The document analyses the Colombian mining legislation, Act 685 of 2001, based on the reasons expressed by the government and the miners for its conceit and approval. The document tries to determine the developments achieved by this new Mining Code considering international mining competitiveness and its adaptation to the constitutional rules about environment, indigenous communities, decentralization and sustainable development. The analysis formulates general and specific hypothesis about the proposed objectives of the reform, which are confronted with the arguments and critical evaluations of the results. Most hypothesis are not verified, thus demonstrating that the Colombian mining legislation is far from being the necessary instrument to promote mining activities, making it competitive according to international standards and adapted to the principles of sustainable development, healthy environment, community participation, ethnic minorities and regional autonomy.