Govt. Pushes Royalties Replacement Bill

- Tuesday, July 31, 2001

Govt. Pushes Royalties Replacement Bill

Colombia's government is beginning to push through a bill to replace royalties' legislation rejected by the constitutional court last year, a sector source told

The new legislation seeks to harmonize relations between the government and metallic and non-metallic mineral producers represented by the country's mining association Asomineros.

"Because a lot of work has been carried out to date, we hope the new bill will be approved very quickly," the source said. Asomineros is expected to present its comments on the bill today.

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The bill's focus is on rationalizing the calculation of base prices to fix what each mining exporter should pay, in order to a achieve a balance between maintaining investor competitiveness while avoiding losses for the country, the source said.

Colombia's main mineral exports are gold, coal, silver, nickel and emeralds.