Our case study analyzes the political economy of the mineral-energy landscape in Colombia with a focus on large-scale export-oriented coal extraction. We identified that the actors influencing coal-related policies in Colombia are currently pursuing three main objectives, namely: (i) maintaining revenue streams from coal extraction, (ii) guaranteeing power system reliability and security of energy supply, and (iii) managing socio-ecological conflicts. Policy outcomes reflect the resources and capabilities of the most influential actors to mobilize their objectives. This results in an indefinite prolongation of coal extraction and plans to phase in coal-fired electricity generation in Colombia. However, in the context of a shrinking demand space for Colombian coal, it risks stranding assets and reflects a disconnect between mineral-energy planning instruments and Colombia’s ambitious climate change commitments. Going from managing to solving socio-ecological conflicts may be a necessary step in the ongoing process to shape Colombia’s energy transition and any related just transition efforts. Understanding the political economy of coal in Colombia constitutes an important analytical element that may contribute to advancing this dialogue.