What's missing from the govt's equation is that metal isn't oil.

Oil is getting hard to find, and you need it in vast quantities. You really have no choice but to deal with the producers, since you absolutely must have it.

This is not true of most metals. As resource nationalism takes root, production will simply shift to friendlier jurisdictions. The possibility of substitution and recycling also exists, which is not the case for oil.

Therefore, if you push too hard for too big a slice of the pie, you'll have no pie at all. Peru, Chile, Mexico, Canada, Sweden, Finland, etc. will get more pie, and all Ecuador will have is an empty plate.