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Mining Agency expects gold production to double in two years

By Manuel Rueda, Editorial Director

Thursday, May 13, 2010

Ingeominas, the government agency in charge of administering Colombia´s mineral resources, has said the country´s gold production will most likely double in the next two years. 

Colombia produced 1.57million ounces (44.5tonnes) of this precious metal last year and investment in the mining industry is increasing at a rapid rate in Colombia thanks to tax incentives and new gold discoveries. 

“Over the past two years more than 50 foreign companies have from Canada, Australia, the US, and others like India and China have shown interest in investing in Colombia,” commented the President of the Latin American Mining Organization, Aurelio Martinez.

Ingeominas reported that from 2004 to the present it has issued 1,536 gold mining titles and it is currently reviewing approximately 7,770 requests for gold mining titles around the country. 

 According to Martinez, 74% of the $7,201 million USD of foreign direct investment that came into Colombia in 2009 went directly into the mining and oil sectors.

The National Department of Statistics (DANE), reports that between January and March of this year Colombia is expected to have exported $439.4 million USD worth of gold. 

During the same three months of 2009, Colombian gold exports were worth $316.1 million USD.