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Government of Ecuador

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uuid004nslb

Namestring
Government of Ecuador
Legal namestring
Ministerio Coordinador de la Producción, Empleo y Competitividad
Company typeenum
Private
Founded yearint
2010
Descriptiontext

The Government of Ecuador, acting through its Ministerio Coordinador de la Producción, Empleo y Competitividad (MCPEC), operates InvestEcuador — the country's official investment promotion agency, established in 2010. The agency runs a digital portal (investecuador.ec) that serves as the primary gateway for foreign investors seeking information on Ecuador's business environment, investment incentives under the Código de la Producción, and a formal investment contract process. Its core offerings are information services, downloadable legal documents (Production Code, regulatory decrees), and facilitated access to dedicated investor-relations staff who manage contract analysis, legal review, and business-climate monitoring. It is not a commercial software enterprise; the underlying technology is a content portal with a contact form, not a differentiated platform with proprietary technical components.

Revenue is not generated commercially — the agency is funded by Ecuador's national government budget and provides services free of charge to investors. Its go-to-market model is enterprise field sales: direct government-to-investor engagement supported by a network of regional investment promotion agencies (Invest Manabí in Manta, INVEC in Cuenca, and MCPEC offices in Quito and Guayaquil). Distribution spans the four economic regions of Ecuador (Costa, Sierra, Oriente, Galápagos) across 24 provinces, with international investor outreach through conferences and the portal. Primary customer segments are foreign mining companies (Kinross Gold, Ecuacorriente, International Minerals, IAMGOLD) anchoring a ~$3 billion mining contract pipeline, plus general foreign investors and export-oriented industries (petroleum, banana, shrimp, coffee, cocoa, flowers).

Key commercial partners include ENAMI (the state mining company, in a planned joint venture with Chile's Codelco), Corriente Resources (Canada, controlled by CRCC-Tonguan), Swiss Contact, and the regional promotion agencies. The agency's value proposition rests on a regulatory moat via the Código de la Producción, legal investment contracts, and Ecuador's untapped mineral reserves, complemented by Pacific port infrastructure (Guayaquil, Esmeraldas, Manta, Puerto Bolívar). No AI/ML capabilities, patents, mobile applications, or proprietary technology products are evident in the data.

Short descriptiontext

InvestEcuador is the official investment promotion agency of Ecuador's MCPEC, operating a government portal and regional offices to attract foreign direct investment, with a primary focus on foreign mining companies and export-oriented industries under the Código de la Producción.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
11–50
akta.pro rankint
HeadquartersQuito, Ecuador
HQ citystring
Quito
HQ countrystring
Ecuador
HQ regionstring
Latin America
Markets served

Serves global market

Offices5 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
foreign direct investment promotion, government investment services, investment contract facilitation, investor information portal, regional investment agencies
Industry3 codes
1Investment Promotion & FDI Facilitation
CodeBPADAMADPrimaryYes
2Export Credit Agencies (ECAs) & Trade Finance Institutions
CodeBPADACAFPrimaryNo
3Infrastructure & Energy Fundraising Placement
CodeFSAEALAFPrimaryNo
NAICS code3 codes
  • Administration of Economic Programs926
  • Executive, Legislative, and Other General Government Support921
  • Public Finance Activities92113
SIC code3 codes
  • Foreign Governments8888
  • International Affairs9721
  • Security Brokers, Dealers & Flotation Companies6211
Product category
Government Investment Promotion Services
Social media profiles1 record
GTM motion1 record

Each record includes

Type, Description, Source

Revenue model1 record
1Investment Promotion Services
Description

Government investment promotion agency providing services to attract foreign direct investment to Ecuador. Revenue is not generated directly; the agency operates as part of the Ministry of Production, Employment and Competitiveness (MCPEC) funded by government budget.

investecuador.ec
Marketing channels5 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels3 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components4 values
Personnel, Operations, Marketing or Sales, Technology or R&D
GTM typeB2B
B2B
Offering typeServices
Services
Brand1 record
1Contrato de Inversión
Description

Investment contract program offering incentives to investors under the Production Code legal framework

investecuador.ec
Core offering1 text field

The Government of Ecuador operates InvestEcuador, an official investment promotion portal and service platform that provides foreign investors with information on Ecuador's business environment, investment incentives under the Código de la Producción, sectoral priorities, and downloadable legal guides. The agency facilitates formal investment contracts through the Ministry of Production, Employment and Competitiveness (MCPEC) and coordinates with regional investment promotion agencies (Invest Manabí, INVEC) to deliver localized investor services.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 2 values shown
  • GDP per capita of $7,800 (2010)
+1 more record
Product overview1 text field

InvestEcuador is an investment promotion portal operated by Ecuador's Ministry of Production, Employment and Competitiveness (MCPEC). The platform serves as a gateway for foreign investors seeking information about Ecuador's business environment. It provides access to investment incentive programs (covering general, sectoral, depressed zones, innovation/export, capital democratization, green production, and SMEs), downloadable legal documents including the Production Code and various decrees, regional investment agency contacts, and formal investment contract services. The site is primarily a content/information portal rather than a software product.

