route of the finished products to • Direct investment.
be distributed from Monteverde. • Strategic public-private alliances.
86
Facilities for hydrocarbon
operations in monteverde
Optimization of the current 3. New Monteverde – La Libertad

infrastructure to improve the multipurpose pipeline.
reception of imported hydro- 4. Transformation of the Mon-
carbons and the construction of teverde – Chorrillo oil pipeline
new facilities that will serve as in a multipurpose pipeline.
a basis for the future operation
of the “Refinería del Pacífico” Location: Provinces of Santa Elena
refinery. and Guayas
The project includes the following

components:
1. New Monteverde terminal,

including the reception and
dispatching system in the
clean products dock.
2. New Monteverde – Pascuales
multipurpose pipeline.
COLOMBIA
MANABÍ
0º
QUITO
LOS RIOS
OCEAN
OIL
PACIFIC
Guayaquil
P E R U
Pacuales
Monteverde
0 50 100 km
Guayaquil
Santa Elena
CAÑAR
A Z U AY
✓ Completed conceptual engineer- • B

arrels of derivatives transported 165 MMUSD
ing of the project per day: (According to conceptual studies).
- Monteverde - Pascuales multi-
✓ Basic engineering (under purpose pipeline: 101 MBPD.
implementation) - Monteverde - La Libertad multi- MODALITY OF INVESTMENT:
purpose pipeline: 34 MBPD
- Monteverde - Chorrillo multipur- • Direct investment.
pose pipeline: 70 MBPD. • Strategic public-private alliances.
• Optimization of clean products
transportation system for the
south of the country.
• Distribution of derivatives
produced in the “Refinería del
Pacífico” refinery
87
Optimization of electric generation and
energetic efficiency (oge & ee)
Implementation of a program This is the first project in the

consisting of more than 120 world that, through a sectoral
projects grouped into the level program, integrates multiple
following categories: electric stakeholders of the Ecuadorian
generation and distribution, col- oil sector, thus optimizing
lection and transportation of gas, surplus of hydroelectric power in
improvements, and development non-peak hours and meeting the
research. requirements of the oil sector to
reduce the use of non-renewable
hydrocarbons.
58
52
53
56
57 Z O N E 1
54
62
18 48 60
ZONE 4
47 15
ZONE 2 12
7 ZONE 3
64
61
45 67
65
31
55
66
PROJECT STATUS POTENTIAL: ESTIMATED INVESTMENT:
174 MW of installed capac-

✓ • 151,000 kW in generation facilities. 400 MMUSD.
ity (crude oil, associated gas and • 370 km of interconnected electri-
gas/crude oil). cal system of 35 and 69 KV.
• 470 km of interconnected electri- MODALITY OF INVESTMENT:
✓ 149.7 km of distribution lines at cal system of 138 KV.
15.35 and 69 kV level (in opera- • Length of gas pipeline to be in- • E
ngineering, Procurement,
tion or being constructed). stalled is of more than 100 km. Construction, Operation and
• Scope: 17 blocks, 56 fields, and Maintenance with the payment of
✓ 6 gas management systems. 66 stations. a rate (IPCOM-T)
• Build Own Operate and Transfer
✓ Comprehensive environmental im- (BOOT).
pact study of more than 25,000 • Turn-key construction of distribu-
km2 (pending approval). tion facilities with financing.
88
Bioenergetic
sector projects
Bioenergetic
89
Bioenergetic sector
In Ecuador, regulatory frameworks have been estab- The current biofuel demand in Ecuador is as follows:
lished for biofuels, which include reference objectives
for their combination with fossil fuels. Various types 1. Bioethanol for a E10 combination: 360 MM liters/
of incentives are also provided to support biofuel year
industries. These measures are expected to stimulate 2. Biomass for the industrial sector: 658 MMT/year
a sustained offer of biofuels in the coming years.
Security is offered to investors who want to invest in
The growing environmental concerns, especially with bioenergetic projects through investment contracts
regard to greenhouse gases emissions and health and trade contracts. .
considerations, are forcing the search for new energy
sources and alternative ways to promote the global Participation in these projects has been defined
automotive fleet. Domestically produced biofuels are through:
expected to constitute a promising alternative.
1. Private Direct Investment
In this new edition of the Catalogue of Projects of

