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Colombia in 1997

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Colombia in 1997 THE MINERAL INDUSTRY OF COLOMBIA By David B. Doan Although its mineral sector was relatively modest by world law, the Ministry of Mines and Energy grants permission to standards, Colombia’s mineral production was significant to its explore, exploit, and develop mineral resources through the gross domestic product (GDP), which grew by 3.2% in 1997 and appropriate title or right. Foreign investment is dictated by Law reached $2,300 per capita.1 Colombia has had positive growth of 9 of 1991, which covers the issue of equal treatment for foreign its GDP for more than six decades and was the only Latin and domestic investors with access to all sectors except those American country not to default on or restructure its foreign debt considered to be vital to national security, defense, and toxic during the 1980’s, probably owing, in no small, part to the waste disposal; addresses the foreign exchange statute, which conservative monetary policy conducted by an independent central allows free remittance of profit and capital, protection of investors bank. Inflation has declined steadily during the 1990’s, declining from adverse changes in exchange guarantees, except temporarily to about 16% in 1997. Efforts to foster an expanded mineral when Colombia’s international reserves are less than 3 months of sector were hindered by continuing terrorist activity, including imports; and grants the responsibility of foreign investment to the repeated blasting of oil pipelines by dissident factions, along with Consejo Nacional de Politica Economica y Social. In 1997, the attacks on mines, petroleum production facilities, and personnel. Government of Colombia continued to publicize its interest in A major problem hindering development of Colombia’s mineral encouraging foreign investment in the mining sector and in industry is the lack of infrastructure. reducing its own role as a producer of minerals. Total foreign direct investment in Colombia climbed sharply The current tax structure (Law 223 of 1995) includes national during the present decade, starting at about $500 million in 1990 levies of a 35% income tax; a 35% capital gains tax; a 7% and reaching $5.3 billion in 1997, of which about $1.7 billion was remittance tax; a 16% value-added tax; and a 1% one-time-only directed to petroleum and mining. Complementing this has been stamp tax at the time the mining contract is ratified. Municipal a continuous growth of public and private investment in national levies include a 0.2% to 0.7% industry tax and/or a 0.2% to 1.0% infrastructure, especially in energy, telecommunications, and trade tax, as well as a property tax ranging between 0.1% and transportation. Privatization continued in electric power, mining, 0.16% depending upon the locality. According to Law 141 of natural gas, and telecommunications, in descending order of 1994, royalties on mined coal are 10% on 3 million tons per year revenues received. In spite of its problems, Colombia has (Mt/yr) or more, and 5% on less than 3 Mt/yr. Other royalties are investment-grade ratings from major U.S. ratings agencies for its 8% on nickel; 6% on alluvial gold; 5% on copper, iron ore, and debt (Wall Street Journal, 1997). platinum; 4% on lode gold and silver; and 1.5% on emeralds. Exemptions from customs duties are granted on machinery, Government Policies and Programs technical equipment, their fittings, and materials and spare parts required for mineral exploration, including oil and gas. The principles of “private property and initiative” are the foundation of the economic system of Colombia. The constitution Environmental Issues guarantees that investment of foreign capital shall have the same treatment that citizen investors have. The constitution grants the The Colombian Constitution expresses a fundamental interest State ownership of the subsoil and nonrenewable resources with in sustainable growth with preservation and restoration of the the obligation to preserve natural resources and protect the environment. All economic activity is subject to environmental environment. The State performs supervision and planning norms. Any activity may be closed down and prohibited if it functions and receives a royalty as economic compensation for the cannot justify the damage it does to the environment. Procedures exhaustion of nonrenewable resources. The State believes in are being stabilized and streamlined so that the Ministry of Mines privatization as a matter of principle. The Colombian and Energy can supervise mines for compliance with constitution permits the expropriation of assets without environmental regulations and any possible sanctions defaults. indemnification. The mining code (Decree 2655 of 1988) covers the prospecting, Production exploration, exploitation, development, beneficiation, transformation, transport, and marketing of minerals. Under the Coal, nickel, and petroleum are the most important minerals to the Colombian economy. According to data received by the U.S. 1Any datum or statistic