Established in February 2015 to develop the largest underground gold mine in Colombia; owned 100% by Mubadala Development Company.
Project located near municipalities of California and Suratá, in province of Santander, outside of the Paramo delineation. Currently in exploration stage, with technical and environmental studies underway, in preparation for project permitting.
Targeting 9 million ounces of gold production over 20 years, using latest technology and world-class environmental and safety standards. Currently employing ~600 direct employees and contractors; ~90% from Santander and ~99% Colombian.
Contributing to local community with infrastructure, education, water access, culture and SME programs
Benefits to Colombia and Santander
Minesa will enhance the lives of local communities with clear economic impact for Santander and Colombia
- ~US$1 billion investment over next 5 years
- >1,000 direct employees once operating, of which 90% expected to be Colombian; 4,000 indirect jobs created
- Annual GDP impact of ~$900m; ~$450-650m trade balance benefit
- >US$1.6bn local purchases and wages over life of project
- ~US$2bn in taxes and royalties generated
- Enhancing Colombia’s position in the world market, becoming 14th largest producer of gold
- Developing underground mining, industrial and logistics capabilities for the wider Santander region