The International Monetary Fund’s (IMF) decision to suspend Colombia’s access to its Flexible Credit Line (FCL) last week reflects concerns about potential collateral effects on the country’s risk profile, financing costs, and the stability of the Colombian peso.

Adding to these concerns is the delayed routine review of Colombia’s economic status, known as the Article IV consultation. According to José Ignacio López, President of ANIF, this delay stems from doubts regarding the credibility of the government’s fiscal figures, particularly the 2025 deficit target of 5.1 percent of GDP.

Saturday, Julie Kozack, spokesperson for the IMF, issued a statement saying:

“From April 26, 2025, Colombia’s continued qualification for the IMF’s Flexible Credit Line (FCL) is contingent on the completion of both the ongoing Article IV consultation (see staff statement issued on April 18, 2025) and a subsequent FCL mid-term review. The FCL arrangement was approved on April 26, 2024, for two years with a mid-term review to assess continued qualification.”

The press release clarified that the FCL was approved for two years, until April 26, 2026, “with a midterm review to assess the continuation of qualification.” Since the midpoint of this period has passed and the midterm review has not commenced, Colombia cannot access the FCL resources, despite maintaining the borrowing limit, until these two requirements are met.

“It cannot be used until the government presents a credible fiscal plan. In other words, it was on autopilot, and now the IMF says there is too much fog, and they prefer to land to avoid risks. They will not lend money to a government that squanders,” commented former Minister of Finance, Mauricio Cárdenas.

As approved by the IMF on April 26, 2024, the available amount for Colombia under this new quota is approximately $8.1 billion USD for crisis prevention.

Colombia has had access to this FCL since 2009, usable at any time. The only instance of its use was during the COVID-19 pandemic. In December 2020, Colombia disbursed approximately $5.4 billion USD to meet balance of payments’ needs and address pandemic consequences.

FMI suspende la línea de crédito para emergencias que tenía Colombia desde 2009. Es el peor mensaje para los mercados financieros.

Nos quedamos sin llanta de repuesto justo cuando la economía mundial está llena de incertidumbres. La línea de crédito flexible era el mayor seguro…

— Mauricio Cárdenas S. (@MauricioCard) April 26, 2025

However, these resources are now unavailable due to the IMF’s suspension. This development coincides with the IMF’s recent downward revision of Colombia’s economic growth forecast for 2025, from 2.5 percent to 2.4 percent. According to Luis Fernando Mejía, Executive Director of Fedesarrollo, this decision reflects the severity of Colombia’s fiscal situation, with a 2024 deficit of 6.8 percent of GDP, the third-highest in 120 years.

The fiscal rule was also breached in 2024, and the 2025 deficit target of 5.1 percent of GDP lacks market credibility.

“It is the worst message for financial markets. We are left without a spare tire just when the global economy is full of uncertainties. The Flexible Credit Line was the biggest insurance the Colombian economy had. The IMF is viewing Colombia’s situation very negatively. Difficult times are coming,” said Mauricio Cárdenas.

Former Minister of Finance and Rector of Universidad EIA, José Manuel Restrepo, stated that the IMF’s decision creates a scenario of increased uncertainty, potentially raising the country’s risk premium and public financing costs.

“We saw this in recent Colombian placements, which are between 30 and 50 percent more expensive than the historical financing cost of the National Government,” he said.

This would lead to higher interest payments on public debt, a higher exchange rate, and reduced space for productive and social investment in the national budget.

No es buena noticia para Colombia 🇨🇴!! La línea ha sido siempre un respaldo y confianza en la política macroeconómica. Respaldaría eventualmente al país en una situación coyuntural difícil como sucedió en la pandemia parcialmente, y perderla o supeditarla a otras decisiones,… https://t.co/He3GmD4WyN pic.twitter.com/RvBO6I5Lx4

— José Manuel Restrepo Abondano (@jrestrp) April 26, 2025

“The effect will be clearer on the Colombian peso, because this Flexible Credit Line is understood as a possibility of having contingent international reserves. Probably, this Monday at market opening, we will have a weaker Colombian peso,” predicted José Ignacio López.

While the FCL suspension is concerning, José Ignacio López believes the government has options for resolution, as it is not a definitive decision.

“The government still has limited room to maneuver to send a message of fiscal adjustment that allows closing the Article IV and keeping the Flexible Credit Line open until April 2026. The government must present a credible fiscal plan. The fiscal situation is deteriorating, and protecting that credit line is key in the current situation,” he added.