Product and service5 records
1InvestEcuador Portal
CategoryInvestment Promotion Portal
2Investment Contract Services
CategoryInvestment Contract Facilitation
3Regional Investment Promotion Agencies
CategoryRegional Investment Services
4Investor Service Center
CategoryInvestor Support Services
5Downloadable Legal Documents and Investor Guides
CategoryRegulatory Resources
Scale indicator6 records

Each record includes

Type, Value, Description, Source

Partnership5 partners
Strategic tierCoreTypeStrategic or Co-development Partner
Description

ENAMI is Ecuador's state-run mining company that controls areas with significant potential. The company plans to form a joint venture with Chile's Codelco (world's top copper miner) to explore for copper and gold.

Strategic tierCoreTypeStrategic or Co-development Partner
Description

World's largest copper miner partnering with Ecuador's state mining company ENAMI to form a joint venture for copper and gold exploration in Ecuador.

Strategic tierMinorTypeStrategic or Co-development Partner
Description

Swiss consulting company partnered with SENAGUA and MCPEC through a cooperation agreement for water resource management and sustainable development projects.

4Invest Manabí
Strategic tierCoreTypeChannel Partner/ Reseller/ Distributor
Description

Regional investment promotion agency for Manabí province, operating as a channel partner to MCPEC for attracting investment to the coastal region.

investecuador.ec
Strategic tierCoreTypeChannel Partner/ Reseller/ Distributor
Description

Investment corporation operating in Cuenca as a regional investment promotion partner, facilitating investment inquiries and business development in the Austro region.

Recent move6 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight5 records

Each record includes

Type, Description

Peers10 records
TypeDirect peer
Description

Colombia's national investment promotion agency under the Ministry of Commerce. Most directly comparable peer — same regional Andean FDI mandate, same investor-services and contract facilitation model, same target sectors (mining, agribusiness, manufacturing).

TypeBroad incumbent
Description

Mexico's federal investment promotion function, historically operated as ProMéxico. Larger emerging-market peer with broader sector mandate (manufacturing, automotive, aerospace, mining) and more developed digital investor-services platform.

TypeOthers
Description

U.S. development finance institution providing political-risk insurance, debt, and equity for FDI in emerging markets including Latin America. Comparable as an institutional investor and political-risk guarantor that complements national investment-promotion agencies.

TypeOthers
Description

World Bank Group member focused on private-sector investment in emerging markets. Comparable as a development-finance institution that promotes FDI in mining and infrastructure in markets like Ecuador, often co-investing alongside investment-promotion-agency efforts.

TypeDirect peer
Description

Peru's private investment promotion agency promoting FDI in mining, infrastructure, and energy. Closely comparable on mandate (mining-led FDI), legal framework approach, and regional Andean positioning.

TypeDirect peer
Description

Chile's official investment promotion agency under the Ministry of Economy. Comparable as a Pacific Alliance / Andean peer offering investor services, contract facilitation, and sector promotion (especially mining).

TypeOthers
Description

World Bank Group political-risk insurance agency for FDI in developing countries. Comparable as a risk-mitigation partner that supports investment-promotion outcomes in markets like Ecuador by insuring foreign investors against political risk.

TypeOthers
Description

Ecuador's state mining company and explicit JV partner of MCPEC/InvestEcuador. Sister state entity in the same investment-promotion/mining-development ecosystem, comparable as a public-sector counterparty for foreign miners.

TypeOthers
Description

Partner and counterparty rather than peer — world's largest copper miner forming a JV with ENAMI in Ecuador. Relevant as ecosystem participant and as a model of large-scale state-linked mining operator that defines what the agency tries to attract.

TypeOthers
Description

Export credit agencies providing trade-credit insurance and political-risk coverage for cross-border investment and trade. Comparable as a complementary institution that de-risks the same kinds of FDI flows investment-promotion agencies like InvestEcuador work to attract.