Strategic Sectors we present 2 Bioenergy projects.
BIOENERGETIC SECTOR PROJECTS
Nº. Project name Location Type Investment

amount
(MMUSD)
1 Locally produced bioethanol for the vehicles sector Nationwide Biofuel 940
2 Biomass for the Ecuadorian Industrial Sector Nationwide Biomass 215
TOTAL 1,155
Source: Coordinator Ministry of Strategic Sectors
90
Locally produced bioethanol for the
vehicles sector
Production of bioethanol from is a gasoline oxygenant that

sugar cane as an ecologic and causes important improvements
financially feasible alternative in gasoline octane rating (10%
with important potential for of bioethanol and 90% of base
expansion. The use of bioethanol gasoline).
is directed to vehicles since this
Esmeraldas C O L O M B I A
Tulcán
0 50 100 km
Ibarra
0º Nueva Loja
Quito
Santo
Domingo
Francisco
de Orellana
Latacunga Tena
Portoviejo
Ambato
Guaranda Puyo
O C E A N
Babahoyo Riobamba
Guayaquil
P A C I F I C
Santa Elena
Bioenergetic
Macas
Azogues
Cuenca
P E R U
Machala
Loja Zamora
✓ Implemented by 8% throughout • Coverage target is 100% of the 940 MMUSD

the country national territory with the 10%
combination (E10) of anhydrous • Private agricultural investment
✓ Currently, the industry offers 40 bioethanol with traditional regular (land, agricultural machinery,
MM liters/year with a combination gasoline. seeds, etc.): 580 MMUSD
of 5% (E5). • Potential demand of 360 million • Private industrial investment
liters/year for a combination of (industrial distillery plant):
(E10). 360 MMUSD
91
Biomass for the Ecuadorian industrial sector
Biomass production obtained industry to replace the use of

from agricultural waste to be fossil fuels.
used for energy purposes in the
Esmeraldas C O L O M B I A
Tulcán
0 50 100 km
Ibarra
0º Nueva Loja
Quito
Santo
Domingo
Francisco
de Orellana
Latacunga Tena
Portoviejo
Ambato
Guaranda Puyo
O C E A N
Babahoyo Riobamba
Guayaquil
P A C I F I C
Santa Elena Macas
Azogues
Cuenca
P E R U
Machala
Loja Zamora
PROJECT STATUS: POTENTIAL: MODALITY OF INVESTMENT

✓ Currently, Petroecuador provides There is a potential demand of 658 • Direct investment.
the industry sector with Fuel Oil 4, thousand metric tons of biomass/
which implies generating expen- year for the industrial sector.
sive and polluting energy in this
sector.
✓ Therefore, it is necessary to re-
place the use of fossil fuels for 215 MMUSD
power generation in the indus-
tries with another alternative that • Investment in agricultural de-
involves the use of renewable en- velopment for biomass produc-
ergy with biomass. tion (land, agricultural machinery,
seeds, etc.): 125 MMUSD
✓ Biomass must be of pellets type • Private industrial investment in
for efficient transportation and pellets: 50 MMUSD
volume. • Private industrial investment (user)
in boilers: 40 MMUSD
92
Electric sector
projects
Electric
93
Electric Sector
The Ecuadorian electric sector is made up by legal that have been assigned geographic concession areas.
entities engaged in activities of electric generation, Increasing electric coverage, ensuring reliability, quality
transmission, distribution, marketing and provision to of supply and self-sufficiency, promoting efficient and
the general public. rational use of energy and promoting regional energetic
integration, are some of the goals that Ecuador is trying
The Organic Law of Electric Energy Public Service of to achieve through the formulation and promotion of
2015 manifests that the State, through the Ministry effective policies of the electric sector and through
of Electricity and Renewable Energy, could delegate, projects management.
exceptionally, to private equity companies and com-
panies of popular and solidary economy, participation In this new edition of the Investment Catalogue
in activities of the electric sector. in Strategic Sectors, we present 13 infrastructure
projects for electric generation. 11 of them are focused
Electricity generation is carried out by state-owned, on hydroelectric generation projects and the other 2 in
mixed economy and private companies (the latter geothermal generation projects.
through concessions for certain time after which
investment returns to the State). The activity of elec- Two main ways to participate in these projects have
tricity transmission at national level is performed by been considered:
the State, and private participation could take place
under a service delivery model through the payment of 1. Direct investment
a fee. The electricity distribution and commercialization 2. Strategic public-private partnerships
system is managed through local public companies
ELECTRIC SECTOR PROJECTS
Nº. Project name Generation Location Type Investment amount

(mw) (province) (millions of usd)
1 Río Santiago 3,600 Morona Santiago Hydroelectric 3,500
2 Cardenillo 595.6 Azuay Hydroelectric 1,135
3 Chontal 194 Pichincha, Imbabura Hydroelectric 595
4 Angamarca Sinde 32.1 Cotopaxi Hydroelectric 52
5 La Merced de Jondachi 19 Napo Hydroelectric 52
6 Infiernillos 19.6 Loja Hydroelectric 40
7 Chinambí 9.9 Carchi Hydroelectric 30
8 Sardinas 6.6 Napo Hydroelectric 20
9 Caluma - Pasagua 4 Bolívar Hydroelectric 12
10 Tigreurco 3.4 Bolívar Hydroelectric 12
11 Huapamala 5.2 Loja Hydroelectric 10
12 Chachimbiro 81 (Average) Imbabura Geothermal 165
13 Chacana 40 (Average) Napo Geothermal 163
TOTAL 5,786
Source: Ministry of Electric and Renewable Energy
94
Río Santiago hydroelectric project
Construction of a large hydro- Location: Province of Morona

