Colombia Adds Tolima Minerals to US Pitch on 10 October
ECONOMY · COLOMBIA
Key Facts
- —The country Colombia, which has had a free-trade agreement with the United States since 2012, has been governed since 7 August by conservative President Abelardo de la Espriella, who wants growth of 6% a year.
- —Why it matters The government wants to sell regional projects, including critical minerals, directly to investors in New York, a test of how open Colombia now is to mining capital.
- —Why now Tolima is still recovering from wildfires that burned more than 70,000 hectares in August and September, according to Caracol Radio.
- —What happened On Saturday 10 October in Ibagué, Vice President José Manuel Restrepo said Tolima critical minerals projects could be pitched at “Milagro Week” in New York from Monday 16 to Thursday 19 November.
- —The clash Former President Gustavo Petro hinted on X that the fires were linked to mining interests. Restrepo called it “ignorance” and said criminals set the fires.
- —What it means for you US funds and buyers seeking minerals outside China may see Colombian mining projects marketed to them this autumn.
- —Still open Which minerals, which sites, which companies and how much money. None of this has been published, and the projects still need approval from ProColombia.
Colombia’s government plans to show Tolima critical minerals projects to foreign investors in New York, Vice President José Manuel Restrepo said on Saturday 10 October in Ibagué, the capital of the central Andean department of Tolima. The announcement set off a public row with former President Gustavo Petro, who suggested on X that recent wildfires in the region might be linked to mining interests. For US investors, the episode shows a Bogotá government openly courting mining money, and an opposition ready to fight it.
Restrepo is the second most senior official in the government of conservative President Abelardo de la Espriella, who took office on 7 August. He served as trade minister and then finance minister under former President Iván Duque. De la Espriella has put him in charge of “Misíon Crecer” (Mission Growth), a programme to attract investment and lift annual economic growth to 6%.
Petro, a leftist, led Colombia from 2022 until August 2026. Caracol Radio describes him as the natural leader of the opposition. He remains on the US Treasury’s sanctions list, where he was placed on 24 October 2025 over alleged links to the drug trade, which he denies.
What Restrepo Announced in Ibagué
Restrepo spent the weekend in Tolima for the first regional meeting of Mission Growth. He met business owners and trade associations from infrastructure, health and agribusiness. A session with the Ibagué Chamber of Commerce lasted about two and a half hours, according to Infobae.
“We have identified strategic projects that could eventually be taken to Milagro Week in New York,” Restrepo told Caracol Radio. “We have identified projects around critical minerals that the department has, and they can be very important opportunities to attract investment.”
Milagro Week is the government’s first investor showcase in New York, set for 16 to 19 November, according to the Presidency of Colombia. Restrepo said any Tolima project would first need the approval of ProColombia, the state agency that promotes exports, tourism and foreign investment.
Minerals were not the only item. Restrepo also listed agribusiness, logistics, knowledge-based services, tourism, energy, and oil and gas. He said the Agriculture Ministry would convene the National Rice Council, a nod to Tolima’s rice farmers, who have been pressing the government for answers. His agenda was due to continue on Sunday with meetings at the Club Campestre de Ibagué and at Hacienda Pajonales in Ambalema.
Petro Links the Fires, Restrepo Hits Back
After the announcement, Petro wrote on X: “Is this why there were fires caused by human action in Tolima?” He offered no evidence for a link between the fires and mining interests.
Restrepo answered on X. “How much ignorance in one tweet! The fires were started by criminal hands,” he wrote. “Didn’t you hear about it?”
He then turned to Petro’s economic record. He said private investment as a share of GDP had fallen to its lowest level in more than 51 years under Petro. He put average growth in recent years at 1.6%. These are Restrepo’s own figures, made in a political exchange, and he did not cite a source for them.
“The biggest fire, in the end, has been your legacy,” Restrepo wrote. Both Infobae and Caracol Radio reported the exchange late on Saturday.
The fires are a sensitive subject. The blazes that hit Tolima in August and September burned more than 70,000 hectares, according to Caracol Radio. For background on the national fire response, see Colombia Fire Director Removed After 26 Days in Office.
What It Means for You
For US investors, the message from Bogotá is that mining is back on the table. Critical minerals are used in batteries, electronics and defence equipment. US buyers have been looking for supply outside China, and Colombia’s new government wants to be part of that.
The pitch comes with risks. Mining projects in Colombia often face local opposition, slow environmental licensing and, in some regions, armed groups. Petro’s attack shows that any Tolima critical minerals project will be politically contested from day one.
There is also a stabiliser. Projects must pass ProColombia’s review before they are shown to investors. For a fuller picture of who holds power, see Colombia Politics Explained, Who Holds Power in 2026.
For travellers, nothing changes. Ibagué and the rest of Tolima are open, and the dispute is political, not a security issue.
What Is Not Known
The government has not said which critical minerals Tolima holds or where the deposits are. It has not named any company, project size or expected investment.
It is not known how many Tolima projects ProColombia will approve or which of them will reach Milagro Week. Restrepo did not say who he believes set the fires, and no evidence has been presented linking them to mining.
Restrepo’s figures on private investment and growth have not been independently confirmed.
Frequently Asked Questions
What are the Tolima critical minerals projects?
Vice President José Manuel Restrepo said on 10 October that his team had identified projects around critical minerals in Tolima. The government has not yet named the minerals, the sites or the companies involved.
What is Milagro Week?
It is the Colombian government’s investor showcase in New York, set for 16 to 19 November. Projects need approval from ProColombia, the state investment-promotion agency, before they can be presented there.
Did mining interests cause the Tolima wildfires?
There is no evidence of that. Former President Gustavo Petro raised the idea as a question on X. Vice President Restrepo said the fires were set by criminals but did not say by whom.
Sources: Caracol Radio, interview with Vice President Restrepo (10 October 2026); Caracol Radio, Petro and Restrepo exchange; Infobae, Restrepo responds to Petro; Presidency of Colombia, Milagro Week announcement (30 September 2026); US Department of the Treasury, sanctions on Gustavo Petro (24 October 2025).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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