Strategic Minerals
Colombia usually arrives late to booms. It arrived late to the oil boom, late to coal, and late to industrialization; if it doesn't correct its course, it will also arrive late to critical minerals. The world is experiencing an unprecedented expansion in data center computing. The International Energy Agency estimates that global demand for strategic minerals (copper, nickel, lithium, cobalt, rare earths, and high-purity gold) could multiply by four by 2040. Copper demand alone could grow by more than 40% in the next decade. However, Colombia, despite its broad geological potential, behaves as if this revolution does not exist.
TL;DR
- Colombia has historically arrived late to economic booms and risks doing the same with the critical minerals boom.
- Global demand for strategic minerals like copper, nickel, and lithium is projected to increase significantly by 2040.
- Colombia possesses significant reserves of copper, nickel, gold, and rare earths but has explored less than 5% of its potential mining territory.
- Foreign investment in Colombian mining has fallen over 30% in the last two years, with projects moving to other jurisdictions.
- The article contrasts formal mining with predatory informal and illegal extraction, which lacks environmental controls and often funds criminal activities.
- Colombia has the potential to be an alternative supplier of critical minerals if it ensures legal security and efficient project management.