electric plant located at the Santiago
foot of the dam with a capacity
of 3,600 MW to generate, on
average, 15,790 GWh of clean
energy per year.
CHIMBORAZO
r
o rive
Macas
Upan
PA S TA Z A
CAÑAR
Pa
MORONA SANTIAGO
ut
e
riv
er
LIMÓN Tiwintza
A Z U AY INDANZA
COLOMBIA
PERU
Zamora river Santiago river

0º
Coangos river
QUITO
Electric
OCEAN
PACIFIC
Guayaquil
P E R U
ZAMORA
CHINCHIPE 0 50 100 km
✓ Pre-feasibility studies. • Flow rate of 2,900 m3/s. 3,500 MMUSD.

• Cover the energy demand of all
✓ Feasibility studies and final de- users of electric energy service in
signs are being developed (avail- Ecuador. MODALITY OF INVESTMENT:
able by November 2015).
alliances.
95
Cardenillo hydroelectric project
Construction of the Paute - energy per year. The plant

Cardenillo hydroelectric plant capacity factor is 65%.
which corresponds to the fourth
phase of the Paute Integrated Location: Provinces of Azuay
Complex, with a capacity of and Morona Santiago
595.6 MW to generate, on
average, 3,355 GWh of clean
Molino
central Sopladora
Mazar
central projetc
Cardenillo
SEVILLA project
G U AYA S DE ORO
Paute river
Cuenca
A Z U AY
MORONA
SANTIAGO
COLOMBIA
0º
QUITO
LOJA
ZAMORA
OCEAN
CHINCHIPE
PACIFIC
Guayaquil
P E R U
0 50 100 km
✓ Pre-feasibility studies. • Flow rate of 180 m3/s. 1,135 MMUSD.

• Covers the energy demand
✓ Feasibility studies. nationwide.
• This project is going to be imple- MODALITY OF INVESTMENT:
✓ Final design studies. mented directly downstream the
Paute - Sopladora Hydroelectric • Direct investment.
Plant, with direct connection be- • Strategic public-private
tween both of them, so the two alliances.
will use the same flow.
96
Chontal hydroelectric project
Construction of the hydroelectric Location: Provinces of Imbabura

project that captures water from and Pichincha
Guayllabamba River, with a
capacity of 194 MW to generate,
on average, 1,044 GWh of clean
energy per year, which will con-
tribute to increase the energy
offer of the Ecuadorian Electric
System.
COLOMBIA
0º QUITO
OCEAN
CARCHI
ESMERALDAS
PACIFIC
Guayaquil
P E R U
0 50 100 km IMBABURA
Ibarra
Chontal
SUCUMBIOS
PICHINCHA
Electric
SANTO DOMINGO DE LOS TSACHILAS
Quito
NAPO
C O T O PA X I
✓ Feasibility studies. • Flow rate of 180 m3/s. 595 MMUSD.

• Covers 25% of the energy de-
✓ Final design studies prepared by mand of Empresa Eléctrica Quito
GEODATA – ASTEC). (Quito Electric Company). MODALITY OF INVESTMENT:
✓ Detailed engineering drawings. • Direct investment.

✓ Environmental licenses being
processed.
97
Angamarca Sinde hydroelectric project
Construction of the hydroelectric of clean energy per year. Plant

project that captures water from capacity factor is 65%.
Angamarca and Sinde rivers,
with a capacity of 32.1 MW to Location: Province of Cotopaxi
generate, on average, 182.8 GWh
COLOMBIA
0º
QUITO
OCEAN
PACIFIC
Guayaquil SANTO DOMINGO

DE LOS TSACHILAS
P E R U
0 50 100 km
PICHINCHA
LOS RIOS
C O T O PA X I
NAPO
Latacunga
PANGUA
Angamarca river
Moraspungo El Corazón
TUNGURAHUA
B O L Í VA R
✓ Study of social management and • Flow rate of 14 m3/s (Angamarca 52 MMUSD.

community relations. River) and 8.8 m3/s (Sinde River).
• Covers the energy demand of 2
✓ Final environmental impact study. provinces. MODALITY OF INVESTMENT:
• Reduced losses for energy trans-
✓ Pre-feasibility studies. mission and improved quality of • Direct investment.
electric service in nearby con- • Strategic public-private alliances.
✓ Feasibility study. sumption centers.
98
La Merced de Jondachi hydroelectric project
Construction of the hydroelectric year. Plant capacity factor is

project that captures water from 68%.
Jondachi River, with a capacity of
19 MW to generate, on average, Location: Province of Napo
113.7 GWh of clean energy per
COLOMBIA
0º
QUITO
SUCUMBIOS
OCEAN
PACIFIC
PICHINCHA
Guayaquil
P E R U
0 50 100 km
NAPO
ORELLANA
Jon
ARCHIDONA
dac
hi r
ive
r
Electric
Tena
C O T O PA X I
PA S TA Z A
TUNGURAHUA
✓ Pre-feasibility studies. • Flow rate of 13.3 m3/s. 52 MMUSD.

