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Ecuador's freeze on mining exploration and seizure of concessions has taken a heavy toll on the nascent sector but is unlikely to kill an industry that could be worth billions of dollars to the poor nation.

Ecuador plans to allow the biggest foreign projects to go ahead, even after President Rafael Correa shocked investors and hurt companies stock by revoking concessions and halting exploration until a new mining law is approved in six months.

Acosta, who is considered Correa's mentor and mastermind of the mining move, said he will accept what the government's majority decides about the sector.

"I oppose large-scale, open-pit mining, and I have said that over and over again, but I'm a democratic person and I will accept what is decided for the best interest of the nation," Acosta said in a telephone interview.

"A new mining code will likely strike an acceptable compromise for the government and mining companies, which should be able to resume operations after the law has been approved," said Patrick Esteruelas, an analyst with Eurasia group in New York.