Luis Fernando Mejía also stated that the IMF’s decision is a further warning for the government, reinforcing the urgent need to cut the 2025 national budget. This cut would need to total 40 trillion pesos to avoid another breach of the fiscal rule and resume the path of deficit and public debt reduction.

The Ministry of Finance has stated that it is analyzing Colombia’s fiscal situation and “advancing in the implementation of economic measures that consider the evolution of domestic and external economic conditions, as well as compliance with the goals included in the National Development Plan.”

Photo credit: IMF/Melissa Lyttle/Facebook.

Shell is officially exiting gas exploration activities in Colombia, bringing an end to its involvement in several key offshore projects in the southern Caribbean. The company has begun the process of selling its 50% stake in the Fuerte Sur, Purple Angel, and COL-5 blocks. Shell’s decision marks another major withdrawal by an international oil company from Colombia’s upstream energy sector.

The discoveries made in the region in 2017 represented, at the time, some of the country’s most promising natural gas discoveries. Former president Juan Manuel Santos and Juan Carlos Echeverry, president of Ecopetrol (Colombian state-controlled petroleum company and Shell’s partner in this venture), made the announcement and labeled them the most significant gas finds in nearly three decades, with early estimates pointing to more than 3 trillion cubic feet of recoverable gas, exceeding the country’s proven reserves at the time.

However, enthusiasm faded due to logistical and economic hurdles. Transporting the gas from deep water wells to shore requires costly infrastructure, including a long-distance undersea pipeline and onshore processing facilities. Industry sources referred by the Latin-American news website Infobae pointed out that the scale of investment needed does not justify the currently confirmed volume of gas. Bureaucratic procedures and insecurity were other reasons that could have led to the decision.

Ecopetrol has confirmed in a press release in response to Shell’s decision that despite this setback, they are working on a plan to ensure the continuity of these projects without the British company’s investment. The company also confirmed it is actively seeking options to connect future production and distribution of gas to Colombia’s National Transportation System.

Adding to the realignment, Shell is also considering selling other Colombian assets, including its stake in the offshore block COL-3, co-owned with Noble Energy (now part of Chevron). While Shell will retain its fuel distribution and lubricant businesses in Colombia, the move marks a broader retreat from exploration and production operations in the country.

Shell’s departure is not an isolated case. Over the past five years, other major oil and gas companies—Chevron, Repsol, ConocoPhillips, Cepsa, and ExxonMobil—have either scaled back or exited their exploration or production operations with oil or gas in Colombia. Many of these exits were linked to regulatory uncertainty, challenges in project viability, and shifting corporate priorities toward lower-risk or more profitable regions.

Reactions have been swift. According to La República, over the last decade Colombia had an almost 50% decrease in gas production: while there were 329 contracts in 2015 that yielded a production of 5,048 million cubic feet per day, between January and February, by the same period in 2025, the number of contracts had dropped to 277, with a production of 2,608.1 million cubic feet per day; as per data from the National Hydrocarbons Agency.

“That a company as important as Shell is withdrawing from Colombia’s offshore gas activities; that foreign investment in hydrocarbons has fallen 30% in the last year; that the development of the Sirius project (the most promising ever found offshore) is subject to the absurd requirement of 116 prior consultations before its gas molecules can reach land; that domestic gas production has fallen to its lowest level in 10 years; that 130 exploratory wells were drilled in 2012, while only 27 will be drilled in 2024…. None of this is a coincidence; it is the result of a deliberate policy by the Petro administration to end the country’s gas self-sufficiency, which we Colombians have already begun to pay for with expensive imports,” Juan Camilo Restrepo, Former Deputy Finance Minister, stated on X.

However, optimism still remains for the Sirius project—an initiative led by Petrobras and Ecopetrol in the same region. Discovered in 2024, Sirius is touted as the most promising gas find in Colombia’s deepwater history, with production expected to begin in 2029. Industry analysts now view Sirius as the country’s best bet for restoring long-term energy self-sufficiency, even if its development has not been without its hurdles.

Colombiatex de las Américas has brought an economic benefit to Medellín. In addition to short, medium, and long-term business, Colombiatex de las Américas generated an economic impact of $10.3 million USD for Medellín, demonstrating its contribution to the city’s economic, social, and cultural development.

Colombiatex de las Américas boosted MICE (business-related tourism), which is reflected in the hospitality, transportation, and gastronomy sectors. Its 37th edition closed with 29,000 attendees.
The fair focused on internationalization, Latin American linkages, differentiated value offerings, and the sustainability of the textile, apparel, and fashion sectors.

