China to invest 3 billion dollars in Ecuador copper mine

A Chinese firm will invest three billion dollars in a copper mine operation in Ecuador, China’s ambassador Cai Runguo said Tuesday.

The diplomat made the announcement to the Ecuadorinmediato website without identifying the Chinese firm.

“China needs copper and other minerals,” he said, adding that China’s natural resources are insufficient to keep up with the rapidly growing Chinese economy.

The announcement comes a year after the discovery in Ecuador of a massive deposit that is believed to have 600,000 tonnes of copper.

The news marked the latest in a series of Chinese investments in the South American nation.

China has agreed to loan a billion dollars to Ecuador for energy, oil and telecommunications projects. Another 1.7 billion dollar loan from the Eximbank of China is for the construction of a 1,500 megawatt hydroelectric plant.