Colombia Expects Billions in Investments

Colombia expects to benefit from foreign investments totaling US$10 billion in the country’s crude, mining and energy projects in 2012.

The government’s minister of mines, Mauricio Cardenas, shared his forecast with reporters at the World Economic Forum’s annual meeting in Davos, Switzerland.

Cardenas has been meeting in Davos with representatives from South African gold mining company AngloGold Ashanti, multinational mining and commodities dealer Glencore International and Chile’s state-owned copper company, Codelco, all of whom are interested in Colombia mining.

Foreign direct investment in Colombian coal, metals and oil projects reached US$6.5 billion in the first nine months of 2011, nearly twice the US$3.6 billion invested a year earlier.

Photo shows coal mine in Colombia, a country with the largest coal reserves in Latin America.