The world’s leading copper producer CODELCO is to begin its search for copper-rich land in Colombia, a year after expressing its interest in the country.
According to La Republica, the contract between the Chilean firm and Colombia’s mining ministery may be signed in early April at the Latin American mining event Cesco week.
Codelco has an estimated reserve of 124 million tonnes of copper, equivalent to 10% of the world’s reserves.
La Republica suggests that the investors will have access to basic geological information and will be able to begin exploring areas of potential interest.
CODELCO will not have licences, but, like all investors, it will have to abide by regulations protected by Colombia’s national mining Agency.