Medellín, Colombia’s second-largest city, is often cited globally as a textbook example of urban transformation. Central to this evolution is ACI Medellín, the city’s specialized Agency for Cooperation and Investment. By fostering a unique “triple helix” collaboration between the public sector, private enterprise, and academia, the agency has managed to maintain a stable environment for capital even during periods of national political volatility.

In this exclusive interview, Loren Moss, Executive Editor of Finance Colombia, speaks with Cristina Zambrano Restrepo, the Executive Director of ACI Medellín. They discuss how the city nearly tripled its investment attraction over the past year, reaching over $400 million USD, and the strategies used to reassure international investors during a complex electoral landscape in Colombia.

Finance Colombia: I’m here with Cristina Zambrano Restrepo, the Executive Director of ACI Medellín. It’s always a pleasure to be with you. Thank you for the invitation. I know you’re extremely busy, so thank you for making the time to speak with Finance Colombia. How have you been?

Cristina Zambrano Restrepo: Very well, thank you very much. Truly happy to be here with you. Thank you for accepting this invitation. Without a doubt, we work to bring good and positive news to this city, and thank you for being here and for sharing and conveying all of these good things.

Finance Colombia: Yes, today you talked about the successes that ACI Medellín and the city have had this year in attracting investment. Tell us a bit about some of those successes. I think it’s going to be another large business hotel, and tell us a little about how you’ve kept busy.

Cristina Zambrano Restrepo: Of course. A major focus for us is job creation through investment attraction. So, what did we achieve this year? We went from USD 150 million generated last year to more than USD 400 million this year. As I’ve mentioned, this is reflected in the creation of more than 11,500 formal, high-quality jobs generated by this investment attraction. We have major allies and players here, such as Renault-Sofasa, Rivana Business Park, SoftServe, and POMA. A great deal of companies, some already established, others newly arriving in the region. TaskUs too, which is also extremely important and has made major commitments to us. These are the companies that manage to generate that employment.

Finance Colombia: Excellent, that’s fascinating. I have a history with Colombia of about 20 years, and here in Medellín of about 11 years, and it’s truly wonderful to see how the city has grown—not only in population, but in investment and innovation. However, we’re living in a time of high uncertainty around the world—not just in Colombia, not just in the United States, but globally. Especially when we talk about the sector, not in general terms, but politically and economically. Has this made attracting investment more difficult or more challenging over the past year? How has this affected efforts to attract FDI, like, foreign investment, and what strategies have you used to overcome this challenge?

Cristina Zambrano Restrepo: Here, clearly, the political landscape affects and directly impacts confidence, right? The stability of a region, how we present ourselves to the world and to those very large capital investments, showing that we are a stable region, that we believe in them, and that we will support them. So, what strategies do we have? Without a doubt, it has been very challenging. We would like, for example, to be able to offer a range of benefits, extensions, fast-track processes in permitting and such, but in that sense we depend heavily on the national government. But we don’t stop there. We work from the regional level and have a firm commitment locally, focusing on what we ourselves can support, contribute, and manage from this area, the private sector. Which also helped sustain the region during the previous administration, and the academic sector, all the universities, and that ecosystem, which have been fundamental. And now the public sector as well, we are all working together specifically from this region to demonstrate that we are a region that inspires confidence, offers stability, and has all the right conditions for investment to continue to arrive.

Finance Colombia: One thing you’ve mentioned that’s very important, and something Medellín is known for, is the collaboration between the private and public sectors. In many other places, without naming names, it’s an endless war. But in Medellín it has always felt like it’s everybody. That’s why Medellín has always had the Metro and continues to have major projects here, because the private sector has a strong sense of civic ownership. People talk about the GEA, but from a foreign perspective, what I’ve seen is that companies like Grupo Argos, SURA, Bancolombia, and more recently Nutresa, and many smaller ones that aren’t international names, have a sense of belonging and work hand in hand with the government. Speaking of that, for example, Mayor Federico Gutiérrez has traveled to the United States and other places to maintain those good relationships, despite what may be happening in Bogotá or at the Casa de Nariño. What is the importance of the efforts made by the metropolitan government and the city government of Medellín, not only at the ACI level, but also at the level of Alpujarra? How important is this in maintaining a long-term course so that foreign investors continue to see Medellín as a destination, no matter how much may be happening 400 kilometers away?

