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World's Richest Man is Bullish on Colombia

February 10, 2011 | About:

The world’s richest man, Carlos Slim, is looking to expand his investments in Colombia. In a recent interview with Bloomberg, the Mexican billionaire was most optimistic about Colombia as he’s sees continued growth in commodity demand. “We are in the oil area building oil platforms and we are drilling in Mexico. We are looking at opportunities in other countries that look interesting to us. In Colombia we know that there has been a lot of investment. The government is actively looking at the development of the oil industry and is promoting other investments. We’re looking at what to do beyond the telecommunications business that we’ve been doing for 10 years in Colombia."

Slim owns stakes in Bronco Drilling Company (BRNC) and Allis-Chalmers Energy (ALY). Both companies provide contract drilling services to the oil and natural gas industries.

Slim is also optimistic about the price of other commodities due to the expanding middle class in the global economy.

“I would like that commodities don’t move with so much volatility and that the excesses in commodities aren’t present. I think the prices of primary products in the next years will have a bigger demand by a population that is getting out of poverty and is getting involved in the market. I think in the middle and long-term, more people will be living better and will be asking for these primary products.”

“We are investing in commodities and infrastructure. In commodities we are investing in mining. We have a mining company that we bought and we are investing a lot in this business.”

Another one of the richest men in the world, Brazilian billionaire Eike Batista has already started recently bid for Ventana Gold at about C$1.5 billion. Ventana’s La Bodega holds 3.5 million ounces of gold and 19.2 million ounces of silver.


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