Mining companies will invest $4.5 billion in the exploration and production of Colombian gold over the next ten years, according to Colombian Mining Association (Asomineros) leader Arturo Quiros.
Speaking at a mining seminar in Bogota, Quiros said that Colombia will double its gold output in the next five years and investment will reach $400 million this year, according to Reuters.
“The gold boom has continued due to high prices of the metal,” Quiros told the press agency..
“The improved security conditions, and areas which are relatively unexplored in comparison with other countries in Latin America, explain why there is such high interest in exploring in Colombia,” he added.
Mining accounted for 40% of the total direct foreign investment in Colombia in 2009, well up from the 19% of the previous year.
“Foreign direct investment in mining will continue. The potential is enormous,” said Vice Minister for Mines and Energy Silvana Giaimo.
Canadian mining firm Medoro, plans to invest between $30 million and $40 million over the next two years in their recently purchased Frontino goldmines in the central Colombian department of Antioquia.