Economy & Business - September 2023

COLOMBIA: Mining sector facing uncertain future

At first glance Colombia’s mining sector looks to be flourishing. Exports during the last five quarters were the highest in a decade and over 50% more than during the previous 15-month period. Profits of the country’s main mining and energy companies jumped 80% in 2022, according to the Superintendencia de Sociedades, the country’s business regulator. The US mining company Drummond, the country’s largest coal producer and exporter, saw its bottom line mushroom by 160% to Col$2.15 bn (US$531.4m).

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