• Reduced losses for energy trans-
✓ Feasibility studies. mission and improved quality of
electric service quality in nearby MODALITY OF INVESTMENT:
✓ Final design studies. consumption centers.
• Covers the energy demand of • Direct investment.
✓ Detailed engineering drawings. about 68 thousand users. • Strategic public-private
alliances.
✓ Environmental licenses (being
processed).
99
Infiernillos hydroelectric project
Construction of the hydroelectric on average, 122.5 GWh of clean

project with a run-of-the-river energy per year. Plant capacity
power plant that captures water factor is 70%.
from Paquishapa River, with a
capacity of 19.6 MW to generate, Location: Province of Loja
COLOMBIA A Z U AY
0º
QUITO
SARAGURO
SARAGURO
OCEAN
Saraguro
PACIFIC
Guayaquil
EL ORO
P E R U
0 50 100 km
Loja
ZAMORA
CHINCHIPE
LOJA
PERU

• Covers the energy demand of
✓ Feasibility studies. about 184 thousand users in 25 Operation and maintenance costs:
cantons. 229 MSSD/year (Approx.).
✓ Final design studies. • Reduced losses for energy trans-
mission and improved quality of
✓ Detailed engineering drawings. electric service in nearby con- MODALITY OF INVESTMENT:
sumption centers.
✓ Environmental licenses • Direct investment.
(being processed). • Strategic public-private
alliances.
100
Chinambí hydroelectric project
Construction of a hydroelectric with a plant capacity factor of

project to capture water from 52%.
Chinambí River, with an installed
capacity of 9.9 MW to generate, Location: Province of Carchi
on average, 45.2 GWh of clean
and renewable energy annually,
COLOMBIA
0º
QUITO
ESMERALDAS
OCEAN
PACIFIC
COLOMBIA
Guayaquil
P E R U
0 50 100 km
JIJÓN Y
CAAMAÑO
Chinambí
Tulcán
M
ira
riv
er
MIRA
Electric
SUCUMBIOS
IMBABURA

mission and improved electricity
✓ Detailed engineering drawings. service quality in nearby con- MODALITY OF INVESTMENT:
sumption centers.
✓ Environmental licenses (being • Direct investment.
processed). • Strategic public-private
alliances.
101
Sardinas hydroelectric project
Construction of a run-of-the-river of clean energy per year. Plant

hydroelectric project that capacity factor is 73%.
captures water from Sardinas
River, with a power of 6.6 MW to Location: Province of Napo
SUCUMBIOS
COLOMBIA
0º QUITO
EL CHACO
PICHINCHA
OCEAN
SARDINAS
PACIFIC
Guayaquil
P E R U
0 50 100 km
ORELLANA
NAPO
C O T O PA X I
Tena
PA S TA Z A
TUNGURAHUA
✓ Pre-feasibility studies. • Flow rate of 16 m3/s. 20 MMUSD.
✓ Feasibility studies. • Covers the energy demand of Operation and maintenance costs:
about 87 thousand users in 26 170 MSSD/year (Approx.).
✓ Final design studies. cantons.
✓ Detailed engineering drawings. • Reduced losses for energy trans- MODALITY OF INVESTMENT:
✓ Environmental licenses (being electric service in nearby con- • Direct investment.
processed). sumption centers. • Strategic public-private
alliances.
102
Caluma-Pasagua hydroelectric project
Construction of a run-of-the-river Location: Province of Bolívar

hydroelectric project that
captures water from Escaleras
River, with a power of 4 MW to
of clean energy per year. Plant
capacity factor is 77%.
C O T O PA X I
TUNGURAHUA
LOS RIOS
Pasagua
Guaranda
CALUMA
COLOMBIA
0º QUITO
BOLIVAR
OCEAN
PACIFIC
Guayaquil
P E R U
CHIMBORAZO
G U AYA S
0 50 100 km
Electric
✓ Pre-feasibility studies. • Flow rate of 12 m3/s. 12 MMUSD.

