Gold price up over 1%, closing in on new record
Bullion is now 18% higher for the year, boosted by anticipation of Fed loosening as well as significant buying by central banks.
Gold mining in Colombia is shining bright as major gold players are expected to invest U.S. $ 2,100 million by 2015, reports local newspaper La Republica.
Among the companies that have recently announced ambitious plans in the South American country are Anglo Gold Ashanti, Anglo Gold America, Gran Colombia Gold Mining SA, AUX and Eco Gold.
Most of these investments are directed to both expand existing production explore in areas where rich deposit of the yellow metal are suspected, said Claudia Jimenez, Colombia’s executive director of large-scale mining association.
AngloGold Ashanti Colombia CEO, Rafael Herz, said the company expected to invest US$ 400 million in the months to come.
Another example is Mineros S.A, Colombian mining group based in Medellin that allocated over US $ 25 million for this year exploration activity.
Gran Colombia Gold has also announced that it would exceed its 2011 investments of over US$ 19.5 million, most of which be allocated to develop its Marmato mine project.
Colombia has seen record foreign investment flow into the nation in recent years as security improvements lower the risk of exploring for gold, oil and other natural resources.