Nine entrepreneurs participated in this full-service program, supported by programs from the Medellín Mayor’s Office. They work in the swimwear, baby clothing, underwear, knitwear, and menswear sectors. During the fair, they established strategic relationships, accessed new markets, and added value to their production chain.

Inexmoda announced the holding of two new fairs: the first is the Colombia Fashion Summit, a congress that will take place in October of this year and seeks to connect entrepreneurs and academics from the fashion world in Medellín. The second, called Nextech, will take place in September 2026 and will focus on machinery and technology for the various links in the textile-apparel value chain.

“One of the characteristics that has allowed Medellín to thrive in its worst moments has been the constant unity of the public sector, the productive sector, the universities, and civil society. That’s what it’s all about: how we are allies, how we take care of companies, so that things happen,” said Medellín Mayor Federico Gutiérrez Zuluaga.

Colombiatex de las Américas generated an economic impact of $10.3 million USD for Medellín. Photo credit: City of Medellín.

With this edition of Colombiatex of the Americas, Inexmoda reaffirms its internationalization strategy through a mission of buyers from India, Brazil, Italy, Turkey, Spain, the United States, Peru, Costa Rica, Argentina, Ecuador, Mexico, among other countries, who find in Colombia an opportunity to access products distinguished by their high quality, innovative design, and sustainability.

“Together with the Mayor’s Office of Medellín, we have developed a trade fair master plan so that these events continue to be held and generate economic benefits for the city.” We estimate that a trade fair like Colombiatex de las Américas generates 2,500 direct and indirect jobs. Not only are we kicking off the trade fair calendar for the textile and apparel sector, but we are also impacting the economy and creating jobs through business and specialized tourism,” said Sebastián Díez, CEO of Inexmoda.

In addition to the trade agenda, Colombiatex 2025 featured the Knowledge Pool, a space for updating and inspiring the textile and apparel industry that will bring together more than 30 national and international experts, who will offer nine daily conferences focused on regeneration, multidimensionality, and cooperation. Additionally, the fair will feature the Sustainability Route, which will feature 47 companies from Colombia, Brazil, Italy, and Spain, and the Materials Library, which will showcase progress in eco-friendly developments.

At this edition of Colombiatex of the Americas, the Complete Value Package took on special importance, highlighting the competitive advantages of the national industry in responding to the needs of the global market, as this model offers comprehensive solutions ranging from conceptualization to the final delivery of the finished product.

During the event, nine entrepreneurs from this category supported by programs from the Mayor’s Office of Medellín, had the opportunity to establish trade agreements, exchange knowledge, and transfer technology, which will strengthen their businesses and make them more competitive in the global industry. The textile industry in Antioquia remains one of the largest generators of employment.

Companies in the sector associated with the Fashion and Advanced Manufacturing cluster contributed approximately 7% of departmental employment in 2023. Meanwhile, in Medellín, 10,462 organizations are registered as part of the various subsectors that comprise this cluster. These companies’ total assets of more than $9.4 billion USD by 2024 and represent 8.8% of the city’s total companies, according to figures from the Medellín Chamber of Commerce for Antioquia.

Photo credit: City of Medellín.

After last week’s dearth of news, Colombia is back with a bang. It’s hard not to touch on the allegation that Gustavo Petro is a drug addict – it is also impossible to avoid the fact that the letter was penned by a man (Álvaro Leyva) who was recently scorned by the government when trying to tender for the lucrative corruption-infested passport contract.

The accusations, including that Petro has been ‘kidnapped’ by another member of the cabinet, are fast being debunked. Still, it is also probably no coincidence that it is the same week as the questions for the labor reform were submitted to the senate, and arch-rival Álvaro Uribe is back in court trying to avoid a conviction. Little that passes in Colombian politics is unconnected.

We will see how the labor reform referendum goes, but given the simple requests by developed world standards, it is hard to see the populous saying no. Still, there are hoops to get through first – on top of that, he will need to get the backing of some 13 million and Colombians aren’t the most proactive voters.

On top of recent strong retail sales (February) from Departamento Administrativo Nacional de Estadística – DANE Colombia and consumer confidence (March) data from Fedesarrollo it was no surprise to see another healthy increase in imports for February of 10.5% with manufacturing representing 74% of total imports and which are a consequence of lower interest rates.

