Monday , June 21 2021

Colombia’s first large-scale gold mine opens

The megaproject will generate more than 3 billion pesos in taxes and royalties (more than 791.7 million dollars). The exploration will last 14 years.


Colombia’s first large-scale gold mine was opened this Friday 23rd by President Iván Duque in the municipality of Buriticá, in the department of Antioquia (northwest), a megaproject that will generate more than 3 billion pesos in taxes and royalties (more than $ 791.7 million).

The operation of the mine, whose exploration will last 14 yearsIt will be fundamental for the country’s economic reactivation, as it will increase metal production in Colombia by at least 20%, according to the national government.

“Today we are in Colombia witnessing one of the most important investments in the world in gold mining. We are seeing a project whose objective in a cycle of more than a decade is to contribute to an industry of more than 3.7 million ounces of gold, “said Duque.

According to the president, the project will leave more than 3 billion pesos in royalties in the country to be invested in the communities and will promote the development of Colombia.

“As we stand today, more than 3,700 people were employed in this project and this also allows us to recognize that a process of community development and environmental harmony is being carried out,” said the president.

About the work

The megaproject, which began to be built in 2017 by the multinational Continental Gold in the middle belt of the Cauca River and whose assets were acquired by the Chinese company Zijin Mining, received investments in excess of 610 million dollars in its construction phase and will start its commercial operations in December this year.

In early March 2020, the Asian company announced that it had completed the purchase of 100% of Continental Gold shares at a price of C $ 5.50 per share, thus taking control of the mine.

“I am convinced that as long as Colombia continues to maintain this very good and stable economic and business environment, more international investments will come in the future, including from China,” said the ambassador of the People’s Republic of China, Lan Hu, in a message sent for the inauguration of the work.

Sustainable mining

The president said that mining should be permanently transformed to guarantee sustainability and advance the protection of natural resources, as well as to develop “in harmony with the preservation of water sources and also in knowing how to live with complex ecosystems”.

In this sense, he specified that “talking about mining cannot be taboo” and that this activity must take into account the successful closing of projects, such as the Zipaquirá salt mine, which, after a productive extraction cycle, “today has a beautiful Sal Cathedral open to tourism ”.

The president also announced that his government has signed a decree to formalize the activity of small miners in Colombia, who represent the vast majority of that activity in the country, so that they “have the opportunity, environmental and social standards”.

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