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Colombia reaches out to Canada for more mining investment

Colombia reaches out to Canada for more mining investment

Posted by Adrian Pelaez on March 04, 2014

The Colombian government is pledging to improve the geological information that is available to mining companies that might interested in exploring for minerals in the Latin American country.
Aiming to raise its profile at the annual Prospectors and Developers Association of Canada convention in Toronto, the Colombia government held a seminar on Tuesday that was titled Colombia, Exploring for Opportunities.
Colombia Minister of Energy and Mines Amilkar Acosta said investment in the country’s mining sector has jumped to $2.8 billion in the first nine months of 2013 from US466 million in 2002.
He also said Canada is the largest individual investor in Colombia’s mining exploration sector. There are currently 42 TSX Exchange-listed companies with projects in Colombia. The vast majority are active in gold exploration and development.
They include the likes of Batero Gold Corp. (TSX: V.BAT, Stock Forum), B2 Gold Corp. (TSX: T.BTO, Stock Forum) and CB Gold Inc. (TSX: T.CBJ, Stock Forum).
“Investor confidence in the mining sector remains dynamic,’’ Acosta told an audience of about 130 delegates and government officials on Monday.
However, it is clear that Colombia is aiming to attract more foreign investment in its mining sector.
“Colombia has invested US$69.5 million to bring quality and updated information to the search for underground resources,’’ Acosta said.
Government officials are also keen to improve the co-ordination between governmental entities, environmental consultants and indigenous people.
In addition, the National Mining Agency in Colombia, in October 2012, started the integral audit of the mining titles currently granted. By December of 2013, the Agency had examined 10,161 titles, in 30 departments.
The comprehensive audit will oversee all of the titles across the country and all future contracts signed.
Colombia is also working with the Geological Survey in Peru in a bid to upgrade available geological information. This is because of both countries have similar geology, officials said.
 

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