One source of potentially lower imports is US cars, with Washington insisting that Colombia remove some certification process – if not, they will stop shipping. Asian and European manufacturers will be happy to step in. This week saw the celebration of 70 years of the Colombian-American Chamber of Commerce – awkward canapé chat!

The knock-on effect due to suffering exports, largely due to oil prices and coal demand, is the $1.2 billion USD trade deficit for the month, which taps into the ongoing fiscal concerns. In the same vein, DIAN reported a Q1 tax collection increase of 6.8% YoY to COP72.14 bn – however, it is still way below what’s needed.

Economic activity for February (1.78%) was healthy, although down on January’s 2.6%, however this week we saw the IFC – International Finance Corporation cut GDP estimates across the board due to Trumponomics and Colombia was cut from 3% to 2.4% – in line with S&P who reduced to 2.5%.

In a blow to the commodity sector, Shell announced they will be leaving Colombia, diverting out of their JVs with Ecopetrol. The question is why after last year’s large natural gas discovery? It’s simple enough. Colombia isn’t a big shot in the sector, and there are bigger fish & countries to fry. It is something that Colombia needs to understand as soon as possible.

According to Aeronáutica Civil de Colombia, passenger numbers increased by 3.5% (470,000) in Q1 to 13,803,000. Tourism and travel, the big Petro bet, remains in rude health.

Have a wonderful end to the week.

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Photo credit: mwewering from Pixabay.

Colombia’s Minister of Commerce, Industry and Tourism, Cielo Rusinque Urrego, accompanied by the Ambassador of Colombia to the United States, Daniel García-Peña, held a meeting with the US Trade Representative, Ambassador Jamieson Greer, with whom she discussed the recent tariff measures that that country imposed and that affect Colombian export products to that market.

The meeting revolved around the 25% tariff applied to steel and aluminum and to manufactures made with these inputs; as well as the general tariff of 10% that affects exports of flowers, coffee, bananas, avocados, and clothing, among other products.

The senior officials referred to seeking mutually beneficial agreements that eliminate tariff and non-tariff barriers between the two countries. Colombia insisted on making progress in the sanitary admissibility of passion fruit, beef, and chicken, as well as the improvement of conditions for avocados and blueberries.

During the meeting, the minister expressed Colombia’s interest in exporting cannabis for medicinal and industrial uses to the United States, indicating that Colombia is closely following the process that the US authorities are carrying out to reclassify it in their internal regulations, facilitating scientific research for the benefit of public health and in line with the policies of Colombia’s government for the substitution of illicit crops.

Likewise, the visit to Bogotá of Daniel Watson, Deputy Representative for the Western Hemisphere of the Office of the Trade Representative, on April 29 and 30, was confirmed, to continue advancing in this dialogue initiated by the minister.

Colombia’s Ministry of Commerce, Industry, and Tourism said in a statement that its economic and trade policy will continue to be oriented towards reindustrialization, diversification of exportable supply and markets, and the protection of national interests.

Colombia’s Minister of Commerce, Cielo Rusinque Urrego, and Ambassador Daniel García-Peña meet US Trade Representative Jamieson Greer to discuss tariffs on Colombian exports. Photo credit: Colombia’s Ministry of Commerce, Industry and Tourism.

Colombia’s Commerce Minister meets US officials to address new tariffs on Colombian exports: Photo credit: Colombia’s Ministry of Commerce, Industry and Tourism.

Medellín has been nominated for the 2025 Stella Awards, considered high-level honors in the meetings and events industry. The Medellín and Antioquia Convention & Visitors Bureau is competing in the Best CVB/DMO – International and US Territories category, making it the only Latin American city to receive this nomination.

The Stella Awards recognize excellence in the global Meetings, Incentives, Conventions, and Exhibitions (MICE) industry. The nomination highlights Medellín’s standing as a destination for business events.

“[This] nomination is recognition of the collective effort to position Medellín as a world-class destination,” stated Juliana Cardona Quirós, Executive Director of the Medellín and Antioquia Convention & Visitors Bureau.

The entry acknowledges Medellín’s leadership as a destination for international congresses, conventions, and events. It also recognizes the Bureau’s capacity to generate legacy, sustainability, and economic and social impact through events, increasing visibility in key markets such as North America, Europe, and Latin America.

Professionals in the MICE sector, strategic partners, business owners, event organizers, and citizens are invited to vote for Medellín in this international competition via the NorthStar Meetings Group website. Voting closes on May 2nd.