“We went from USD 150 million generated last year to more than USD 400 million this year… reflected in the creation of more than 11,500 formal, high-quality jobs.” — Cristina Zambrano Restrepo

Cristina Zambrano Restrepo: I think what you’re pointing out is fundamental, and it’s specifically how we’ve achieved this model in Medellín. In a way, when we go out into the world and explain how we work hand in hand, as you said, there are cities and countries that react like, “Why do we need to sit at the same table? I’m very clear about my purpose, and you’re very clear about yours.” Here, the real history of what this city lived through 40 years ago made all of us sit at the same table, and we realized that the efforts of the three actors are always aligned toward the same goals. What always matters to us is citizens’ well-being, quality of life, economic and social development, many things. So when we were going through our hardest moments, we managed to set aside egos, agendas, and competing visions. We sat down, we talked, and we’ve continued to work under that model ever since.

As for what’s happening and what lies ahead in the future: clearly, having a political leader like Federico Gutiérrez, with those strategies and international connections, matters greatly. Countries trust leaders who have demonstrated stability and very clear commitments throughout their governing trajectory, and that’s what our mayor has done. Because of that, they continue to seek us out as a region and want to work with us as a region. As we were just discussing, the investment world is very accustomed to government cycles, more than people might think. They know how to manage political and public-sector issues and how to make bold bets at certain moments. We work on this, and together with the mayor we focus on those countries where we need them to keep believing in us and trusting us. The United States is Colombia’s partner par excellence, that is not going to change. It is the largest market in the world. So the mayor’s strategy of being very close to that government, of working with a binational chamber like AmCham Colombia, which always helps us continue attracting investment and fostering exchanges, is exactly how we work hand in hand.

Finance Colombia: Well, you’ve been very generous with your time. Just two more questions. One is that in the United States, we have a saying: “Nothing happens before the elections.” That big companies are always waiting to see what’s going to happen, what’s going to unfold. Is it the same here in Colombia? I know in Colombia, even more than in the U.S., there’s a law—well, speaking of public contracting, where nothing can really happen. But aside from that, not talking about selling food to a school or something like that—do investors or multinational companies see this as a challenge? Are they ready to sign contracts, or are they waiting to see what happens?

Cristina Zambrano Restrepo: Of course, without a doubt it’s a challenge. And it’s not a minor one. It’s a challenge that forces us to work even harder to demonstrate, from the regional level, just how stable we can continue to be so that investment keeps coming. There are many companies that make their decisions regardless of the electoral period we’re in, largely because, as I mentioned, they know how to manage political risk. But there are certainly many others that are on pause, waiting to see what happens in the upcoming elections. So yes, in that sense, it does present significant challenges. Even so, we are still projecting USD 400 million for next year despite the elections, and we continue to work toward and commit to that goal. And regarding what you mentioned about contracting, specifically public-sector contracting; a city cannot come to a halt just because there is a law on guarantees, right? All of that is already anticipated. Contracts need to be signed and put in motion ahead of time. Everyone here knows how to operate during a six-month guarantees-law period, so everything has to keep moving and functioning.

Finance Colombia: The last question, I’ve known ACI, even from before I was living in Colombia. I’ve now been in Colombia for 12 years, and I’ve known Juan since I was living in Miami. They were always calling me, saying, “Look, come see what we have in Medellín. Come, let us show you something beautiful we have, or an investment opportunity here.” And that was truly a big part of why, when I was living in Bogotá, I decided to move to Medellín. It was exactly like that, maybe not as a major investor, but that attitude, that paisa pride.

Cristina Zambrano Restrepo: Paisa pride, yes, I was just going to say.

Finance Colombia: Exactly, exactly. Like my wife, who’s paisa, when we’re abroad and someone asks her, “Are you Colombian?” she says, “I’m paisa.”

Cristina Zambrano Restrepo: More than Colombian, I’m paisa.

Finance Colombia: What is the “secret hogao” of ACI Medellín? Because regardless of the government in power, regardless of what happens under your leadership, and even looking at the long term, what is the secret sauce behind the success ACI has had as an investment promotion agency? You have a strong global reputation in the FDI space, Foreign Direct Investment. You, as director, as someone who knows how the internal plumbing works, what is the key to the success ACI has achieved?

Cristina Zambrano Restrepo: Well, I think without a doubt it’s our long-term planning. It’s a vision we have for the city, a vision for the territory—a clearly defined commitment. Every time we come in, there’s no need to reinvent things; we need to keep working on what already works. We have a technical team, and this is something I really want to highlight: this is a highly technical organization. While it does, of course, depend on electoral and government cycles, it has a well-trained staff that has been working in these areas for many years, and thanks to them we’ve been able to maintain the stability this institution has. So I would emphasize that, in addition to what you mentioned about paisa pride—which is an identity that characterizes all of us from Medellín. We truly like to see our city doing well; we fight for it, we defend it, we work for it. That paisa pride ensures that everyone who passes through this institution clearly understands the vision and works toward it, regardless of how long they remain here.