sumption centers.
✓ Environmental licenses (being • Direct investment.
processed). • Strategic public-private alliances.
103
Tigreurco hydroelectric project
Construction of the run-of- Location: Province of Bolívar

the-river hydroelectric project
that captures water from
Payahua River, with a power of
3.4 MW to generate, on average,
22.4 GWh of energy per year.
Plant capacity factor is 74%.
C O T O PA X I
TUNGURAHUA
Salinas
LOS RIOS
GUARANDA
Guaranda
COLOMBIA
0º QUITO
BOLIVAR
OCEAN
PACIFIC
Guayaquil
P E R U
CHIMBORAZO
0 50 100 km G U AYA S

sumption centers.
(being processed). • Strategic public-private alliances.
104
Huapamala hydroelectric project
Construction of a run-of-the-river is equivalent to 10% of total

hydroelectric project that electricity consumption in the
captures water from Huapamala Province of Loja. Plant capacity
River with a power of 5.2 MW factor is 65%.
to generate, on average, 29.7
GWh of energy per year, which Location: Province of Loja
A Z U AY
COLOMBIA
0º Manú
QUITO
SARAGURO
OCEAN
EL ORO
PACIFIC
Guayaquil
P E R U
0 50 100 km
ZAMORA CHINCHIPE
Loja
LOJA
PERU
Electric

sumption centers.
(being processed). • Strategic public-private
alliances.
105
Chachimbiro geothermal project
This project is part of a set of hot Location: Province of Imbabura

springs and tempered springs of
chlorinated-bicarbonated waters
(above 61°C). Untapped potential
is 81 MW.
COLOMBIA
0º
QUITO
OCEAN
PACIFIC
Guayaquil
P E R U
0 50 100 km
URCUQUÍ
ESMERALDAS
CARCHI
Chachimbiro
Urcuquí
IMBABURA
Ibarra
PICHINCHA
SUCUMBIOS
✓ Initial pre-feasibility studies (2011- • The estimated area where this re- 165 MMUSD.
2012): geological, geochemical source can be found is of 4.5 km2.
and geophysical.
• Resource capacity: 13-178 MW MODALITY OF INVESTMENT:
✓ Terms of reference for advanced range.
pre-feasibility study recommend • Direct investment.
making a deep slim hole of 1,500 • Average size of the resource: 81 • Strategic public-private
meters and to characterize the MW. alliances.
feasibility stage.
106
Chacana geothermal project
This project is located in the Location: Province of Napo

center of the Chacana Plío-Qua-
ternary volcanic complex. The
area of geothermal interest
covers about 100 km2 with
potential to develop 40 MW.
COLOMBIA
0º
QUITO
SUCUMBIOS
OCEAN
PACIFIC
Guayaquil
PICHINCHA
P E R U
Jamanco 0 50 100 km
area
Cachiyacu Chacana
area proyect
QUIJOS
ORELLANA
NAPO
Electric
Tena
C O T O PA X I
PA S TA Z A
TUNGURAHUA
✓ Initial pre-feasibility studies (2011- • Areas of geothermal interest iden- 163 MMUSD.
2012): geological, geochemical tified are: Chacana-Cachiyacu
and geophysical. 20 km2) and Chacana-Jamanco
(18 km2). MODALITY OF INVESTMENT:
✓ Terms of reference for advanced • Geothermal resource of high tem-
pre-feasibility study recommend perature with a likely reservoir ex- • Direct investment.
making a deep slim hole of 600 tension of 2.6 km2. • Strategic public-private
meters and to characterize the • Resource capacity: alliances.
feasibility stage. 7.6 - 83 MW range.
• Average size of the resource:
40 MW.
107
Water sector projects
108
Water Sector
The adequate availability and quality of water is crucial Plan of Santa Elena Aqueduct, guarantees the pro-
for national development, and a necessary condition vision of water, which is a driving force for the life and
to maintain the population in good health and welfare development of Ecuador.
conditions. Therefore, the supply and provision of
water to meet the demand of 14 million of Ecuadorians These 3 large multipurpose projects, with an investment
is an imperative priority for the Government of the Cit- of 727 million dollars, will enable to regulate water
izen’s Revolution. resources and to ensure the availability and supply
of water for communities and socio-economic stake-
Policies have been implemented based on planning holders that are pillars of the economic development,
by hydrographic basins and enable controlling and and to change the productive matrix. Eventually,
managing in a decentralized manner, the conservation 600,000 Ecuadorians will be directly benefited, 66,574
and protection of water resources hectares will receive irrigation water, and 2.3 MW will
be available for power generation.
In this new edition of the Investment Catalogue in
Strategic Sectors we are presenting 3 multipurpose We have considered two main ways to participate in
water infrastructure projects that have been prioritized these projects:
for the exploitation of water resources with a compre-
hensive management approach. The implementation 1. Contracting with international public companies
of the following projects: Tumbabiro, Tahuín, and Inter- 2. Bidding with financing
vention, expansion and construction of the Hydraulic
WATER SECTOR
Nº. Project name Location Type Investment amount

