Abstract
An overview of the Colombian economy is presented and mining is made special between 2000 and 2016. The most important aspects of Colombian mining production are presented and the sector is characterized in terms of extractive industry and environmental components. It presents an historical evolution of the mining sector in terms of production and prices and presents a global picture of mining income, employment generation, reserves of the most important minerals, as well as foreign direct investment in mining. Finally, data on exports of the most important minerals produced in Colombia are presented.
Highlights
Historical evolution of the mining sector in terms of production and prices is discussed
The performance of the Colombian economy during the last five decades has allowed it to be distinguished in the Latin American context as one of the region's most stable economies (Ocampo, 2001a)
Current macroeconomic management, for example, opening the door for entering groups such as the OCDE, generates expectations of good economic performance for Colombia (Cuéllar, 2013). This was due to the growth of the economically active population (EAP) by more than four million people between 2001 and 2012
Summary
The performance of the Colombian economy during the last five decades has allowed it to be distinguished in the Latin American context as one of the region's most stable economies (Ocampo, 2001a). The mining sector showed the growth rates higher than the total GDP (Fig. 1), with high growth rates in 2001 and 2003, and increasing its share in the total GDP from 1.82% in 2000 to 2.32% in 2012 Within this sector, coal production played an important role. The growing production volume in the mining sector was accompanied by considerable increasing mineral exports, especially for coal and gold (in monetary terms), from about US$1.5 billion FOB in 2001 and 2002 to more than USD12 billion FOB in 2012 This was encouraged by growing world prices on the main commodities in the latest decade, providing continuing the production and exports growth despite weakening of the international economy since 2008 (Fig. 2). The latter was of particular importance taking into account the potential benefits that adequate development of the mining industry in the country would bring
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