BOGOTA — Mining corporations in Colombia prioritize the exploration of minerals needed for a transition to renewable energy, President Gustavo Petro said at an industry convention on Friday, protecting a tax bill that would increase price lists in the sector.
Extractive corporations have continually said that the nearly $5. 6 billion reform will have a negative effect on investment. The Petro government says this is the key to social investment programs.
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Petro has a majority coalition in Congress, but is willing to negotiate parts of the bill, which would impose a 10 percent tax on profits made when coal and oil are exported at costs above a certain threshold.
The threshold for oil would be $48 per barrel, while coal exports would see the tax applied when costs exceed $87 per ton. A sale offer to accompany gold exports could be withdrawn, the government said.
“In the spaces we can explore, let’s look for minerals to get blank energy. Let’s look for minerals to fertilize the land,” Petro told attendees at the Colombian Mining Association conference.
The production of coal, gold, nickel and nascent copper represents Colombia’s mineral production. Much of the country remains unexplored in search of minerals due to an ongoing conflict.
Petro, who has campaigned to combat climate substitution and make Colombia less dependent on oil and coal, vowed to encourage solar and wind power projects, saying falling demand for oil and coal will increase costs for other minerals.
The president defended export taxes.
“If the value goes up, a percentage of that source of profit will be paid to the state in a concession and state property,” he said, adding that more tax gains would reduce the budget deficit.
Petro also welcomed a court ruling banning mining in ecologically sensitive spaces, such as high-altitude wetlands. (Reports by Luis Jaime Acosta; Written through Julia Symmes Cobb; Editing via Josie Kao)
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