The country is determined to put its troubled mining past behind it, according to National Mining Agency vice president of promotion and development, Carolina Rojas.

“We have transformed from around 2004 from a mining sector suffering from weak institutions, poor regulation and an economic contribution of only $US2.6 billion, to a value chain with a very strong mining ministry and departmental regime, much stronger regulation, strict environmental protocols and to a point, resources is now a $16 billion mainstay,” she told the Paydirt 2015 Latin America Downunder Conference in Sydney yesterday.

“This has been reflected in our 19-point jump to 34 in global ‘Doing Business’ rankings and seeing mining underpinning now more than 2% of Colombia’s GDP.”

Rojas said Colombia was still unearthing its geological potential.

“We have backed that with around $70 million for new high quality data on our mineralisation, launched cartography and aero geophysical studies, and have slashed massively, the number of mining applications to be processed – achieving a minimum 97% clearance rate.

“This has attracted greater investor interest, with nearly 4300 new mining applications since 2012.”

Earlier this year, Colombia launched its new register of mineral traders, RUCOM, to increase transparency.

There are only a couple of ASX-listed juniors in Colombia currently, including Pacifico Minerals, but majors South32, AngloGold Ashanti and Glencore all have a presence.

Rojas said the country would welcome responsible investment from Australia.

“The calibre of Australian resources players being sought are only those with proper experience in our primary mineral commodities, a track record of a minimum investment per hectare, adequate financial resources, and a strong commitment to Colombia’s environmental and social issues,” she said.