Colombia, once the domain of guerillas and drug traffickers, has opened up to investment and is now poised to add reserves through an aggressive exploration program, having recently surpassed 1 million barrels a day.
Articles Tagged "colombia"
Bloomberg reported that as coal exports from Australia to Colombia increase, a rally that has lifted prices for the fuel will come to an end. As a result, the coal surplus will increase by 20 percent, to 6 million metric tons, in 2014, according to Credit Suisse Group AG (NYSE:CS).
Reuters reported that the Colombian government is looking for ways to allow miners to keep exporting coal even if they have not switched over to automated loading by January 1, 2014. The deadline is problematic in part because it could result in Drummond Company Inc. stopping one-third of the country's exports when 2014 begins.
Reuters reported that Colombia's January to September coal production came to 60 million tonnes, an 11.2-percent decrease from the same period last year, as per the National Mining Agency. The fall is being pinned on strikes faced by the country's biggest miners as well as guerilla attacks on railways.
Reuters reported that Colombia's Cerrejon, a joint venture between Anglo American plc (LSE:AAL), BHP Billiton Ltd. (ASX:BHP,LSE:BLT,NYSE:BHP) and Glencore Xstrata plc (LSE:GLEN), may have problems meeting its 2013 production target of 34 million tonnes of coal as a result of a strike earlier this year and attacks on its railway.
The Financial Times reported that Brazil's Eike Batista, once worth $30 billion, but now nearly bankrupt, has agreed to sell $450 million worth of Colombian coal mining assets in an attempt to hold on to some cash.
Bloomberg reported that BHP Billiton Ltd.'s (ASX:BHP,NYSE:BHP,LSE:BLT) Colombia-based Cerrejon coal mine will come close to a previously announced production target despite a month-long strike.
Mineweb reported that striking workers at Drummond Ltd.'s Colombian coal mine plan to continue fighting for higher pay and better benefits, meaning that operations may not start up again until October. The strike began on July 23.
Reuters reported that as a result of a strike, Drummond Company Inc., a US coal miner, has declared partial force majeure at its Colombian mines and loading operations.
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