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Economy, Mining

government monopoly, Petroleum resources, major industry, barrels, Ecuador

Gold, silver, lead, zinc, and salt are mined in Ecuador, the last-named under government monopoly. Petroleum resources, which were first uncovered in the early 1920s and are still being discovered today, form the basis for a major industry. The deposits are the property of the country, but large, taxable concessions have been made to foreign concerns. Petroleum production in 1999 totaled 138 million barrels.



Article key phrases:

government monopoly, Petroleum resources, major industry, barrels, Ecuador, zinc, salt, silver, Gold, lead, property, basis, country

 
 

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