Finance Colombia: Yes, it’s true—you have a world-class team, so I know they make your job much easier. Thank you very much for your time; it’s always an honor to see you and to speak with you, and know you can always count on Finance Colombia for anything.

Cristina Zambrano Restrepo: Thank you as well, truly, for being here and for always supporting ACI Medellín. Indeed, you and Finance Colombia have been great partners for us in continuing to share and convey all the news that’s happening.

Finance Colombia: We will, thank you.

The charge adds to a separate investigation over alleged violations of campaign finance limits during President Gustavo Petro’s 2022 presidential campaign

Colombia’s Attorney General’s Office (Fiscalía General de la Nación – FGN) charged the president of the country’s state-controlled oil and energy company Ecopetrol (NYSE: EC’, BVC: ECOPETROL), Ricardo Roa Barragán, with the alleged crime of influence peddling by a public official. The charge was formally presented on March 11 during a public hearing.

According to the prosecutors press release, Roa “ordered that a specific person be assigned to a gasification project in exchange for a reduction in the price of an apartment” located in northern Bogotá. The Attorney General’s Office said the alleged intervention was related to the executive’s interest in acquiring the property below market value.

During the hearing, a prosecutor from the Specialized Anti-Corruption Directorate formally presented the charge. However, Roa did not accept the accusation.

The newspaper El Colombiano explained that “the filing of charges is a formal act within the criminal process through which the person under investigation is officially notified of their link to a judicial case and the facts attributed to them. However, this step does not imply a conviction or a final decision and maintains the presumption of innocence that protects the executive.”

After the judicial decision became public, Ecopetrol’s Board of Directors said Roa will remain in his position as president of the company. In a public statement, the company’s highest governing body said it respects “Ricardo Roa’s presumption of innocence and his right to due process.” It also said it will continue acting according to the company’s established protocols for evaluating this type of situation.

Roa pled innocent to the influence trafficking charges.

Context: political, legal, and corporate challenges

Ecopetrol is currently facing several political and economic challenges. These include judicial and disciplinary proceedings involving its president, as well as questions about the company’s institutional and financial stability.

For example, the company’s 2025 annual report sparked public debate after reporting the highest reserve replacement ratio in the last four years (121%). According to the document, “300 million barrels of oil equivalent (BOE) were added, guaranteeing an average reserve life of 7.8 years.”

The report also said, “net proven reserves reached 1.944 billion barrels of oil equivalent.” However, private firms such as the independent investment bank BTG Pactual questioned those figures due to a change in the methodology used to calculate them.

Another point of debate has been the presidency of the Board of Directors, currently headed by Ángela María Robledo Gómez, a psychologist and former member of Colombia’s House of Representatives for Bogotá. Robledo was a member of the Partido Alianza Verde between 2010 and 2018 and later ran as vice presidential candidate alongside Gustavo Petro in the 2018 elections.

Roa’s legal situation is also linked to another investigation related to alleged irregularities in the financing of the Pacto Histórico presidential campaign in 2022, which he managed and which resulted in Petro becoming president.

In February, the Attorney General’s Office said investigators had found evidence suggesting that the campaign exceeded the legal spending limits. A similar case had already been examined by Colombia’s elections regulator Consejo Nacional Electoral, which fined those responsible more than $5 billion Colombian pesos (over $1.4 million USD).

For his part, Colombian President Gustavo Petro has publicly defended Roa. During a public event broadcast by media outlets such as Blue Radio, the president said the accusations are politically motivated. “We did not exceed spending limits; I have reviewed that accounting up and down,” he said. He also argued that the opening of criminal proceedings could be interpreted as an attempt to politically target his government.

Headline photo: Colombian President Gustavo petro (left) with former campaign manager and current Ecopetrol CEO Ricardo Roa (photo courtesy Ecopetrol).

Fitch Ratings has revised the national long-term rating outlook for Colombian payroll (libranzas) lender Ban100 to Positive from Stable. The ratings agency also affirmed the bank’s long- and short-term national scale ratings at ‘AA-(col)’ and ‘F1+(col)’, respectively.

The revision reflects a sustained improvement in operating profitability and asset quality metrics. According to the ratings agency, the move is supported by a business model focused on payroll loan (libranza) products, specifically targeting the pensioner segment in Colombia.

“Libranzas” is a form of payroll lending that works via payroll deduction, ensuring that the lender gets paid before discretionary spending.

As of the close of 2025, Ban100 reported a non-performing loan (NPL) ratio (over 30 days) of 1.8%, a decrease from the 2.4% recorded in 2024. This figure remains below the financial system average of 3.8%. Fitch attributed this performance to the bank’s niche specialization and controlled operational structure across more than 1,000 municipalities.