Medellín, Colombia. Photo credit: Julianza from Pixabay.

With the start of construction on the César Zapata Aquatic Complex at the Atanasio Girardot Sports Complex, Medellín is preparing to be the official host of the 2025 Junior Pan American Swimming Games, which will take place from May 13 to 25.

“I’m happy to deliver this good news to the city, but above all, to our athletes. We must take care of them and honor the commitments we have made. Medellín is once again the epicenter of major international and national events. More tournaments and many more improvements to the physical infrastructure will follow,” said Mayor Federico Gutiérrez Zuluaga.

1,280 athletes from the Americas will compete in diving, water polo, racing, high diving (divers who dive from an elevated platform, officially 20 meters for women and 27 meters for men), artistic swimming, and open water, in an event that positions Medellín as the epicenter of continental youth swimming.

The city will have a modern diving platform, guaranteeing international standards of quality and safety for swimmers. Photo credit: City of Medellín.

For the first time, an Olympic swimming event will be held in the country, including all the disciplines derived from this sport. 120 national swimmers, 60% of whom are from Medellín, will participate in this competition.
For this continental competition, the district began demolishing and dismantling the diving platform, a structure built 52 years ago. It will be replaced by a modern, non-slip structure that will ensure the safety and optimal performance of competitors and also meet the standards required by international sports authorities.

“It’s necessary to have a new diving tower with the best specifications, in addition to the work on the pools and the renovation of the entire aquatic complex. This will be, as we say in Medellín, ‘like a lulito’; it will be spectacular,” the president added. This project also includes the construction of a judging room for synchronized swimming, bathroom maintenance, renovation of the floors in the diving and Olympic pools, and waterproofing and painting the Olympic pool stands, among other works.

The Olympic pool alone serves approximately 20,000 swimmers per month. Thus, the work at the aquatic complex will benefit users of the institutional facilities, sports clubs, leagues, and recreational swimmers.

Photo credit: City of Medellín.

The Colombian National Police, in coordination with the Mayor’s Office of Medellín, arrested a US man red-handed for the crime of commercial sexual exploitation of a minor under 18 years of age. The operation took place in a residential building in the San Joaquín neighborhood near Laureles, following an urgent alert from neighbors in the dwelling where the man was staying.

Police sources tell Finance Colombia the man is named David Flint Stone, and is a resident of Hawaii. According to the official report, neighbors reported the suspicious entry of a young woman who, although she claimed to be of legal age, had the physical features and appearance of a minor.

The man’s mobile phone is being analyzed for nexus to pornography, sex trafficking, or criminal networks.

Upon responding, the officers found the 60-year-old foreigner in the company of the 15-year-old girl. Initial investigations indicate that the man had arranged a sexual encounter with her worth one million pesos.

“In Medellín, there is no room for abuse, nor for those who come to violate our minors. Thanks to the citizens, who were not indifferent, and the reaction of our police, we were able to avoid irreparable damage. We remain committed to protecting what is most valuable: our children,” stated the Secretary of Security and Coexistence, Manuel Villa Mejía.

During the procedure, the agreed-upon money and a cell phone were seized, which will be analyzed by authorities to determine whether the arrested person is linked to other acts of exploitation or a criminal network. The man and the seized items were handed over to the Attorney General’s Office.

“The message is clear: in the people’s Mayor’s Office, under the leadership of Mayor Federico Gutiérrez, we are acting firmly against sexual exploitation. These types of crimes will not go unpunished in Medellín. We will continue working tirelessly to identify, capture, and prosecute these criminals,” Villa Mejía added.

As part of the care protocol, the teenager was transferred to a health center to activate the health route and subsequently placed at the disposal of the rights restoration system, guaranteeing her comprehensive care and protection by the state.

David Flint Stone, was arrested in Laureles for sexual exploitation of a minor. Photo credit: Colombian National Police.

Photo and video courtesy of the Colombian National Police.

TaskUs, Inc. (Nasdaq: TASK), a global company providing digital services and customer experience solutions, continues to invest in Colombia as a strategic hub in Latin America. Yesterday, the company celebrated the launch its fourth site in the country—and second in Medellín—called The Eternal Spring. Located in the centrally located Punto Clave shopping mall, the site began operations in August 2024 and has already created more than 2,000 direct jobs.

“We are thrilled to expand our footprint in Medellín, a city known for its innovation and talent,” said Rubén Orozco, Vice President of Operations at TaskUs Colombia.

