Colombia plans to provide improved geological surveys as well as more effective title to properties, in order to increase investment in its mining sector.
At the same time, conflicting aims persist between the energy and mining ministry on one hand and the environment ministry on the other.
Colombia has recently invested $70 million to provide updated geological data, said Colombia’s Minister of Energy and Mines, Amylkar Acosta, at the annual convention of the Prospectors and Developers Association of Canada, held earlier this week in Toronto.
Canada is the largest investor in Colombia’s mining sector, including 42 companies listed on the Toronto Stock Exchange, according to the Ministry.
To increase output, Colombia will need to be an efficient producer.
Commodity exporters have since 2012 faced lower demand in several major markets, including China and India, due to a slowdown in economic growth.
At the same time, Colombia has significant natural resources, including Latin America’s biggest deposits of nickel and coal, along with significant quantities of gold.
The resource sector, including oil and gas, represents close to 10% of the Colombian economy.
Adequate controls on potential pollution are another issue for potential projects, as several have in recent years failed to get approval from the Environment Ministry.