Financial data indicates that the bank’s operating profit to risk-weighted assets ratio rose to 2.12% at the end of 2025, representing a 3.8-fold increase compared to 2024. The recovery in profitability was driven by lower provision requirements, higher debt recoveries, and efficient management of administrative expenses.

The bank’s balance sheet showed total assets of $2.8 trillion COP at the end of 2025. Funding remains diversified, with deposits reaching $2.3 trillion COP and securitization operations totaling $390,000 million COP during the same period. Total loan disbursements for the year exceeded $1.096 trillion COP.

Héctor Chaves, president of Ban100, stated that the outlook upgrade confirms the discipline of the bank’s growth strategy during a challenging period for the Colombian financial sector. The institution continues to focus on providing formal credit access to the base of the population and retired citizens.

The ‘AA-(col)’ rating indicates a very low expectation of default risk relative to other issuers or obligations in the same country. Ban100, which has operated for 13 years, maintains its headquarters in Bogotá and provides savings and investment products alongside its core lending business.

Photo from Linkedin account of Ban100

The move targets a high-value niche in the European bioeconomy, offering a scalable model for sustainable Amazonian exports.

The Colombian government has formally submitted a technical and scientific dossier to the European Union seeking authorization to market cacay flour as a “Novel Food.” This regulatory category governs the entry of non-traditional food products into the European market.

The submission is the first of its kind for an Amazonian product from Colombia. It follows a 2024 initiative involving the Ministry of Commerce, Industry, and Tourism and the [suspicious link removed]. The process was supported by the Sustainable Forest Territories (Territorios Forestales Sostenibles or TEFOS 3) project, a program funded by the British Embassy and the German Cooperation GIZ.

Diana Marcela Morales Rojas, the Minister of Commerce, Industry, and Tourism, stated that the application positions cacay as a strategic component of the national portfolio of high-value natural ingredients. The technical dossier was structured according to the guidelines of the European Food Safety Authority (EFSA). To meet these standards, Colombia provided evidence of safe historical consumption for at least 25 years, alongside data on nutritional profiles, safety, traceability, and sustainable production processes.

The administrative validation phase is expected to take one month, followed by a technical and scientific evaluation by EFSA that may last up to nine months. Six Colombian companies participated in the drafting of the expediente, providing technical data and validating industrial processes to demonstrate the feasibility of large-scale production under international standards.

“This step positions the cacay as a strategic ingredient within the Colombian portfolio of high-value-added natural products.” — Diana Marcela Morales Rojas, Minister of Commerce, Industry, and Tourism.

The cacay nut, native to the Amazon and Orinoquia regions, produces a seed containing up to 60% oil rich in omega-6 and omega-9. The flour, a byproduct of the oil extraction process, contains approximately 40% protein and high fiber content. Beyond its nutritional applications, the crop is integrated into agroforestry systems aimed at restoring degraded lands and promoting biodiversity.

Currently, the cacay value chain involves more than 500 peasant and indigenous families. If approved, the flour would join Colombia’s non-traditional export basket to Europe, reinforcing a bioeconomy model based on fair trade and the sustainable use of biodiversity.

Arajet seeks to become the dominant low-cost carrier connecting North & South America through its Caribbean hubs in the Dominican Republic.

Dominican airline Arajet has launched a “Hot Sale Colombia” promotion, offering discounted base fares for international travel originating from major Colombian hubs. The campaign targets passengers departing from El Dorado International Airport in Bogotá, José María Córdova International Airport in Medellín, and Rafael Núñez International Airport in Cartagena.

The promotional window is scheduled to run from March 16 through March 22, 2026. During this period, the airline is offering base fares starting at $1 USD. These rates apply to international routes within the carrier’s network and are available across all four of the airline’s service tiers: Basic, Classic, Comfort, and Extra.

Agressive fares through Q3 2026

According to the carrier, the travel window for tickets purchased under this promotion extends from April 15, 2026, to September 30, 2026. The availability of these fares is subject to seat capacity on specific flights. The initiative follows the carrier’s broader strategy to increase its market share in the Colombian aviation sector, which is regulated by the Unidad Administrativa Especial de Aeronáutica Civil (Aerocivil) under the Ministerio de Transporte.

Arajet commenced operations in September 2022 and currently maintains its primary hubs at Las Américas International Airport in Santo Domingo and Punta Cana International Airport. The airline utilizes an all-Boeing fleet, consisting of 14 Boeing 737 MAX aircraft (NYSE: BA). The carrier’s network connects the Dominican Republic with various destinations across North America, Central America, South America, and the Caribbean. In 2023, the airline was recognized as the “Best New Airline in the World” at the CAPA Aviation Trust Summit. The airline’s operations are overseen by the Instituto Dominicano de Aviación Civil (IDAC) in its home jurisdiction. Detailed pricing and baggage policies for the current promotion are available through the company’s digital booking platform.

