The mining company Cerro Matoso S.A., operated by the multinational BHB Billiton, owes Colombia more than 56 million dollars for royalties not paid, the Colombian Comptroller said today.
That control body explained in a statement that "Cerro Matoso S.A. owes the Colombian State more than 170 billion pesos (about 56 million dollars), for royalties not paid between 1998 and 2003 and between 2007 and 2012".
The Office of the Comptroller added that it reviewed the settlement of royalties on contracts based on information provided by the National Mining Agency.
Royalties are the revenues the nation receives for the exploitation of oil, gas and minerals.
Located in the municipality of Montelíbano, in the Caribbean department of Córdoba, Cerro Matoso produced 40,600 tons of ferronickel in 2017 and is one of the largest open-pit deposits in the world.