Tuesday, June 2, 2015

Colombian Mines and Energy Ministry admits to embarrassing mistake

On Tuesday, Colombian Minister of Mines and Energy Tomás González admitted to reporters that two hard drives containing confidential and valuable seismic information belonging to the Spanish firms Repsol and Canacol were stolen from the National Hydrocarbons Agency (ANH) offices. Reuters noted that the theft could hurt investors’ confidence at a time when the country is doing everything it can to boost its oil reserves.

The Minister emphasized that this negligence is totally unacceptable, but he cautioned that it will be difficult for another company to actually make use of the confidential information. ANH chairman Mauricio de la Mora told reporters that the reports “obviously contained very valuable information,” noting that the reports had cost Repsol $17 million to produce.

Minister González also revealed during the press conference that the agency had uncovered ten false guarantee policies for concessions adjudicated between 2008 and 2012. The Minister did not announce the names of the companies as the investigation is ongoing, but he explained that the guarantees are not actually backed by the banks that supposedly issued the guarantees, and thus are false.


In mining-related news, Colombian defense minister Juan Carlos Pinzón told reporters that Colombia needs to do all it can to stop illegal mining and money laundering in the country, as the problem, if left unchecked, could grow to rival the scope of the drug trafficking industry in Colombia. He noted that the country’s large drug trafficking organizations are looking to diversify their profits into alternative illicit criminal activity, such as illegal mining and contraband goods.

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