The drop in commodity prices, particularly gold, has created challenges for both the government and private players in Colombia’s mining industry. In 2015 Goldman Sachs ended its brief foray into the natural resources sector, selling its coal-mining division to Murray Energy. The US investment bank had paid around $200m for Coalcorp’s La...
While its Pacific Alliance partners Chile, Peru and Mexico have developed large formal mining sectors, Colombia’s internal conflict has prevented it from following suit. Although the country was home to prolific gold mines during the colonial era, at present only 10-15% of the 57 tonnes of gold produced each year comes from registered, tax-paying mining companies. The rest...
Largely cut off from foreign investment during the 1980s and 1990s due to security concerns, Colombia developed a wide variety of local manufacturing businesses and brands. However, the opening of the economy over the past decade has forced local firms to compete with international imports. Moreover, the rapid growth of the oil and mining industries has shrunk manufacturing’s importance in the...
Colombia’s mining industry continues to feel the effects of the recent drop in commodity prices, particularly of gold. Gold production remains high, having risen by 7.7% to 519,472 oz in the third quarter of 2015, according to the National Mining Agency. Moreover, two new major gold projects received environmental permits in 2015 and are expected to add 60,000 oz and 450,000 oz, respectively,...
Despite continuing external headwinds, in particular the significant drop in the price of oil since mid-2014, the Colombian economy remained resilient in 2015, expanding by 3.1%.
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