Lower investment in mineral exploration curbs Colombia's potential amid global boom in critical minerals

TL;DR

Investment in mining exploration in Colombia dropped by 37% in 2024, limiting the country's ability to expand its productive base and participate in emerging markets for strategic raw materials.
Colombia accounted for 3.3% of exploration investment in Latin America and 0.9% globally, a reduced participation compared to other market players.
Despite the investment decline, mining contributed 1.8% to Colombia's GDP in 2024 and 34% to its exports.
The sector generates over 244,000 direct jobs and more than four indirect jobs for each direct position.
Structural limitations such as regulatory fragmentation, complex licensing processes, and perceptions of risk affect project execution and investor confidence.
Asia has become the main destination for Colombia's mineral exports since 2018.
A national strategy for critical minerals is needed to align sector growth with energy transition goals, requiring institutional coordination and long-term guidelines.

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