OP Gold increased its proposed additional payment to the state to 2.5 percent from 1.5 percent after Freeport-McMoRan countered at 2 percent, exercising its right as the original bidder to improve its proposal, according to the National Mining Agency’s final evaluation. The Cesar block was one of eight copper, gold and polymetallic contracts signed on October 9 with five companies, and OP Gold also secured a second block in the round. Zijin Mining took two blocks at Buriticá in Antioquia without a counteroffer, and Copper Giant Resources said on Monday that it had secured the 16 square kilometre Chaparral block in Tolima, next to its Mocoa copper project.
OP Gold outbids Freeport for Colombia copper block
Colombia's OP Gold Capital raised its additional payment offer to 2.5 percent to beat a 2 percent counteroffer from Freeport-McMoRan for a 60 square kilometre exploration block in Cesar, in a tender round that also awarded ground to Zijin Mining and Copper Giant Resources.
Why it matters: Colombia's strategic minerals tenders are drawing contested bids from domestic and foreign miners, and the competition is raising the state's return on exploration ground before any discovery is made.
Data as of Mining.com report of October 26, 2026, read in full in this run, reporting the National Mining Agency's final evaluation and award register; Northern Miner and Canadian Mining Journal carried the same report. The eight contracts were signed on October 9, 2026. Developing item.
Sources
- Local miner outbids Freeport for Colombia exploration - Mining.com - 2026-10-26
- Local miner outbids Freeport for Colombia exploration - Northern Miner - 2026-10-26