Page 17 - Caribbean-Central America Profile 2018

REGIONAL

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

MINING Colombia and Argentina, private capital In Trinidad and Tobago, Lake Asphalt of
Latin America and the Caribbean is a privileged participation in the upstream tranche is limited, Trinidad and Tobago (1978) Limited (Lake
region because it has many natural resources, often limited to joint ventures with state-owned Asphalt), processes and exports Trinidad Lake
both renewable and non-renewable. That is why companies. Major international companies Asphalt (TLA), which is mined from the Pitch
it is essential to have an adequate governance (British Gas, British Petroleum, Chevron, Lake in La Brea. TLA, the company’s flagship
of these resources, "so as not to kill the hen of Exxon, Shell, Repsol, etc.) and smaller local and product is recognised around the world as the
golden eggs," said Jeannette Sánchez, Director international firms have an important role in the superior modifier for refinery bitumen and
of the Natural Resources and Infrastructure sector, for they provide critical services for the has been used on every continent in the world
Division of ECLAC, in the last edition of the industry, exploit more technically challenging over the past century in several applications
program "Horizontes ECLAC”. It was indicated and risky plays, and focus on retail activities. including the paving of some of the largest
that Latin America and the Caribbean has almost In Central America, Nicaragua has the highest roadways, highways, bridge decks, racetracks
one third of the fresh water of the planet and historical gold production, estimated at almost and airport runways across the globe.
also owns a third of the so-called "megadiverse" 10 million oz. In Guatemala, the mining sector Other mining in the region include Alcoa’s Inc.
countries in the world, besides having 68 percent accounts for approximately 2.5 percent of GDP. operations in Jamaica where the company has
of lithium reserves, 43 percent of copper, 20 Panama, with its strong service-based economy been mining for bauxite since 1959. Through
percent of oil globally.
that was fuelled by the expansion of the Panama a series of upgrades the production capacity
The Latin America and Caribbean (LAC) region Canal, mining activities currently account for of the refinery has now been increased to
accounts for approximately 13 percent of the approximately 1.5 percent of GDP. Panama is approximately 1.424 million mt/y.
global production of oil and 6 percent of natural projected to become a major copper exporter The region enjoys comparative advantages in
gas. LAC countries produce over 9.5 million once it’s Cobre Panama copper and gold mine, the exploitation of metallic minerals, and most
barrels of oil and more than 29 billion cubic owned and operated by First Quantum, comes countries have directly or indirectly encouraged
feet of natural gas per day. Just four countries online. FDI in the sector. How to keep step with the
– Venezuela, Mexico, Brazil and Colombia – In the Caribbean, the Dominican Republic expansion of mining activity through policies in
produce more than 85 percent of the regional
has an abundant portfolio of gold, silver and support of the production sector, while securing
oil output. Gas production is concentrated in copper reserves. The mining sector’s value and the maximum possible benefit for inclusive
few countries; Venezuela, Mexico, Argentina, contribution to GDP is now expected to rise and sustainable development, remains a major
and Trinidad and Tobago generate 68 percent substantially due to the start of production at challenge for Latin American and Caribbean
of the region’s natural gas. The vast majority Pueblo Viejo (Barrick Gold Corp., 60 percent countries.
of hydrocarbons are produced by state-owned
and Goldcorp Inc., 40 percent) and PanTerra
companies. In Mexico, Venezuela, Brazil,
Gold’s Las Lagunas tailings.

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