Colombia’s main mineral and energy resource reserves decline by 2023

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D.National Statistics Office (Denmark) Presentation of results from environmental and economic accounts Mineral and energy assets The most obvious one is The reserve life index for four of the six resources studied showed a decrease in 2023 compared to last year..

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This account of the entity analyses the reserve stock Oil, natural gas, coal, iron, copper and nickel Based on these data and extracts, he proposed Index of reserves held by the country.

Entity data shows that from this indicator of evaluating the relationship between the “stock” of reserves and annual production, it can be seen that: The iron count has decreased from 2019 to 2014 (a decrease of 26.3%). Be the one that has the biggest impact from one year to the next.

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Likewise, in the following cases Natural gas, its lifespan index data dropped significantly by 14.3%, from 7 years to 6 yearsDane confirmed this based on data from the National Hydrocarbons Administration (ANH).

In third place is, The negative change for oil is 12.5%, from having resources for 8 years to having resources for 7 years.also based on ANH data. Coal, “stock” lifespan is 84 years, down 3.5% That compares to 87 at the end of 2022, according to the National Mining Bureau.

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opposite of this, Reserve life index data for copper and nickel improveFor example, copper, which is the basis of the energy transition, has seen its reserves increase by 50% from 2 to 3 years.

In itself, Nickel rose 3%, from 134 to 138. In this way, it is the best energy resource to extract, Dane said.

(Also read: Copper ‘hot’: Why demand for this metal is soaring）

El Roble Mine.

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Copper, the fastest growing “stock”

Dane found a series of data related to energy extraction resources, one of which is Looking at inventories reported to industry entities, only copper posted an annual increase..

The mineral is considered essential for the energy transition. Underground resource reserves increased from 512,000 tons at the end of 2022 to 3,773 tons Reported in 2023. This means Increased by 636.9% From one year to the next.

However, when analyzing The life expectancy index shows an increase in just one year. This behavior is explained by the fact that while the country’s copper production data rose, Extractions also showed an upgrade between the years analyzed.

As of December 2022, production was 249,000 tons, and by the end of 2023, this figure had reached 1.43 million tons. This means that it is clear that Extraction volume increased by 477%.

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It is worth noting that currently There is only one mine in the country that produces this mineral (copper concentrate): El Roble in Chocó.owned by Atico Mining. The Danish data did not detail whether the inventory increase was explained solely by the data reported by the company.

Dane noted that this increase was due to “3.45 million tons of discovery, 1.24 million tons of review, 1.43 million tons of mining”.

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It is worth remembering There are other large projects such as Quebradona, by AngloGold Ashanti; El Alacrán, from Minerales de Córdoba; Mocoa, by Libero Copper, Among other things. Each of them is at a different stage in the exploration phase, which includes the environmental permitting process.

copper

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Fall Energy Miner

Unlike copper, stocks of other mining and energy resources fell. Natural gas was the gas with the largest annual contraction. According to Dane information and ANH data, by volume, gas Down 15.7% year-on-yearreaching 2,373 cubic feet by the end of 2023.

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Next, Oil posted its second-biggest drop of the year, falling 2.6 percent. The data showed that by the end of 2023, reserves increased from 2.073 billion barrels to 2.019 billion barrels.

Minerals also show contraction, e.g. Nickel (-1.5%), coal (-0.49%) and iron (-0.08%). In the first case, the stock’s behavior is interpreted as “Due to the downward review of 155,000 tons, 145,000 tons were extracted”.

Daniela Morales Soler
Portfolio Reporter

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