Market position
Competitive moat3 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers4 records

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment3 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile3 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles10 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries2 records

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Government of Ecuador

Government Investment Promotion Servicesinvestecuador.ec

InvestEcuador is the official investment promotion agency of Ecuador's MCPEC, operating a government portal and regional offices to attract foreign direct investment, with a primary focus on foreign mining companies and export-oriented industries under the Código de la Producción.

What Government of Ecuador does

The Government of Ecuador, acting through its Ministerio Coordinador de la Producción, Empleo y Competitividad (MCPEC), operates InvestEcuador — the country's official investment promotion agency, established in 2010. The agency runs a digital portal (investecuador.ec) that serves as the primary gateway for foreign investors seeking information on Ecuador's business environment, investment incentives under the Código de la Producción, and a formal investment contract process. Its core offerings are information services, downloadable legal documents (Production Code, regulatory decrees), and facilitated access to dedicated investor-relations staff who manage contract analysis, legal review, and business-climate monitoring. It is not a commercial software enterprise; the underlying technology is a content portal with a contact form, not a differentiated platform with proprietary technical components.

Revenue is not generated commercially — the agency is funded by Ecuador's national government budget and provides services free of charge to investors. Its go-to-market model is enterprise field sales: direct government-to-investor engagement supported by a network of regional investment promotion agencies (Invest Manabí in Manta, INVEC in Cuenca, and MCPEC offices in Quito and Guayaquil). Distribution spans the four economic regions of Ecuador (Costa, Sierra, Oriente, Galápagos) across 24 provinces, with international investor outreach through conferences and the portal. Primary customer segments are foreign mining companies (Kinross Gold, Ecuacorriente, International Minerals, IAMGOLD) anchoring a ~$3 billion mining contract pipeline, plus general foreign investors and export-oriented industries (petroleum, banana, shrimp, coffee, cocoa, flowers).

Key commercial partners include ENAMI (the state mining company, in a planned joint venture with Chile's Codelco), Corriente Resources (Canada, controlled by CRCC-Tonguan), Swiss Contact, and the regional promotion agencies. The agency's value proposition rests on a regulatory moat via the Código de la Producción, legal investment contracts, and Ecuador's untapped mineral reserves, complemented by Pacific port infrastructure (Guayaquil, Esmeraldas, Manta, Puerto Bolívar). No AI/ML capabilities, patents, mobile applications, or proprietary technology products are evident in the data.

Government of Ecuador firmographics

Firmographics
Name
Government of Ecuador
Legal name
Ministerio Coordinador de la Producción, Empleo y Competitividad
Website
https://investecuador.ec
Company type
Private
Founded year
2010
Operating status
Operating
Headcount range
11–50 employees
Short description
InvestEcuador is the official investment promotion agency of Ecuador's MCPEC, operating a government portal and regional offices to attract foreign direct investment, with a primary focus on foreign mining companies and export-oriented industries under the Código de la Producción.
Ownership category
akta.pro rank

Government of Ecuador industry classification

Industry
Product category
Government Investment Promotion Services
NAICS
Administration of Economic Programs (926), Executive, Legislative, and Other General Government Support (921), Public Finance Activities (92113)
SIC
Foreign Governments (8888), International Affairs (9721), Security Brokers, Dealers & Flotation Companies (6211)
akta.pro primary industry
Investment Promotion & FDI Facilitation (BPADAMAD)
akta.pro secondary industries
Export Credit Agencies (ECAs) & Trade Finance Institutions (BPADACAF), Infrastructure & Energy Fundraising Placement (FSAEALAF)

Keywords

  • Foreign direct investment promotion
  • Government investment services
  • Investment contract facilitation
  • Investor information portal
  • Regional investment agencies

Where Government of Ecuador is headquartered

Location

Headquarters

HQ city
Quito
HQ country
Ecuador
HQ region
Latin America

Offices5 records

Markets served

Government of Ecuador business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

  1. Investment Promotion Services: Government investment promotion agency providing services to attract foreign direct investment to Ecuador. Revenue is not generated directly; the agency operates as part of the Ministry of Production, Employment and Competitiveness (MCPEC) funded by government budget.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Government of Ecuador product offering

Product offering

Core offering

The Government of Ecuador operates InvestEcuador, an official investment promotion portal and service platform that provides foreign investors with information on Ecuador's business environment, investment incentives under the Código de la Producción, sectoral priorities, and downloadable legal guides. The agency facilitates formal investment contracts through the Ministry of Production, Employment and Competitiveness (MCPEC) and coordinates with regional investment promotion agencies (Invest Manabí, INVEC) to deliver localized investor services.

