COLOMBIA · MINING
Key Facts
- Power Index Colombia ranks 6th of 14 in The Rio Times Latin America Power Index, with 51.9 points (October 2026 edition).
- What is happening Colombia’s trade minister says Rio Tinto, the Anglo-Australian miner, will invest US$5 billion in the western Chocó region over four years.
- Why it matters Colombia is courting mining investors, and Rio Tinto is one of the world’s largest miners, with shares traded in New York, London and Sydney.
- The numbers The sum is US$5 billion over four years. No metal, mine site, start date or company statement has been published.
- Who is who Mauricio Gómez Amín is Colombia’s trade minister under President Abelardo de la Espriella. Rio Tinto mines iron ore, copper and aluminium.
- What to watch Whether Rio Tinto confirms the amount, the metal and the site, and whether security improves in Chocó, which the minister tied to investment.
- What it means for you Investors in Rio Tinto and US copper buyers should treat the figure as a government claim until the company confirms it.
Colombia’s trade minister says Rio Tinto plans to invest US$5 billion in Chocó, a Pacific-coast region, over four years. The company has not confirmed the sum, the metal or the site.
Colombia’s trade minister says Rio Tinto, the Anglo-Australian mining giant, will invest US$5 billion in Chocó over four years. The company has not confirmed the sum, the metal or the site.
Chocó is a rainforest department on Colombia’s Pacific coast, near Panama. Rio Tinto, whose shares trade in New York, is a top miner, so US investors and copper buyers will watch.
What the Minister Said
Trade Minister Mauricio Gómez Amín spoke on Wednesday, 28 October, at a regional planning meeting in Barranquilla. He said he met Rio Tinto the day before, and that it would invest US$5 billion in Chocó over four years.
He tied foreign investment to security, saying President Abelardo de la Espriella is committed to retaking territorial control. The minister named no metal, no mine site and no start date.
What Rio Tinto Has and Has Not Said
Rio Tinto is a mining group listed in London and Sydney, with shares also traded in New York. It produces iron ore, copper and aluminium, among other metals.
No Rio Tinto statement confirming a Chocó plan was found in public reports on 3 November. The company has not said how much it would spend, or on what.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
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| COLCAP | 2,502.38 | +0.46% | — | — | — | — | — |
| USD/COP | 3,149 | +3.06% | -18.02% | 3,056 | 3,173 | 3,111 | — |
| BRENT | 109.58 | -5.38% | +66.99% | 115.81 | 111.92 | 109.00 | 34,268 |
| WTI | 100.12 | -1.61% | +63.30% | 101.76 | 102.82 | 99.77 | 201,568 |
| ECOPETROL | 17.36 | -0.23% | +86.31% | 17.40 | 17.71 | 17.22 | 402,817 |
| BANCOLOMBIA | 96.18 | -0.23% | +68.95% | 96.40 | 97.45 | 95.66 | 85,636 |
| GRUPO AVAL | 4.76 | +0.42% | +13.67% | 4.74 | 4.82 | 4.68 | 90,387 |
| TECNOGLASS | 37.99 | -0.07% | -36.40% | 38.01 | 38.14 | 37.61 | 35,541 |
| CREDICORP | 368.43 | -1.49% | +43.59% | 374.02 | 378.12 | 368.43 | 62,467 |
| BUENAVENTURA | 28.65 | +0.72% | +33.16% | 28.44 | 28.71 | 27.87 | 314,023 |
| SOUTHERN COPPER | 192.19 | +3.32% | +50.65% | 186.01 | 193.86 | 185.75 | 649,631 |
Why the Figure Needs Care
Colombian news sites printed the sum differently, some in pesos and others in dollars. The reports that quote the minister directly give US dollars, so this article uses US$5 billion.
Read as pesos, 5 trillion pesos would be only about US$1.6 billion at 3,183 pesos per US$, the official rate. That gap is why a company confirmation matters.
The Wider Mining Push
The National Mining Agency announced nine new exploration contracts on Friday, 9 October. They cover copper, gold, polymetallic and phosphate areas in Cesar, La Guajira, Antioquia, Tolima and Huila.
Their projected investment is about 54,000 million pesos (about US$17 million), a small fraction of the Rio Tinto figure. Chocó was not among the departments named for those contracts.
What It Means for US Readers
Rio Tinto shares trade in New York, so a confirmed Colombian copper project could matter to US investors. Until then the plan is a government claim, and no output has been announced.
Colombia is also courting other foreign investors, as our reports on a PepsiCo plan and an aluminium zone in Sucre show. Trade talks with Washington are covered in our tariff report.
More is on the Colombia hub, with guides to who runs the economy and who holds power. The nearest city page is Medellín.
What Is Not Known
Rio Tinto has not said which metal it would target, where in Chocó or when work would start. No project list has been published with the minister’s statement.
No official has linked the plan to Rio Tinto’s past exploration in Colombia. Reports that it involves earlier projects rest on a single source and are left out.
The wording and date of the statement come from news reports, because no transcript was found. Whether the US$5 billion is a firm budget or a hope is also unclear.
Frequently Asked Questions
Is Rio Tinto investing US$5 billion in Colombia?
Colombia’s trade minister says so, over four years in Chocó. Rio Tinto has not confirmed the amount.
Where is Chocó?
Chocó is a department on Colombia’s Pacific coast in the north-west, near Panama. Its capital is Quibdó.
Which metal would Rio Tinto mine in Chocó?
That has not been said. The minister named no metal, mine site or start date.
Has Rio Tinto confirmed the plan?
No confirming statement was found in public reports on 3 November. The company mines iron ore, copper and aluminium elsewhere.
What other mining deals has Colombia signed lately?
The National Mining Agency announced nine exploration contracts on 9 October for copper, gold, polymetallic and phosphate areas. Their projected investment is about 54,000 million pesos (about US$17 million).
Sources: Statement of Trade Minister Mauricio Gómez Amín, 28 October 2026, Ministry of Commerce, Industry and Tourism (no ministry release located as of 3 November 2026); Rio Tinto (no statement on the plan located); National Mining Agency (mining round contracts, 9 October 2026); Superintendencia Financiera de Colombia, official exchange rate series (3,182.99 pesos per US$, valid 31 October to 3 November 2026).
In depth
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error