Colombia has awarded five new mining contracts covering copper, gold, and polymetallic deposits, marking a significant step in the government's strategy to formalize the sector and attract investment.
The concessions were granted as part of a broader initiative to integrate informal mining activities into the legal framework, a priority that has gained momentum under the current administration.
The move follows the issuance of two decrees on July 11 that established the Mining Development Fund, known as FONMIN.
This fund is designed to support the formalization and retraining of small-scale miners, providing a financial mechanism to assist operators in transitioning to legal status.
The new contracts are expected to leverage this infrastructure, offering a clearer path for compliance and operational support.
This development aligns with recent agreements between the Colombian Chamber of Commerce (Fenalco) and government representatives to prioritize measures strengthening small-scale merchants.