Product overview

InvestEcuador is an investment promotion portal operated by Ecuador's Ministry of Production, Employment and Competitiveness (MCPEC). The platform serves as a gateway for foreign investors seeking information about Ecuador's business environment. It provides access to investment incentive programs (covering general, sectoral, depressed zones, innovation/export, capital democratization, green production, and SMEs), downloadable legal documents including the Production Code and various decrees, regional investment agency contacts, and formal investment contract services. The site is primarily a content/information portal rather than a software product.

Differentiator

Problem solved

Functional benefit

Brands

  • Contrato de Inversión: Investment contract program offering incentives to investors under the Production Code legal framework

Products and services

  • InvestEcuador Portal
  • Investment Contract Services
  • Regional Investment Promotion Agencies
  • Investor Service Center
  • Downloadable Legal Documents and Investor Guides

Quantifiable outcome

  • GDP per capita of $7,800 (2010)
  • +1 more outcomes

Companies that use Government of Ecuador

Customer profile

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Government of Ecuador technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Government of Ecuador partnerships and signals

Strategic signal

Partnerships

Five partnerships are on record, tiered core and minor.

  • ENAMI (Ecuador State Mining Company)coreStrategic or Co-development PartnerENAMI is Ecuador's state-run mining company that controls areas with significant potential. The company plans to form a joint venture with Chile's Codelco (world's top copper miner) to explore for copper and gold.
  • Codelco (Chile)coreStrategic or Co-development PartnerWorld's largest copper miner partnering with Ecuador's state mining company ENAMI to form a joint venture for copper and gold exploration in Ecuador.
  • Swiss ContactminorStrategic or Co-development PartnerSwiss consulting company partnered with SENAGUA and MCPEC through a cooperation agreement for water resource management and sustainable development projects.
  • Invest ManabícoreChannel Partner/ Reseller/ DistributorRegional investment promotion agency for Manabí province, operating as a channel partner to MCPEC for attracting investment to the coastal region.
  • INVEC (Corporación de Inversiones)coreChannel Partner/ Reseller/ DistributorInvestment corporation operating in Cuenca as a regional investment promotion partner, facilitating investment inquiries and business development in the Austro region.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Government of Ecuador competitors and assessment

Company assessment

Direct peers

  • ProColombia: Colombia's national investment promotion agency under the Ministry of Commerce. Most directly comparable peer — same regional Andean FDI mandate, same investor-services and contract facilitation model, same target sectors (mining, agribusiness, manufacturing).
  • ProInversión (Peru): Peru's private investment promotion agency promoting FDI in mining, infrastructure, and energy. Closely comparable on mandate (mining-led FDI), legal framework approach, and regional Andean positioning.
  • InvestChile: Chile's official investment promotion agency under the Ministry of Economy. Comparable as a Pacific Alliance / Andean peer offering investor services, contract facilitation, and sector promotion (especially mining).

Broad incumbents

  • ProMéxico (now Secretaría de Economía investment unit): Mexico's federal investment promotion function, historically operated as ProMéxico. Larger emerging-market peer with broader sector mandate (manufacturing, automotive, aerospace, mining) and more developed digital investor-services platform.

Others

  • U.S. International Development Finance Corporation (DFC): U.S. development finance institution providing political-risk insurance, debt, and equity for FDI in emerging markets including Latin America. Comparable as an institutional investor and political-risk guarantor that complements national investment-promotion agencies.
  • International Finance Corporation (IFC): World Bank Group member focused on private-sector investment in emerging markets. Comparable as a development-finance institution that promotes FDI in mining and infrastructure in markets like Ecuador, often co-investing alongside investment-promotion-agency efforts.
  • Multilateral Investment Guarantee Agency (MIGA): World Bank Group political-risk insurance agency for FDI in developing countries. Comparable as a risk-mitigation partner that supports investment-promotion outcomes in markets like Ecuador by insuring foreign investors against political risk.
  • ENAMI (Ecuador): Ecuador's state mining company and explicit JV partner of MCPEC/InvestEcuador. Sister state entity in the same investment-promotion/mining-development ecosystem, comparable as a public-sector counterparty for foreign miners.
  • Codelco: Partner and counterparty rather than peer — world's largest copper miner forming a JV with ENAMI in Ecuador. Relevant as ecosystem participant and as a model of large-scale state-linked mining operator that defines what the agency tries to attract.
  • Coface / Euler Hermes (export credit agencies): Export credit agencies providing trade-credit insurance and political-risk coverage for cross-border investment and trade. Comparable as a complementary institution that de-risks the same kinds of FDI flows investment-promotion agencies like InvestEcuador work to attract.

