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Colombia aims to create mining development boom

Tuesday, April 17, 2012


Colombia expects to sell exploration rights to its large untapped mineral resources next year as part of its effort to attract foreign investment to develop its gold, coal and silver mining sector.

The government's new national mining agency will coordinate the sale of rights to develop the country's unexplored mineral wealth as it aims to boost its income from mining, which only accounts for around 2 percent of the country's economy.

Some of the biggest names in commodities, including Chilean state-owned copper producer Codelco have already expressed an interest in taking part in what the government hopes will turn into an exploration boom.

Source: Reuters