(Province) (Millions of USD)
1 Intervention, expansion and Santa Elena, Guayas Comprehensive rehabilitation 470
construction of the Hydraulic and expansion
Plan of Santa Elena Aqueduct
Water
(PHASE) - Phase 1 and 2
2 Tumbabiro Imbabura Multipurpose: irrigation 190

and human consumption

3 Tahuín El Oro Multipurpose: irrigation, 67
human consumption and
electricity generation

TOTAL 727
Source: Ministry of Water
109
Intervention, expansion and construction of the hydraulic
plan of Santa Elena aqueduct (phase) – phase 1 and 2
Rehabilitation of components from Daule River to the province

and PHASE revamping to and Santa Elena and the town of
increase benefits and ensure Playas begins.
water resources provision in the
province of Santa Elena and in
the town of Playas. Location: Provinces of Santa Elena
and Guayas
Daule pumping station is made
up by two engine-pump groups,
where untreated water transfer
COLOMBIA
0º
QUITO
OCEAN
LOS RIOS
PACIFIC
Guayaquil
P E R U
0 50 100 km
S A N TA G U AYA S
ELENA
Phase 1
Guayaquil
Phase 2 CAÑAR
A Z U AY
PROJECT STATUS: POTENTIAL: MODE OF CONTRACTING:
✓ This project provides untreated • Water resource for human con- • Contracting with international
water for human consumption to sumption in two provinces. public companies.
the province of Santa Elena and • Provision of water for irrigation • Bidding with financing.
part of the province of Guayas, (50,000 Ha.).
with a target population of
400,000 inhabitants and 15,000
irrigated hectares. ESTIMATED INVESTMENT:
✓ Environmental license (being 470 MMUSD.

processed). Phase 1 (Comprehensive
Rehabilitation): 250 MMUSD.
✓ Final design studies. Phase 2 (Expansion): 220 MMUSD.
110
Tumbabiro multipurpose project
Provision of water for human project will be captured from

consumption for 100,000 inhab- Piñán, Pantaví, Gualoto and
itants of urban and rural popu- Cariyacu rivers. It is expected to
lations in Urcuquí and Cotacachi build a dam that would store a
cantons, Province of Imbabura, volume of approximately 11.22
and provision of irrigation water Hm3 of water.
for 8,574 Ha. The provision of
water expected to supply the Location: Province of Imbabura.
Piñán dam
13.6 MMUSD
23.7 HM3
North stream 23.6 MMUSD:
Principal: 10.5 km
Secondary: 88 km
Yachai
Conduction 89 MMUSD:
17.22 km
(3 channels, 3 siphons, 4 tunnels) Reserve tank
1.2 MMUSD
South stream 36.3 MMUSD:
Principal: 7.6 km
Secondary: 29 km
COLOMBIA
0º
QUITO
OCEAN
PACIFIC
Guayaquil
URCUQUÍ
P E R U
ESMERALDAS
0 50 100 km CARCHI
Urcuquí
IMBABURA
Ibarra
Water
PICHINCHA
SUCUMBIOS
✓ Environmental license (March • Water resource for 100,000 190 MMUSD.

2015). inhabitants.
• Irrigation of 8,574 Ha. (including
✓ Area of influence: 326 Ha. Yachay, the City of Knowledge, MODE OF CONTRACTING:
with 2,510 Ha.).
✓ Final studies developed by ESPE • Contracting with international
(CTT-ESPE-CECAI). public companies.
• Bidding with financing.
111
Tahuín multipurpose projec
Ensure, for the next 30 years, addition of 3,000 new hectares

provision of water for human through the construction of
consumption for 100,000 inhab- a pressurized system. Addi-
itants of the town of Arenillas tionally, the characteristics of
and irrigation of 8,000 Ha. the dam will be improved, thus
through the optimization of the enabling to generate 2.3 MW of
current system, including the hydroelectricity.
construction of a network of
pipes under pressure, coating Location: Province of El Oro.
of all channels that supply 5,000
Ha. with irrigation water, and
COLOMBIA
0º
QUITO
OCEAN
PACIFIC
Guayaquil
A Z U AY
P E R U
Machala
0 50 100 km
New area of 3,000 Ha. to be

incorporated to the project.
Current irrigation area is LOJA

smaller than 5,000 Ha.
PERU Arenillas
EL ORO
✓ Environmental license (being • Water resource for 100,000 inhab- 67 MMUSD.

