Colombian mining - Responsible development, Info Session at PDAC 2010

Colombian mining - Responsible development: Committed to a clean, socially responsible, technical, safe, and sustainable mining industry

Tuesday, March 9
9:00 am – 5:00 pm
Room 714B

With the adoption of the slogan Colombian Mining – Responsible Development, the Colombian Ministry of Mines is broadcasting its commitment to the responsible development of the mining sector. The Ministry’s vision for the industry takes into account not only economic fundamentals, but also the social and environmental sustainability of mining exploration and exploitation in Colombia. Traditionally, Colombia has been recognized as one of the world’s principal suppliers of thermal coal and a principal actor in the ferronickel market. In fact, Colombia is the world’s fifth leading exporter of coal and is starting to be recognized as a Mining Country.

From 2007 to 2008, Colombian mining exports increased 17%, going from US $6.3 billion in to US$7.4 billion. More importantly, Foreign Direct Investment (FDI) in the sector increased 92.3%, going from US$1.1 billion to US$2.1 billion in the same period. Preliminary figures show that the upward trend continued into 2009. Notwithstanding its recent impressive mining growth, Colombia’s future mining potential is particularly promising in the areas of precious metals, base metals and gems. Much of Colombia’s subsoil potential is yet to be discovered, which represents an opportunity for quality foreign investment that could contribute to the sustainable development of mining projects. Colombia offers investors competitive advantages, such as attractive and modern mining regulations, macro-economic and legal stability, enhanced security conditions for the whole country, a business friendly environment for foreign companies and high quality geological, geochemical and geophysical data.

The Colombian Government has made considerable efforts to attract FDI to the mining sector through:
1. A commitment to the successful Democratic Security Policy;
2. Considerable investment in infrastructure;
3. Investment protection mechanisms such as legal stability contracts, and inclusion of investment protection chapters in Free Trade Agreements;
4. Incentives for new investments;
5. A commitment to a Mining Policy designed to position Colombia as an attractive investment destination working in partnership with the mining companies; and
6. Adoption of a Mining District strategy to improve the competitiveness of the mining sector.
The Colombian government is interested in attracting responsible direct investment to the Colombian mining industry, and invites investors to attend this special event organized by the Minister of Mines and Energy of Colombia. Investors will have the opportunity to learn about the impressive performance of the Colombian mining sector during 2009 and the recent developments of the industry. Foreign companies currently developing large mining projects in Colombia will be available to discuss their experiences and share valuable insight. Investors are also invited to explore the unparalleled opportunities available in Colombia through the participation in a match making forum with selected Colombian mining projects during the afternoon session. The Ministry is working in the development of a National Bank of Projects for the mining sector. The projects will comply with International standards for the presentation of technical reports, such as NI 43-101.

All are welcome. Registration in advance is advised.

Please email dcorreal@proexport.ca or cemejia@minminas.gov.co to register.