Friday, 28th December 2007 (2178 views)

A major gold find has been made in Colombia that could prove to be one of the world's ten largest deposits.

Bogota reports that the find by a foreign mining company could double production of gold in the country by 2011 and the gold is in an accessible location.

According to Colombian authorities, full details of the discovery will be unveiled in February 2008 and the find will require an initial investment of $2 billion (£1 billion). The country's legislation states that 83 per cent of income generated by mining should go to the state.

President Uribe announced the find in a speech last week and revealed that he had been informed of the discovery by mining and energy minister, Hernan Martinez.

A report in the El Tiempo newspaper claims that the find was made by Johannesburg-based AngloGold Ashanti in the central Colombian state of Tolina. The company has not confirmed or denied the report, but has been exploring Colombia for gold since 2000.

Producing around 15.6 million grams of gold in 2006, Colombia has traditionally been a gold producer, with the majority of output coming from small-scale mining and prospecting operations.

 

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