Colombia to Launch Copper Auction in May to Reduce Import Dependence

Colombia will launch a copper mining auction in May aimed at substituting imports and meeting rising local demand, particularly for green energy projects. A total of 17 blocks in Antioquia, Cesar, and La Guajira will be available for exploration. This initiative seeks to address issues of copper theft and enhance production, aligning with the country’s energy transition goals.

In May, Colombia will initiate an auction for copper mining projects to reduce reliance on imports, as announced by Alvaro Pardo, president of the National Mining Agency. This effort aims to satisfy local demand for copper, which is crucial for various industrial applications, particularly in green energy initiatives. The auction will feature 17 exploration and production blocks in the regions of Antioquia, Cesar, and La Guajira.

Colombia’s copper production is significantly lower than that of Chile and Peru, despite its production of other commodities such as oil and coal. Pardo emphasized that rising domestic needs and an alarming rate of copper theft from telecommunications infrastructure have contributed to increasing demand. He remarked, “We want to replace imports and put an end to copper theft and be able to bring copper to all Colombian industrialists who require it, especially for the energy transition.”

Last year, there were 293 applications submitted for mining copper and other minerals, indicating higher interest compared to coal-related projects. Pardo noted the growing inclination toward strategic minerals like copper. Furthermore, results regarding a feasibility study for a potential steel mill in Colombia are expected between March and April, although the responsible company was not disclosed.

The upcoming copper mining auction by Colombia represents a pivotal step towards meeting local industrial demands and reducing foreign dependency. With 17 blocks made available for exploration in strategic regions, the initiative aims not only to enhance copper supply but also to combat issues such as theft, thereby supporting the country’s energy transition needs. The rising interest in mining, particularly for strategic minerals, underscores a noteworthy shift in Colombia’s economic focus.

Original Source: www.mining.com