WHY MINE IN COLUMBIA?
Colombia is very rich in minerals and energy resources. It has the largest coal reserves in Latin America, and is second to Brazil in hydroelectric potential. Colombia also possesses significant amounts of nickel and gold.
Historically Colombia was one of the largest gold producers in the world; however production and foreign investment decreased when guerrilla groups, such as the FARC, and drug cartels caused violence and insecurity in the country.
Shifts in Colombian government policies and a focus on improving security since the 2002 election of Alvaro Uribe Velez have played a critical role in the resurgence in Colombia’s mining and energy sectors. Colombia has had a huge increase in its FDI (Foreign Direct Investment) reaching an all time high of +$10.6bn in 2008. The Ministry of Mines has stated that it wishes Colombia to become one of the leading mining countries in South America by the year 2019. Changes have been critical to the FDI boom due to a number of factors such as modern mining legislation, legal stability contracts, investment in security, infrastructure investment, oil sector liberalization, renewable energy incentives and openness to privatization.
The production of gold during 2008 was calculated in 15482 kg, with an increase of 34.2% over the previous year.
The Colombian mining industry remains as one of the most dynamic and promising sectors of the Colombian economy.
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