Referendums to ban large and medium scale projects can only be about future mining rights and won’t be retroactively applied to concessions granted prior to public vote, top court has ruled.

Gold price falls $70 an ounce, copper drops over 3% and iron ore rout accelerates, sending shares in major mining companies skidding.

Mike Pompeo announced the launching of a program that will propose ideas on how to make Colombia’s legal framework competitive to attract mining investing.