Above photo (courtesy Arajet): Arajet employees wave flags and take press photos to commemorate the launch of a new route from Medellin to Santiago, Dominican Republic.

GDXJ Index inclusion and HQ move to Miami prepare for expected rapid growth.

Collective Mining Ltd. (NYSE American: CNL) (TSX: CNL) has announced its upcoming addition to the VanEck Junior Gold Miners ETF (GDXJ), effective at the market close on March 20, 2026. The inclusion follows the index’s semi-annual review and rebalancing process. Simultaneously, the company confirmed the relocation of its executive headquarters from Toronto, Ontario, to Miami, Florida, a move intended to leverage the city’s role as a financial hub and its logistics connectivity to Latin America.

While executive operations shift to the US, the company maintains its jurisdiction of incorporation in Canada. The dual listings on the NYSE American and the Toronto Stock Exchange remain unchanged. Management indicated that the move to Miami is strategic, citing the availability of daily direct flights to Colombia, which places executives in closer proximity to the company’s mineral exploration activities in the department of Caldas.

“Miami has rapidly emerged as a leading global financial center, with a strong institutional capital markets presence and strategic connectivity to Colombia and Latin America.” — Ari Sussman, Executive Chairman of Collective Mining Ltd.

The relocation is expected to facilitate more frequent on-site coordination with internal teams and contractors as the company advances its 2026 exploration program. The flagship Guayabales project, and specifically the Apollo system, remains the primary focus of these efforts. By establishing a presence in the US, the company also aims to qualify for further US equity indices, which are frequently tracked by passive investment funds and rules-based institutional strategies.

Collective Mining was established by the team previously responsible for the development of Continental Gold Inc., which was sold to Zijin Mining Group Co., Ltd. (HKEX: 2899) (SSE: 601899) for an enterprise value of approximately $2 billion USD. The company currently focuses on the Guayabales and San Antonio projects, both located within an established mining district that hosts ten permitted and operating mines. At Guayabales, the objective is to expand the high-grade Ramp Zone and test the Hanging Wall Vein Zone.

Operations at the San Antonio project involve an option agreement to earn up to a 100% interest. Recent drilling there has focused on extending a high-grade silver system identified at the Pound target. Given that San Antonio is located within five kilometers of Guayabales, the company is evaluating the potential for shared infrastructure between the two sites. Management and insiders currently hold 45.3% of the outstanding shares.

Above photo: Graduation event in rural area of Marmato, Caldas, for participants in the the strategic alliance program offered by Collective Mining and SENA. (Photo credit: Collective Mining)

Infill drilling at Mocoa expands southern margin and confirms grades

Vancouver-based Copper Giant Resources Corp. (TSXV: CGNT) (OTCQB: LBCMF) (FRA: 29H0) has released analytical results from drill holes MD-056 and MD-057 at its Mocoa copper-molybdenum porphyry project in Putumayo, Colombia. The results include a 257-meter intercept grading 0.63% CuEq and identify higher-grade mineralization at depth along the southern margin of the existing resource footprint.

Figure 1. Plan view of the exploration targets and the Mocoa porphyry Cu-Mo deposit. *Black dots denotes drill pads. (CNW Group/COPPER GIANT RESOURCES CORP.)

The 2026 exploration program utilized “mother holes” to establish foundations for directional drilling. This technical approach allows multiple daughter holes to be initiated from a single platform, intended to improve drilling efficiency and minimize surface disturbance in the Amazonas region. Hole MD-056 was designed to test the southern edge of the Mineral Resource Estimate (MRE) toward the La Estrella target. It intercepted 386 meters grading 0.39% CuEq starting at 307 meters, including a final 77-meter interval grading 0.49% CuEq.

“Hole MD-057 confirms the predictability of our current resource model, which is a key step as we increase drill density in selected areas of the deposit with the objective of upgrading resources and advancing Mocoa toward PEA-level evaluation.” — Edwin Naranjo Sierra, Vice-President of Exploration at Copper Giant Resources Corp.

Geological mapping of MD-056 indicates the presence of a microdiorite porphyry phase with potassic alteration. This intrusive phase is interpreted by technical staff to be associated with a recently identified third high-grade zone within the Mocoa system. The mineralization in this sector was previously categorized as waste in the current MRE block model due to a lack of historical deep drilling, suggesting potential for resource expansion in under-drilled southern sections.