Market position

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Government of Ecuador social profiles

Digital presence

Government of Ecuador financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Government of Ecuador leadership team

Management profile

Number of profiles

Profiles10 records

Government of Ecuador subsidiaries and ownership

Company hierarchy

Subsidiaries2 records

Government of Ecuador funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Government of Ecuador M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Government of Ecuador

What does Government of Ecuador do?

The Government of Ecuador operates InvestEcuador, an official investment promotion portal and service platform that provides foreign investors with information on Ecuador's business environment, investment incentives under the Código de la Producción, sectoral priorities, and downloadable legal guides. The agency facilitates formal investment contracts through the Ministry of Production, Employment and Competitiveness (MCPEC) and coordinates with regional investment promotion agencies (Invest Manabí, INVEC) to deliver localized investor services.

Is Government of Ecuador a public or private company?

Government of Ecuador is a private company. It is classified as state government owned and is currently operating.

When was Government of Ecuador founded?

Government of Ecuador was founded in 2010. It employs 11 to 50 people.

Where is Government of Ecuador based?

Government of Ecuador is headquartered in Quito, Ecuador, in the Latin America region.

How does Government of Ecuador make money?

One revenue line is on record: investment Promotion Services.

Who are Government of Ecuador's main competitors?

Direct peers on record are ProColombia, ProInversión (Peru) and InvestChile. ProMéxico (now Secretaría de Economía investment unit) is listed as a broad incumbent. Others are U.S. International Development Finance Corporation (DFC), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), ENAMI (Ecuador), Codelco and Coface / Euler Hermes (export credit agencies).

Does Government of Ecuador have an API?

No public API is recorded for Government of Ecuador.

What industry is Government of Ecuador in?

Government of Ecuador's product category is Government Investment Promotion Services. Its primary akta.pro industry code is BPADAMAD, Investment Promotion & FDI Facilitation, with a secondary code of BPADACAF, Export Credit Agencies (ECAs) & Trade Finance Institutions. Its NAICS code is 926 and its SIC code is 8888.

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Live signals
AxiosEcuador government and Indigenous group end talks after disruptive protestsEcuador's government ended negotiations with Indigenous group CONAIE after nationwide protests paralyzed parts of the country and caused oil production delays. President Lasso cited violence, including an attack that killed a military officer and wounded over 10, as the reason. CONAIE rejected a gas price cut and will open humanitarian corridors.GlobeNewswireINV Metals and the Government of Ecuador Agree to Terms of Exploitation ContractINV Metals and Ecuador's Ministry of Mining agreed on terms for the Loma Larga gold project's exploitation contract. The contract includes a 5% royalty, a $15 million advanced royalty, and a 70% windfall tax. The feasibility study is expected to start in early June.GlobeNewswireINV Metals Commences Exploitation Contract Negotiations for Loma LargaINV Metals began formal negotiations with the Ecuadorian government on the definitive terms of the Mining Exploitation Contract for its Loma Larga gold project. The company plans to start a feasibility study within months, with agreement expected after completion of key milestones.GlobeNewswireLUNDIN GOLD ANNOUNCES AGREEMENT WITH GOVERNMENT OF ECUADOR ON INVESTMENT PROTECTION AGREEMENTLundin Gold concluded negotiations and secured approval from the Ecuadorian government for an investment protection agreement for its Fruta del Norte gold project. The agreement fixes the income tax rate at 22% and exempts capital outflow tax, with execution expected by January 20, 2017.GlobeNewswireLundin Gold Announces Agreement With Government of Ecuador on Investment Protection AgreementLundin Gold concluded negotiations on an investment protection agreement for its Fruta del Norte gold project in Ecuador, which the government approved. The agreement fixes the income tax rate at 22% and exempts capital outflow tax, with execution expected by January 20, 2017.GlobeNewswireLundin Gold Inc. Announces Agreement With Government of Ecuador on Exploitation Agreement Terms and ConditionsLundin Gold completed negotiations with the Ecuadorian government on the Exploitation Agreement for its Fruta del Norte gold project, receiving approval. The agreement includes a $65 million advance royalty, a 5% royalty on net smelter revenues, and a windfall tax. The company will proceed with the feasibility study and project financing.GlobeNewswireKinross Reaches Agreement in Principle With Ecuadorian Government on Fruta del Norte Exploitation ContractKinross Gold reached a non-binding agreement in principle with Ecuador's government on the Fruta del Norte deposit, setting key fiscal and legal terms. The agreement includes a minimum 52% government share, a sliding-scale net smelter return royalty, and a 22% corporate income tax rate. Kinross is finalizing a feasibility study expected by year-end 2011.