“At TaskUs, we are deeply committed to the growth and development of our people. Our investment in learning goes beyond current roles—we equip both emerging and established leaders with the skills needed to advance in their careers. Additionally, we offer on-demand online learning resources, allowing employees to grow at their own pace, anytime and anywhere.”

“The opening of this new operations center by TaskUs reaffirms Colombia’s positioning as the Country of Beauty and a competitive destination for knowledge-based services,” stated Carmen Caballero, President of ProColombia.

“The high availability of bilingual, skilled, and adaptable talent has been key for global companies to choose Colombia as a strategic ally for growth.” María Fernanda Galeano, Secretary of Economic Development of Medellín, added,  “TaskUs’ new operations center is highly significant for Medellín. It reflects a multinational company’s trust in our city and its people. It also reinforces Medellín’s appeal as a destination for international investment and contributes to employment, economic growth, and strengthening our entrepreneurial ecosystem. We welcome TaskUs’ expansion.”

Luis Barreto, Vice President of Operations for TaskUs Latin America, shared, “Our purpose is to inspire, energize, and revitalize our teammates both at work and beyond—while having fun. We’re excited to welcome new team members and support their development, helping more ‘paisas’ discover what makes working at TaskUs truly ridiculously good.”

Cristina Zambrano, Executive Director of ACI Medellín, commented, “We celebrate TaskUs’ confidence in Medellín and their decision to grow their presence in our city. This expansion confirms that our district is ready to remain a competitive destination for foreign investment and a strategic partner for companies committed to innovation, talent, and sustainability. Every new job created is a chance to transform lives and strengthen our local economy.”

Since entering the Colombian market in 2021, TaskUs has established operations in Cali, Barranquilla, and Medellín, employing more than 4,000 highly skilled professionals who primarily support clients in the United States across industries such as healthcare, e-commerce, technology, tourism, and retail.

Currently, the company is hiring bilingual talent in Medellín. Interested candidates can explore open positions through TaskUs Colombia’s official social media accounts:@taskuscolombia, or via their careers website at https://www.taskus.com/careers/

Photos © Loren Moss

Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) has announced the appointment of Ned Jalil as Chief Executive Officer, while clarifying that former CEO Omar Ossma will continue in his role as president, performing the same duties within the day-to-day operations of the company.

Ned Jalil is a seasoned mining executive with over 25 years of global experience across gold, silver, and key battery metals including copper and nickel. Jalil has successfully led projects from exploration through to feasibility, construction and production.

Jalil has held senior executive roles with Kinross Gold and Appian Capital. As Chief Technical Officer at Kinross, Ned was instrumental in advancing key assets, including the Great Bear project, where he delivered a 5-million-ounce initial resource, and Manh Choh, where he led a team that transitioned the asset from study to construction. At Appian, Ned led the construction and operational readiness of the MVV Copper-Gold Project, completing it ahead of schedule and under budget.

Ned holds an MBA from the Kellogg-Schulich Executive MBA Program, along with Bachelor’s and Master’s degrees in mining engineering from Queen’s University. He is a licensed Professional Engineer and a qualified person under National Instrument 43-101 and brings a strong foundation of technical and academic excellence to his leadership roles.

“I am thrilled to be joining such a dynamic and growing company where I can lead a team with the goal of advancing the Guayabales project’s Apollo discovery to production. Both the Guayabales and San Antonio projects are fortunately located in areas with excellent infrastructure, with mining-supportive populations and local governments. The potential for growth at the Guayabales project is astounding, and I am excited to be part of one of the best discoveries of the past decade made in Latin America,” said Jalil.

“On behalf of the board of directors and management team, I would like to welcome Ned to the Collective team. Ned is a dynamic individual who thinks outside the box and loves to tackle challenges head-on. The company is now moving at a rapid pace, and Ned’s background and experience are exactly what we need at this juncture to take the Guayabales project to an ultimate production decision,” commented Ari Sussman, Executive Chairman.

Analysis

Adding someone with Jalil’s experience and background indicates that Collective may be ready to move into a new phase at its Caldas mining site. As a native Colombian and lawyer, Omar Ossma has done an excellent job navigating the complex regulatory environment in Colombia and establishing relationships with the local community.

Bringing Jalil in signals that the company is ready to move from the exploratory state into the construction of infrastructure and building out a proper mine. This duo working together is an optimistic omen for Collective’s success.

New Collective Mining CEO Ned Jalil Photo credit: Collective Mining Ltd.