Figure 2. Plan view of holes MD-055, MD-056 and MD-057 mentioned in this release. White shadow denotes position of the cross-section shown in figure 3 and 5. *Collar for MD-055 and MD-057 are 314014E, 137979N and 1,720 m.a.s.l. Collar for MD-056 is 313689E, 136976N and 1,514 m.a.s.l. Coordinates are UTM system, zone 18N and WGS84 projection. For MD-055: azimuth of 45-degrees and dipping 85-degrees. For MD-056: azimuth of 15-degrees and dipping 45-degrees. For MD-057: azimuth of 295-degrees and dipping 70-degrees. Note: Hole 55 did not reach its planned target. (CNW Group/COPPER GIANT RESOURCES CORP.)

Hole MD-057 served as an infill drill hole to increase data density in areas characterized by wider historical spacing. The hole returned 257 meters of 0.63% CuEq starting at 275 meters and 191 meters of 0.72% CuEq starting at 341 meters. These results were contained within a broader interval of 476 meters grading 0.43% CuEq. The objective of the infill campaign is to upgrade portions of the Inferred Mineral Resource to the Indicated category to support a future Preliminary Economic Assessment (PEA).

Technical calculations for copper equivalent (CuEq) utilized metal prices of $4.00 USD per pound for copper and $20.00 USD per pound for molybdenum. The Mocoa project is situated approximately 10 kilometers from the town of Mocoa and consists of 132,499 hectares of tenure. The deposit is hosted within Middle Jurassic dacite and quartz-diorite porphyries that intrude the volcanics of the Cordillera Central.

Figure 4. Mineralization and hydrothermal alteration observed in hole MD-056. A). Strong sericite altered Intramineral porphyry with disseminated chalcocite and late iron oxides. B). Strong chlorite – sericite altered Intramineral porphyry with quartz-chalcopyrite-moly veining (B-type). C). Strong sericite altered brecciated porphyry with chalcopyrite as matrix in-fill. D). Potassic altered microdiorite porphyry with massive chalcopyrite and pyrite. (CNW Group/COPPER GIANT RESOURCES CORP.)

Copper Giant Resources Corp., part of the Fiore Group, reported that equipment malfunctions previously hampered hole MD-055, which was subsequently abandoned. However, two drill rigs remain active on-site to continue the 2026 program. The current Inferred resource at Mocoa stands at 1.12 billion tons grading 0.51% CuEq, containing an estimated 12.7 billion pounds of copper equivalent.

Figure 6. Mineralization and hydrothermal alteration observed in hole MD-057. A). Strong sericite altered microtonalite porphyry with quartz “eyes” texture, disseminated chalcocite and late chalcopyrite-pyrite veining. B). Strong sericite altered Intramineral porphyry with C-type veining (chalcopyrite dominant). C). Potassic altered Intramineral porphyry with molybdenite (Moly) disseminated and chalcopyrite veining. D). Strong sericite altered Intramineral porphyry with disseminated chalcopyrite and veining of molybdenite (Moly). (CNW Group/COPPER GIANT RESOURCES CORP.)

The Mocoa system was originally identified in 1973 through a geochemical survey by the United Nations and the Colombian government. It is part of a Jurassic porphyry belt that extends into Ecuador, containing other significant deposits such as Mirador and Warintza. Management maintains that the extended fertile magmatic window at Mocoa, spanning approximately ten million years, accounts for the scale of the system’s metal endowment.

Figure 5. Cross-section along the hole MD-057 and planned daughter holes with a section width of 100-meters, showing the 2026 MRE block model and the Cu and Mo grade intercepted. (CNW Group/COPPER GIANT RESOURCES CORP.)

Headline photo: Figure 3. Cross-section along the hole MD-056 and past holes mentioned in this release, with a section width of 100 meters, showing the 2026 MRE block model and the Cu and Mo grade intercepted. (CNW Group/COPPER GIANT RESOURCES CORP.)

First formalized mine delivery signals production growth in Antioquia

Vancouver-based Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) has confirmed that the first shipment of mineralized material from the formalized Diamantina mine has been received at the El Limon mill in Zaragoza, Antioquia. This delivery follows a formalization process that lasted more than five years under Colombian law. The contractual agreement allows the company to purchase material from small-scale miners in exchange for a percentage of the gold contained in each shipment.

The Diamantina mine is currently permitted to produce up to 40 MT per day. The company intends to reach this production rate by mid-year, while 1,700 MT of existing stockpiled material is being moved to the mill for processing. This site is the first of 24 small mines on the 43,000-hectare property currently in various stages of the formalization process. These 24 mines represent a portion of the approximately 60 small-scale operations located on the company’s concessions. Management expects additional mines to complete the process and begin supplying the El Limon facility later in 2026.

“Formalization of small miners has been a key part of our strategy for many years, and it is gratifying to see the first one complete.” — Geoff Hampson, CEO of Soma Gold Corp.

