From The Report: Colombia 2014
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With vast coal, gold and other mineral reserves, Colombia continues to be one of Latin America’s leading mining countries. The sector has expanded significantly in the past decade, with the last two governments emphasising its importance to the national economy and courting foreign investment. However, in recent years falling commodity prices have stalled development projects, while strikes, guerrilla attacks and government sanctions have interrupted production. Exports of coal, the dominant component of Colombian mining, fell 4% in tonnage and a 14.3% in value to $6.7bn in 2013 compared to the previous year. Gold, the second-biggest mining segment, with exports of $2.3bn in 2013, was down by a third from 2012. Nonetheless, as the security situation improves, opening up new areas to geological analysis, Colombia’s strong institutions, protection of investors, extensive reserves and competitive royalty rates should continue to attract significant interest in the mining industry. This chapter features an interview with Ken Kluksdahl, President, AngloGold Ashanti Colombia.