Local miner outbids Freeport for Colombia exploration
Colombia's OP Gold Capital outbid Freeport-McMoRan for a 60-sq.-km exploration block in Cesar.
OP Gold Capital secured exploration rights in Colombia's northern region, outbidding U.S. copper giant Freeport-McMoRan. The Colombian mining agency's final evaluation revealed that OP Gold raised its offer to retain a 60-square-kilometer block in Cesar to 2.5% from 1.5%. The original bidder had the right to improve its proposal after Freeport countered with 2%.
Other winners of the eight copper, gold, and polymetallic contracts signed on October 9 included China's Zijin Mining and Vancouver-based Copper Giant Resources. The awarded blocks provide grounds for exploration, but discoveries, economic studies, and further approvals are necessary before new mines can follow.
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