Colombia turns its attention to the country's mining sector

Now that the Colombian Mining Association’s (ACM) annual congress has come to a close, the country’s leading publications are releasing a series of mining-related articles prompted by discussions and revelations during the congress.

Colombian business journal La Republica published an infographic summarizing the results of an ACM study on the country’s mining sector. The accompanying article explained that the biggest challenge currently facing the mining industry in Colombia is the Colombian government’s lack of support to the industry, and the high taxes and tariffs that are holding the sector back. Ex-mining minister Amylkar Acosta told Portafolio, “Although Colombia is not a mining country, its geological potential would allow it to be one.” High taxes, though, have driven mining investment elsewhere, with 32% of companies planning on reducing their operations in the country.

Colombian President Juan Manuel Santos announced during the Congress that “knowing the low prices during recent years has forced you to put on the brakes, I know that the sector today requires support to adjust and keep its dynamism. As a result, I have asked Mining minister Tomás González and his team to do what is necessary to stimulate the [mining] industry.”

El Colombiano explained that really, though, it is less about prices and more about just general support from the Colombian Executive. President Santos words, then, are very welcome for the country’s beleaguered mining industry: the sector is receiving the support it wants and will likely receive some tax relief.

Meanwhile, Colombian Environment Minister Gabriel Vallejo López defended the decision that his ministry made in delimiting the borders of the Santurbán paramo. He argued that these borders protect the paramo while also allowing for responsible mining outside of it, in a way that will not jeopardize the water security of the areas that depend on the paramo.