How AK-47s prodded Terry Holohan to choose Canada | 25
THE NORTHERN MINER | APRIL 2026
GLOBAL MINING NEWS
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Rightward shift lifts mining – but risks remain LATIN AMERICA
| Investors return as governments court mining capital
BY COLIN MCCLELLAND AND CECILIA JAMASMIE
C
olombia’s May 31 presidential election will test whether Latin America’s shift towards more market-friendly governments can deliver a more reliable environment for mining investment, with polls showing a left-leaning candidate in the lead. The vote comes at a time when miners are already re-embracing the region. Argentina under President Javier Milei has moved aggressively to court investment, Chile has swung back towards pro-business policies under President José Antonio Kast and Bolivia’s Rodrigo Paz has signalled a more open stance to investment. Colombia, with vast but underdeveloped mineral potential, is now weighing how to expand mining amid rising demand for metals and tighter environmental scrutiny. Mining accounts for about 2.4% of Colombia’s GDP, yet the sector contracted last year amid higher taxes, weaker exploration and deteriorating security. The industry still generated $16.1 billion (C$22.2 billion) in exports in 2025, or roughly a third of the total, but output and shipments fell as investors navigated environmental restrictions, proposed legislative changes and criminal activity in mining regions. “The election will likely revolve around two contrasting policy visions,” Eduardo Ruiz, a Bogotábased analyst with Control Risks, said in an interview with The Northern Miner Group. “One broadly aligned with the current government’s energy transition agenda and another favouring a more investment-friendly regulatory environment.” Regional context Latin America’s importance to global metals supply gives the election wider weight. Chile and Peru dominate copper output, Mexico leads in silver, and Argentina, Chile and Bolivia together hold some of the world’s largest lithium reserves. Colombia plays a smaller role, but remains a major coal exporter, a significant gold and nickel producer, and a country with roughly 9.7 million tonnes of copper resources but minimal production. Across Latin America, governments are broadly separating into
those emphasizing environmental controls and state direction, and those prioritizing regulatory clarity, foreign capital and faster permitting. The distinction is shaping capital allocation decisions, though operating environments across the region remain unpredictable. Argentina offers the clearest example of a turn towards mining. Milei’s government has made resource development central to its economic overhaul, extending the Incentive Regime for Large Investments, or RIGI, to July 2027, offering long-term tax, customs and foreign-exchange stability to qualifying projects. The framework lowers income tax rates, removes value-added tax on capital spending and eliminates export taxes, materially improving project economics, officials said. “We have a president that is willing to do the right things, whatever it takes,” Daniel González, Argentina’s Secretary for the Coordination of Energy and Mining, based in Buenos Aires, said at the PDAC convention in Toronto last month. “He tells people that he wants them
“A stable operating environment is key because these projects are very expensive and take a long time to get off the ground.” ANNE EDWARDS VICE-PRESIDENT CORPORATE AFFAIRS, GLENCORE
to make money because if they make money, the country will be better and jobs will be created.” Stability counts Companies are responding to those changes. “Macroeconomic stabilization has sent a very, very positive signal to foreign investors,” Anne Edwards, vice-president corporate affairs at Glencore (LSE: GLEN), said on another Argentina Day panel at PDAC. “A stable operating environment really is key because these projects are very expensive
Cold War court battle | 25
Colombia’s presidential candidate for the conservative Democratic Centre party, Paloma Valencia, raises her clenched fist as her running mate, Juan Daniel Oviedo, flashes the V sign, after registering their candidacy in Bogota on March 13. Colombia will hold presidential elections on May 31. RAUL ARBOLEDA / AFP VIA GETTY IMAGES
and take a very long time to get off the ground.” Chile’s return to a more market-oriented approach under Kast reinforces that trend. As the world’s largest copper producer, Chile’s regulatory posture sets the tone for the Andes. A government emphasizing growth and permitting clarity signals to miners that conditions may stabilize after a period of policy uncertainty. Bolivia has taken a more cautious step in the same direction. Paz has sought to revive investor interest in lithium and energy, but he inherits a stark fiscal situation after years of a pegged currency and the sharp depletion of foreign reserves, according to John Price, managing Latin 29 >
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