processed) itants of the town of Arenillas.
• Optimize and improve the efficien-
✓ Area of influence: 674 Ha. cy of the current irrigation system MODE OF CONTRACTING:
of 5,000 Ha.
✓ Final studies developed by • Achieve coverage of 8,000 Ha. in- • Contracting with international
INASSA - Spain. corporating 3,000 new Ha. public companies.
• Bidding with financing.
112
TECHNICAL DEFINITIONS
MINING
• Prospection studies: Consist of field inspections • Stripping ratio: This is a ratio that matches the
in extensive areas, in which the following activities amount of sterile material that will have to be
are conducted: removed in order to get a ton of usable material.
− Geochemistry of sediments (taking samples in
ravines and rivers).
− Geochemistry of rocks, taking samples to PROJECTS IN GENERAL
determine the existence of minerals of economic
interest. • Basic studies: These studies are a simplified
− Geochemistry of soils, which is carried out in description of a project, they also define the
places where relevant results have been obtained purpose and relevance of the project, presenting
both in the geochemistry of sediments and in the a first estimate of the activities and of the total
geochemistry of rocks. investment that will be required, as well as annual
− Geophysical Survey (non-destructive studies that operational costs and, in the case of projects
measure the electrical current, magnetism or aimed to generate income, it takes into account
gravity of the earth’s crust); this is done in sectors the annual income and technical feasibility of alter-
or areas where soils the geochemical study of the native solutions, discarding those that are not tech-
soil yielded positive results. nically feasible.
• Exploration Studies: These studies are conducted • Pre-feasibility: It is a study of preliminary

in areas where prospection studies yielded positive assessment to determine the alternatives of an
results in the definition of an area with geological investment project in terms of technical, financial,
potential for the presence of minerals of economic economic, environmental, social and institutional
interest. viability.
− Consists in drilling at different depths with
recovery of core samples (rock samples from • Feasibility: Considering the alternatives of the
within the depths of the earth). pre-feasibility study, the final viability is determined
− Exploration studies may consist of several and the best alternative is chosen, based on which
phases, depending on the results of each one of a study including complete technical, financial,
them. For example: initial exploration, advanced environmental, institutional and economic evalu-
exploration, etc. ations of the project is carried out. The feasibility
phase leads to take a definitive decision regarding
• Epithermal deposits: These deposits are charac- the project implementation.
terized by a polymetallic mineralization that takes
place within 1 and 2 km depth from the earth • Basic engineering: Once feasibility has been
surface, which are formed by hot hydrothermal approved and the decision to implement the project
fluids. has been taken, the project conceptual design is
prepared where the technical requirements that the
• Porphyry: This is a type of magmatic mineralization project needs are established. In this stage costs
of low grade, high tonnage and irregular shape. are fine-tuned and the implementation plan of the
investment project is prepared.
• Inferred resources: These are resources whose
existence has been proven but whose magnitudes, • Plant factor: This factor is also called net capacity
in terms of volume, as well as their mineralogical factor or load factor of an electric plant. The plant
characteristics are not known with complete pre- factor is the ratio between the actual power gen-
cision, so some of their dimensions or known geo- erated by the electric plant during a period (usually
logical characteristics are inferred. a year), and the energy that could have been gen-
erated if the plant had worked at full load during the
• Measured resources: These are resources whose same period, according to the nominal values of
existence has been demonstrated by geological the equipment identification plates. This is an indi-
studies that have enabled to measure their main cation of the use of plant capacity over time.
dimensions, as well as the characteristics and laws
of the mineral or mineralized bodies.
113
Abbreviations and acronyms
API American Petroleum Institute

BLEG Bulk Leach Extractable Gold (tool for geochemical sampling and analysis)
ENAMI Empresa Nacional Minera (National Mining Company)
HMC Heavy Mineral Concentrate
ISDEFE Ingeniería de Sistemas para la Defensa de España
(Systems Engineering for the Defense of Spain)
INIGEMM Instituto Nacional de Investigación Geológico Minero Metalúrgico
(National Institute for Geologica, Mining and Metallurgical Research)
OCP Oleoducto de Crudo Pesado (Heavy crude oil pipeline)
PHASE Plan Hidráulico Acueducto Santa Elena
(Hydraulic Plan of Santa Elena Aqueduct)
RDP Refinería del Pacífico (Pacific Ocean Refinery)
SOTE Sistema de Oleoducto Transecuatoriano
(Trans-Ecuadorian Oil Pipeline System)
VHM VRC Hightech Mining
AMEGOLD S.A. American Golding South S.A
BIRA S.A Bienes Raíces S.A. (Real State Public Limited Company)
CAPEX Capital expenditures
OPEX Operating expense
CTT-ESPE-CECAI Centro de Transferencia de Tecnología - Escuela Superior Politécnica
del Ejército - Centro de Capacitación Informática (Technology Transfer Center
- Army Pollitecnic College - Computer Training Center)
INASSA Sociedad Interamericana de Aguas y Servicios S.A. (Inter American
Water and Services Society, Public Limited Company)
Symbols and measures
Ag silver Mbpd thousands of barrels per day

