"We will receive more than US$1 billion of foreign investment for the exploration and development of new mining projects," mining minister Javier Córdova said in a statement translated from the Ministry of Mining's website.
The amount is more than double the figure of $488 million projected by the ministry in September.
Ecuador's government was proactively working to make the country more attractive for mining investment, Córdova had told Mining Journal in an exclusive interview in October.
Córdova said the investment would come from 300 new mining titles granted to majors including BHP (AU:BHP) and Newcrest Mining (AU:NCM) and Australian mining magnate Gina Rinehart's Hancock Prospecting.
He said other revenue would flow from royalties with $20 million and $30 million expected from Lundin Gold's (CN:LUG) Fruta del Norte gold-silver and EcuaCorriente's Mirador copper projects.
Córdova made the statement following a report by Ecuador's central bank earlier this month.
Other explorers upping activity in Ecuador include SolGold (LN:SOLG) springing off its Cascabel discovery and Lumina Gold (CN:LUM) recently raising C$20 million to advance its gold and copper projects.
