Is This The Decade's Most Important Mining News?

It might not be immediately apparent -- but the global mining sector just changed forever.

That's not because of a technical advance or a major discovery (yet). But rather a political event -- one that could open up the world's leading frontier for some of the most important global metals.

The place is Colombia. And the development is peace.

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Colombia's president Juan Manuel Santos agreed Wednesday with rebels from the FARC insurgent group on terms for ending their war. The key achievement being an accord on how to punish persons -- from both sides -- who committed war crimes during the fighting.

The agreement was one of the biggest parts of the FARC-government peace process. With both sides now saying that a full-blown laying down of arms will come within six months. Related: Oil Majors Sacrifice Production To Protect Dividends

In short, this is momentous. The FARC war is the longest-running civil insurgency in the world -- with roots dating back to 1948.

And -- as a footnote to the catastrophic human cost inflicted -- the fighting has held back minerals development in a place that has some of the world's most attractive geology.

Colombia lies at the northern end of the Andean Cordillera, producer of 39 percent of the world's copper -- along with 21 percent of molybdenum and 7 percent of gold supply. The country has largely the same rocks as Chile, Peru and Ecuador, yet produces almost none of these metals other than bullion. Related: Goldman Sachs: "Peak Coal" Is Here

But the prospects are tremendous. Porphyry copper-gold showings around Colombia are some of the largest and richest in the world. They've just never been open to development -- with the civil war being one of the major impediments.

But a peace deal could change that, much like the end of fighting did in Peru in the 1990s, leading to huge discoveries -- including the Pierina gold deposit, one of the world's largest and lowest-cost producers.

If you missed the opening of that prime ground, now may be a second chance in untrodden elephant country. Watch for the finalizing of the peace agreement over the next six months.

Here's to peace,

Dave Forest

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