Why Colombia?

 

Colombia provides a unique opportunity for gold exploration. Formerly the largest gold producer in South America, the country has produced over 80 million ounces of gold. Civil unrest prevented the country from experiencing the exploration boom of the 1980s that propelled Peru and Brazil to become major gold producers. Improved security conditions since 2002 under the Democratic Security Policy of the administration of former Colombian Government have allowed a new wave of modern exploration. At the same time, Colombia´s cities have prospered and developed into modern business hubs complete with the high standard of infrastructure and services that exploration and mining companies require.

Mining is a significant sector in the Colombia economy and one of the country´s largest export sectors. There is a variety of minerals, including gold, nickel, silver, platinum, copper and uranium, in mines throughout the country. Colombia is the largest exporter of high quality emeralds in the world.

Economy

  • Colombia has one of the most stable economies in Latin America, keeping a steady growth rate over the last decade
  • Under Colombia mining law, foreign individuals and corporations have the same rights as Colombian individuals and corporations, and Colombian governmental regulatory bodies are specifically prohibited from requiring any additional or different requirements than would be required of a Colombian individual or corporation
  • Colombia is perceived as the only Latin American country that repays its foreign debt on a timely basis
  • The Colombian labour force is considered to be one of the most qualified and competitive in Latin America in terms of costs at management and operational levels. Colombia has one of the most flexible labour regulations in Latin America
  • Colombia is strategically located at an intermediate point between North and South America. Its coastlines run along the Pacific and Atlantic Oceans and it has modern port infrastructure
  • Colombia is the third largest market in size in South America, after Brazil and Mexico, with a population of over 48 million people
  • Colombia has one of the highest percentages of public utility coverage in South America. It has a modern telecommunications infrastructure and has invested substantially in transportation infrastructure
  • More than 400 multinational companies operate in, or trade with, the country

Quotes and Statistics on Colombia

  • Ranked #3 in Latin America for ease of doing business and #54 globally (Doing Business 2016 – World Bank)
  • Ranked #1 in minority investor protection in Latin America (Doing Business 2016 – World Bank)
  • Ranked #2 in dealing with construction permits in Latin America (Doing Business 2016 – World Bank)
  • 3rd largest economy in South America in 2012 (GDP US$500 billion) (International Monetary Fund, 2013)
  • Colombian economy real GDP growth rate averaged 4.1% from 2013-2015 (U.S. Department of Commerce – International Trade Administration, 2016)

“Colombia’s economic performance remains solid. I commended the government’s policy response to the sharp drop in world oil prices by strengthening fiscal policy more than required under the fiscal rule and by tightening monetary policy while allowing the exchange rate to depreciate. The agenda to upgrade infrastructure is a key reform that will improve the country’s prospects over the medium term.”
–Christine Lagarde, Managing Director, International Monetary Fund, February 5, 2016

Colombia has remained a leader in economic growth in Latin America, and a firm example of sound macroeconomic policies for emerging markets. In the first half of this year, Colombia grew at a rate of 2.9%, in a region that is expected to grow only 0.5% this year. On the domestic front, Colombia’s economic strategy has secured a growing middle-class. In the past five years, 4.5 million Colombians, roughly the population of Ireland, came out of poverty. Employment figures are robust.”
– Hon. Mauricio Cardenas Santamaria, Governor of Banco de la República, Colombia, October 9, 2015