in this text not referenced elsewhere may be assumed to be Geological Survey through country questionnaires, other official from “Country Presentation—Colombia,” delivered by Dr. Orlando Cabrales sources, or estimates, Colombia ranked 10th in the mine Martinez, Minister of Mines, Colombia, at the Global Mining Opportunities production of nickel in 1997, and although its ranking in coal and Symposium, Palais des Congres de Montreal, Quebec, Canada, May 4-6, 1998. THE MINERAL INDUSTRY OF COLOMBIA—1997 H1 petroleum were lower, the contribution of those commodities to promote coal production (INGEOMINAS-UPME, 1996). The the economy is significant in terms of foreign-exchange earnings. Empresa Colombiana de Petróleos (ECOPETROL) negotiates all Colombia is also well known as a leading producer of emeralds petroleum contracts with the private sector on behalf of the and, in the past, has been an important producer of gold. Government. It participates in the production of petroleum and Although the country’s production of gold has fluctuated natural gas directly and in association with the private sector. conspicuously, it continues to be an important source of Government revenue. With less than 1% of total output in 1997, Commodity Review Colombia ranked about 16th in world mine production of gold, with less than 1% of total output, and was the 5th largest producer Metals of gold in Latin America after Peru, Brazil, Chile, and Mexico. In addition, Colombia produces a number of other mineral Copper.—Colombia’s copper production has been uneven since commodities and products in modest amounts, including copper, beginning in 1990. Output grew slowly until 1993, when it was iron ore, lead, manganese, platinum, and zinc, and a number of nonexistent. Since then, output has continued at a lesser rate than industrial minerals, including cement; in 1997, Colombia was the in 1990-92. Production during the current year dropped by about sole producer of platinum in Latin America. Colombia was the 20% from that of 1996, and future output of copper seems fifth leading producer of crude petroleum in the region, after somewhat unpredictable. Venezuela, Mexico, Brazil, and Argentina. Colombia has several porphyry copper deposits, consistent with Mineral production during the year included gains for the fuel porphyry-type mineralization elsewhere in the cordillera. In the minerals; natural gas increased steeply to new highs; and coal and past, some copper had been mined at El Roble gold mines, crude oil climbed less steeply but also to new highs. Among the southwest of Medellin. In 1990, El Roble Exploracion Y metals, iron ore and nickel output increased conspicuously, but Exploitacion S.A. began operations at a new copper mine production of copper, gold, and platinum dropped sharply. Lead northwest of Medellin, from which concentrates were shipped to and zinc were essentially unchanged. Among the more important Hibi Kyoda Smelting Co. in Japan. More recently, Cobres de industrial minerals, cement output sagged from 1997, as did the Colombia S.A. operated copper smelting and refining facilities at production of emeralds. Cali. Other copper porphyry deposits are at Acandi, El Dovio, Mocoa, Murindo, and Pantanos. Murindo has been considered to Trade be a good future mining target because of its attractively high gold content. Colombia’s value of exports totaled about $10.6 billion in 1996, the latest period for which data are available (International Gold.—Production of gold, totaling 18.8 metric tons (t) was Monetary Fund, 1997). Crude petroleum and petroleum products down about 15% compared with that of 1996. Between 10% and accounted for almost 27% of all exports, or about $2.86 billion.. 20% of total output is by large mining companies, the remainder Coal exports accounted for 10% of the value of total exports in being produced by small- and medium-sized companies, as well 1996, or about $1.06 billion. Colombia’s value of imports was as individuals. Gold mining in Colombia dates back to pre- $13.6 billion (Washington Times, 1997). The United States Columbian times. As is true elsewhere in Latin America, continued to be Colombia’s main trading partner. Total trade inherited but primitive methods of treating placer (alluvial) ores between the two countries was $9.8 billion. result in significant loss, estimated to be as much as 60%. The Preliminary mining export data for 1997show, in descending largest present producer, Mineros de Antioquia S.A., extracts order of value, coal valued at $944 million; ferronickel, at $193 gold from placer deposits in the Nechi River and its affluent, the million; emeralds, at $129 million; gold, at $84 million; cement Tigui River. The company’s production was exported mainly to and clinker, at $69 million; platinum, at $3 million; and silver, at the United States, North Korea, and Switzerland (Minas Hoy, $438,000. Although these are only the principal mineral exports, 1995). their total value is about $1.422 billion. Petroleum export data were not available. Nickel.—Mine production of nickel from Cerro Matoso S.A.
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