To support the increased volume from both company-owned assets like the Aurora and Escondida mines and third-party formalized miners, the El Limon mill was restarted in the third quarter of 2025. Material may also be processed at the El Bagre mill, where new ore-sorting equipment is being installed. This equipment arrived in Colombia recently and is expected to be operational by the second half of 2026. Once commercialized, the ore-sorting system is projected to increase the throughput at El Bagre from 450 TPD to a range between 700 and 750 TPD.

Development at the Nechi mine is also progressing, with the Programa de Trabajos y Obras (PTO) application expected to be submitted in April 2026. If approved by the end of the year, the Nechi mine is projected to provide an additional 250 TPD to the El Bagre facility, potentially adding approximately 25,000 AuEq ounces to annual production.

Total gold equivalent production for 2025 was 18,670 ounces. This figure was below previous projections, which the company attributed to a two-month work stoppage and subsequent difficulties in hiring qualified personnel and addressing mechanical issues during the restart phase. In a separate corporate development, the board of directors approved the grant of 1,118,334 stock options at an exercise price of $2.06 CAD per share, along with 159,910 restricted share units and 76,756 deferred share units to directors and employees.

Soma Gold Corp. operates mineral concessions along the Otu fault in Antioquia, maintaining two mills within 25 kilometers of each other with a combined capacity of 675 TPD. The company also maintains an exploration property near Tucuma, Para, Brazil, which is under option to Ero Copper Corp. (TSX: ERO) (NYSE: ERO).

Drones may now be seized upon a traveler’s entry into Colombia, unless specific conditions are met.

Colombia has modified the rules for bringing drones and their spare parts into the country for security reasons. The measure was established through Resolution 000242 of 2025 issued by the Dirección de Impuestos y Aduanas Nacionales (DIAN) and has been in effect since January 11, 2026.

The regulation was adopted “with the objective of preventing the illegal entry of unmanned aircraft systems (UAS/drones) and mitigating the risks associated with their misuse.” According to the DIAN in a press release, the provisions aim to “strengthen national security against the possible use of these devices in criminal activities, such as indiscriminate attacks against security forces and the civilian population.”

Under the directive, drones may enter the country through two mechanisms. The first is by submitting an Advance Import Declaration (Declaración Anticipada de Importaciones, by its Spanish name), which must be filed five calendar days before travel through the Customs Services (Servicio de Aduanas) section of the official DIAN website at www.dian.gov.co. The second option is to complete DIAN Form 530 upon arrival in the country.

In both cases, travelers must present the original purchase invoice, declare the intended use of the drone, and pay the corresponding import taxes, regardless of the price already paid for the equipment in the country of purchase. In some cases, DIAN may also request an inspection of the device.

The regulation establishes that drones or their parts may only enter the country if they comply with this standard import procedure.

Another key aspect of the resolution is that drones may only enter Colombia through two authorized entry points: the port of Cartagena and El Dorado International Airport in Bogotá. If a drone is brought into the country through any other location, customs authorities may seize it.

DIAN also clarified that travelers should “refrain from bringing this type of merchandise under the traveler import modality.” If they attempt to do so, customs authorities will require the change of modality so that the device can be processed through ordinary import procedures, provided that the arrival occurred through the authorized entry points. Entry through other locations is not permitted and could result in the seizure of the merchandise.

Additionally, the resolution states that drones cannot enter the country through postal shipments or express courier services, meaning international deliveries of these devices may be subject to confiscation.

Retail companies may continue selling drones in the Colombian market, provided they comply with import procedures and pay the applicable taxes. However, these requirements may lead to delays and additional costs for final consumers.

According to the magazine Cambio Colombia, the measure responds to the growing use of drones in criminal activities. These “recreational or productive technologies have begun appearing in high-risk scenarios such as illegal surveillance, the transport of explosives, criminal intelligence operations, and even attacks against security forces.”

Defense Minister, Major General (ret.) Pedro Arnulfo Sánchez Suárez, confirmed that 162 drone attacks against security forces were recorded in the country during the past year. According to the minister, the resolution will make it possible to “know exactly who is purchasing drones and what their intended purpose and use are. This will allow us to protect the population and prevent a tool designed for progress and development from being used to kill Colombians.”

In general terms, Resolution 000242 establishes three main rules for bringing drones into Colombia:

1. Mandatory advance declaration for importers, including travelers.
2. Restriction of entry to two authorized points: the port of Cartagena and El Dorado International Airport in Bogotá.
3. A total ban on postal or express courier shipments of drones.

Additionally, drones that weigh more than 250 grams or are used for professional activities must be registered with Aerocivil, Colombia’s civil aviation authority. Failure to register the device or operating it without authorization may result in fines.

Above photo: DJI drone courtesy DJI

The new members of Congress will take office on July 20, the official start of the new legislative term.

