Colombia plans to auction copper mining projects in May to reduce imports and meet local demand. The auction will offer 17 exploration and production blocks, responding to the rising need for copper, particularly for green energy. This initiative follows a significant number of applications for copper mining, exceeding those for coal.
In May, the Colombian government will initiate an auction for copper mining projects, as announced by Alvaro Pardo, president of the National Mining Agency. This initiative aims to fulfill local demand for copper while reducing reliance on imports. Pardo made the announcement during a business event in Cartagena, highlighting the country’s need for copper to support its growing industrial requirements, particularly for green energy projects.
Colombia, while recognized for its oil and coal production, noticeably falls short compared to regional leaders like Chile and Peru in copper output. The upcoming auction will feature 17 exploration and production blocks located in Antioquia, Cesar, and La Guajira departments, in response to the rising demand for copper, which is further exacerbated by the theft of copper telephone cables.
The goal of the government is to reduce imports and combat the ongoing challenges associated with copper theft, ensuring a reliable supply for local industries, particularly those involved in energy transition projects. Last year, a record 293 applications were submitted for mining copper, gold, and other metals, indicating increasing interest in these strategic minerals.
Pardo noted that there is growing commercial interest in copper and other minerals, as evidenced by the influx of applications exceeding those for coal projects. Additionally, the results of a feasibility study concerning the establishment of a steel mill in the country are expected between March and April, though the details regarding the responsible company remain undisclosed.
Colombia’s forthcoming auction for copper mining projects represents a strategic effort to meet domestic demand and diminish reliance on imports. With a focus on addressing the challenges of copper theft and bolstering local industry, the initiative may pave the way for significant advancements in the country’s mining sector, aligning with broader goals in the energy transition.
Original Source: www.mining.com
