In 1974, the mining law “Ley de Fomento Minero”, encourage the search for nonmetallic minerals, as well as seeking investments.
After a period of implementation of this law, the mining industry was trapped in deep discrepancies, resulting from the interpretation and application of a legal framework distant from the reality of the country. These adverse circumstances prompted its organic deceased, allowing the creation of the first mining organization in Ecuador, called the Chamber of Mines of Ecuador in May, 1978.
Two weeks later, at the premises of the newspaper “El Tiempo de Quito”, was held the first general meeting of the Chamber of Mines of Ecuador, in which more than attended 60 delegates attended from across the country, choosing the first board of directors, composed by Antonio Granda Centeno, President; Juan Moricz Opos, first vice president; Gaston Ruales, Second Vice President; Hernan Veintemilla, Luis Barahona, Jorge Manrique, William Bixby, Gerardo Peña, Walter Camacho, Walter Pico and Guillermo Sotomayor, Vocals; and Guillermo Segarra, Secretary.
Three months later, on August, 1978, the Statute for the Chamber of Mines of Ecuador was approved, the same as by ministerial decision No. 14704, by mandate of the law was published in the Official Gazette No.794, of March 19, 1979, granting the chamber of its legal life as a private entity and domiciled in the city of Quito.