On March 8, Colombia elected the Congress that will exercise legislative authority during the 2026–2030 term. From more than 3,200 candidates, voters chose the 102 senators (upper house) and 182 members of the House of Representatives (lower house) who will make up the country’s legislative branch.

According to preliminary reports from the Registraduría Nacional del Estado Civil (RNEC), with 98.4% of polling stations counted, equivalent to 19,220,365 votes tallied, the new Congress has been defined electorally, however, it should be noted that these seat projections correspond to the official preliminary count, which still must go through several formal procedures before the final results are certified.

How the Senate Race is Shaping Up?

The Pacto Histórico, the party of current President Gustavo Petro, obtained around 22% of the vote (4,402,601), which would allow it to increase its representation from 20 senators in the current legislature to approximately 25 seats in the next term.

In second place is the Centro Democrático, the party of former President Álvaro Uribe, with about 15% of the vote (3,020,459), potentially increasing its representation from 13 to 17 seats.

The Partido Liberal would rank third with 13 seats (2,268,658 votes). It would be followed by the Alianza por Colombia, led by the Green Party, with 10 seats (1,899,096 votes), and the Partido Conservador, also with 10 seats (1,859,493 votes).

Other wins in the Senate include Party of La U (9 seats), Cambio Radical (7), the Ahora Colombia coalition (5), which backs presidential candidate Sergio Fajardo, and Salvación Nacional (4), the movement of presidential candidate Abelardo de la Espriella. The two remaining seats correspond to the special indigenous constituency.

In terms of losses in representation, the Partido Conservador would be the most affected, losing five of its current 15 seats. Cambio Radical would lose four, the Greens three, La U two, while Liberals and Ahora Colombia would each lose one seat.

Among the prominent figures who would be left out of the new Senate is former President Álvaro Uribe, who occupied position number 25 on his party’s list and would not obtain a seat if the Centro Democrático secures only 17 seats. Green Party senator Angélica Lozano, known for promoting legislation related to transparency, would also lose her seat.

Likewise, movements such as the coalition that supported Juan Daniel Oviedo and the Partido Oxígeno, led by former presidential candidate Ingrid Betancourt, who was kidnapped for years by the now-defunct FARC guerrilla group, would fail to surpass the minimum threshold required to obtain Senate representation (3% of the total vote).

On the other hand, the performance of the Salvación Nacional movement, led by presidential candidate Abelardo de la Espriella, stands out. In its first participation in a congressional election, the party would surpass the electoral threshold and secure four senators.

What About the House of Representatives?

The allocation of seats in the House of Representatives follows a different process from that of the Senate, making it difficult to project the final distribution in the early stages of the vote count.

This is because the calculation is conducted department by department, once the RNEC determines the seat allocation formula and electoral quotient in each of the 32 States and the Capital District of Bogotá.

According to report number 45 from the RNEC, with 99.03% of votes counted, the main parties have obtained the following preliminary nationwide results:

• Centro Democrático: 2,551,706 votes.
• Partido Liberal: 2,101,877 votes.
• Partido Conservador: 1,967,996 votes.
• La U: 1,044,778 votes.
• Pacto Histórico: 913,990 votes.
• Cambio Radical: 803,721 votes.
• Alianza Verde: 654,071 votes.
• Salvación Nacional: 436,365 votes.

Because the House of Representatives elections involve parties, movements, and coalitions with strong local and regional influence, several smaller political organizations are expected to win seats, as they must surpass regional thresholds rather than a national one.

The Highlight: a Fragmented Congress that Will Require Coalitions

With the preliminary distribution of seats in both the Senate and the House of Representatives, projections suggest that Colombia’s next president will need to govern through legislative coalitions, as has occurred under President Gustavo Petro and his predecessors.

Presidential candidates Iván Cepeda, of the Pacto Histórico, and Paloma Valencia, of the Centro Democrático, would begin the next political phase with the largest congressional blocs, although neither would have enough seats to govern alone.

Traditional parties such as the Liberal, Conservador, Cambio Radical, and La U, which together could account for more than 40% of the new congress, have not yet decided which presidential candidate they will support, a situation similar to what occurred in the previous election. These parties could therefore become kingmakers, capable of facilitating, or blocking, governability depending on the alliances and coalitions they choose to form.

For that reason, the coming weeks are expected to be marked by intense political negotiations, as presidential contenders attempt to build alliances that would allow them to secure legislative support.

For candidates such as Sergio Fajardo, whose Ahora Colombia coalition would obtain only five senators, or Abelardo de la Espriella, whose Salvación Nacional movement would have four, the challenge will be significantly greater.

Above photo: Polling station during Colombia’s congressional elections. Photo courtesy of the Registraduría Nacional del Estado Civil.