Tuesday, October 17, 2023
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Presidential election in Ecuador. Mr. Daniel Noboa was elected President of Ecuador following a run-off election held on October 15th. He will be sworn in on November 25th and will govern until the next presidential election in 2025. He is completing the term of the outgoing president, Guillermo Lasso, who dissolved the Congress in May and called for snap Presidential and Legislative elections.
A positive outcome for investors. At 35 years of age, Mr. Noboa will be the youngest president in Ecuador’s history and is the scion of a wealthy Ecuadorian family. He is well-educated with several graduate degrees, including a degree in public administration from Harvard University. He campaigned on strengthening the economy, attracting greater foreign investment, and restoring law and order. As a candidate, Mr. Noboa met with the Ecuador Chamber of Mines and is expected to be supportive of the mining industry given its economic importance.
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