In 1974, the Mining Development Law was promulgated, which had as a priority objective, to encourage the search for base metal deposits, as well as to seek investment.
After a period of application of this law, mining activity was caught in deep discrepancies, as a result of the interpretation and application of a legal framework distant from the reality of the country. It was these adverse circumstances that boosted their organicity, making it possible that on May 4, 1978 the first meeting of the creation of the Mining Chamber of Ecuador will take place.
Two weeks later, on May 18, 1978, at the facilities of the newspaper El Tiempo de Quito, the first general meeting of the Mining Chamber of Ecuador was held, with the presence of 64 delegates from all over the country, the first directive being elected , which was composed of: Antonio Granda Centeno, President; Juan Moricz Opos, First Vice President; Gastón Rúales, Second Vice President; Hernán Veintimilla, Luis Barahona, Jorge Manrique, Guillermo Bixby, Gerardo Peña, Walter Camacho, Walter Pico and Guillermo Sotomayor, Members; and Guillermo Segarra, Secretary. Three months later, on August 30, 1978, the Statute of the Chamber of Mining of Ecuador was approved, the same as by ministerial agreement No. 14704, by mandate of the law was published in the Official Registry No. 794 of 19 March 1979, granting its own legal life, as a private law entity domiciled in the city of Quito.