Miners await free trade zone regulations

A group of international miners are waiting for Colombia's government to regulate the free trade zone law so they can begin investing in the mining sector, primarily in Antioquia department. "The government already issued the law. Now we are waiting for them to regulate it. There is some uncertainty among businesspeople about the regulations," Antioquia production and competition minister Juan Camilo Retrepo told BNamericas. The official made this announcement on Thursday minutes before the grand opening of the 2nd international mining fair being held in Medellín, the capital of Antioquia department. One of the main features of the law is a 15% income tax to be applied in the coming year. A number of business people have shown interest in investing in different projects, according to Restrepo. The minister highlighted the case of a Panama-based jewellery company that would like to set up a production plant in the Rionegro free trade zone of Antioquia department. The plant would require an investment of US$4mn, he added.