Au gold MM millions
Bpd barrels per day MMBO million barrels of oil
°C Celsius degrees msnm meters above sea level
Cu copper MW megawatt
Ft feet MWh megawatts per hour
g gram OSV offshore support vessel
g/t grams per ton Oz ounces
LPG liquid petroleum gas S second
Gwh gigawatt hour T ton
h hour TD total deepness
Ha. hectares TOR terms of reference
Hm3 cubic hectometers TM metric tons
HRC Hardness Rockwell C BOT Build Operate and Transfer
(scale of metals hardness) BHKP Bleached Hardwood Kraft Pulp
km kilometer BSKP Bleached Softwood Kraft Pulp
kton kiloton BLEGs Bulk Leach Extractable Gold
Kv kilovolt EPC Engineering, Procurement
KW kilowatt and Construction
lbs pounds CRC cold rolled coil
M thousands Kton/year Kilotons per year
m meter MMUSD Millions of dollars
m2 square meter MMMT Millions of metric tons
m3 cubic meter PSV Platform Supply Vessels
M3/s cubic meters per second VMS Volcanogenic Massive Sulphide
114
115

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REPÚBLICA DEL ECUADOR

Investing in Ecuador is investing for the future.

Rafael Poveda Bonilla

Research and Production

Design and printing:

2. MESSAGE OF RAFAEL POVEDA, MINISTER COORDINATOR 3

4. MINISTRY COORDINATOR OF STRATEGIC SECTORS 5

6. SECURITY FOR FOREIGN INVESTMENT 8

7. INCENTIVES FOR PUBLIC AND PRIVATE FOREIGN INVESTMENT 9

8. OPPORTUNITY TO FINANCE PROJECTS IN ECUADOR 10

11. BASIC INDUSTRIES PROJECTS 13

12. MINING PROJECTS 17

13. PRIVATE MINING SECTOR PROJECTS 53

14. OIL SECTOR PROJECTS 66

15. BIOENERGETIC SECTOR PROJECTS 89

16. ELECTRIC PROJECTS 93

17. WATER SECTOR PROJECTS 108

18. TELECOMMUNICATION SECTOR PROJECTS 113

19. TECHNICAL DEFINITIONS 116

20. ABBREVIATIONS AND ACRONYMS 117

21. SYMBOLS AND MEASURES 117

MESSAGE OF THE MINISTER COORDINATOR

Rafael Poveda Bonilla

Nº. Projects Mumber of projects Investment amount

Prepared by: Ministry Coordinator of Strategic Sectors

MINISTRY COORDINATOR OF STRATEGIC SECTORS

1. BE SOVEREIGN, with self-sufficiency in electric generation, refining of derivatives, access

2. BE PRODUCTIVE, providing quality in electric and telecommunications services, in the

For more information, please visit: www.bce.fin.ec

SAFE AND TRANSPARENT COUNTRY

In order to strengthen a culture of honesty, ethics and quality in public administration,

For more information, please visit: www.compraspublicas.gob.ec

QUALIFIED HUMAN TALENT

For more information, please visit: www.ecuadorencifras.gob.ec

CONSOLIDATED INFRASTRUCTURE NETWORKS

Ecuador is strategically positioned in terms of infrastructure and logistics.

(Organic Code of Production)

• Property: protection of investors’ property (prohibition of all forms of forfeiture).

For more information, please visit: www.produccion.gob.ec

INCENTIVES FOR FOREIGN PUBLIC AND PRIVATE INVESTMENT

(Organic Code of Production)

• Complementary nature: Foreign investments shall have a role of direct complementarity

• Development and promotion of Strategic Sectors:

(Organic Code of Public Planning and Finances)

• Financial Agreement: Financing may establish provisions related to the participation of

• Guidelines for bidding:

¿What do we observe when evaluating an offer?

If the offer includes financing:

• DIRECT INVESTMENT: Refers to those modalities in which public or private insti-

• STRATEGIC ALLIANCES: Includes several associative modalities between public

• CONTRACTING WITH INTERNATIONAL PUBLIC COMPANIES: Ecuadorian

• BIDDINGS WITH FINANCING: Selection processes in which several interested

Coordinating Ministry for Strategic Sectors

PROJECTS OF THE BASIC INDUSTRIES SECTOR

Nº. Project name Location Type Investment amount

Source: Ministry Coordinator of Strategic Sectors

Construction of a plant for alumina. Production will be

PROJECT STATUS: COMPETITIVENESS: ESTIMATED INVESTMENT:

PROJECT STATUS: COMPETITIVENESS: ESTIMATED INVESTMENT:

Ecuador has granted mining concessions to private 1. Direct investment

MINING SECTOR PROJECTS

Advanced exploration of copper Location: Province of Imbabura

PROJECT STATUS: ESTIMATED INVESTMENT: GEOLOGICAL MODEL: