Sunday, May 27, 2018

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Medellin’s “Metro” public transit agency announced May 4 that it just took delivery on its 80th train -- the last of 22 new trains ordered in 2016 from Spanish manufacturer Constructores y Auxiliares de Ferrocarriles (CAF).

The COP$380 billion (US$135 million) investment in the 22 new trains enables Metro to improve reliability and cut waiting times between train departures and arrivals at stations, according to the agency.

“With this new [railcar] vehicle, Metro completes 80 train units destined to meet the demand of Lines A and B, which together transport nearly 810,000 passengers a day,” according to Metro.

The mainly electric, mostly zero-emissions Metro system now mobilizes about 1.2 million passengers daily including the Metro rail system, the Metrocable aerial tram, the “Tranvía de Ayacucho” electric streetcars and the natural-gas-fueled “Metroplus” bus rapid transit (BRT) lines, the latter of which gradually will convert to pure electric power over the next decade.

While Metro initially ordered 20 new trains, it was able to get two extra trains thanks to a special government exemption on value-added tax for zero-emissions vehicles.

The last of the 22 new trains “will start the reception and testing phase today and it is estimated that in a month or so, they will begin to provide commercial service and join the 66 trains that currently provide service during peak hours,” according to Metro. The rest of the railcar fleet is held in operational reserve or else would be undergoing routine maintenance.

Because of the expanded fleet, Metro has cut the delay between train arrivals to three minutes on “Line A” (down from three minutes and 40 seconds previously) and to three minutes 50 seconds (down from four minutes 45 seconds) on "Line B."

In addition, total railcar capacity has risen to 41,480 passengers per hour, per direction, up from 35,650 passengers per hour, per direction previously, according to the agency.

“The acquisition of the new trains has also made it possible to react effectively to any technical difficulty since there are reserve trains prepared to attend to any contingency,” according to Metro.

“Another advantage of the increase in the fleet is that it will make it easier to advance the repowering of the first generation trains, one of the company's major projects for this year.

“One of the most notorious differences with the first-generation trains is that the second-generation trains enable internal communication between the three cars that make up a unit, facilitating the movement of passengers inside the vehicle.

“In addition, the trains have state-of-the-art technology and an aerodynamic design for lower energy consumption,” Metro added.


Medellin-based textile giant Fabricato announced May 1 that it posted a COP$11.6 billion (US$4.1 million) net loss for first quarter (1Q) 2018, 13% worse than the COP$10 billion (US$3.5 million) net loss in 1Q 2017.

Sales also dipped 13.6% year-on-year, while earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 45% year-on-year, to COP$1.8 billion (US$637,000).

However, the 1Q 2018 business environment improved compared to the immediate prior quarter (4Q 2017) thanks to relatively low inflation, low interest rates, rising oil prices and an improved consumer confidence index, according to the company.

In addition, Colombia’s textile sector “is beginning to see the positive effect of [government] measures taken at the end of last year against illegal competition,” including “intensification in the fight against contraband [clothing imports] and especially the antidumping measure taken against denim imports from China,” according to Fabricato.

In addition, the start-up of the new free-trade agreement between Colombia and the Mercosur nations enables favorable flow of fabrics at zero tariffs between Colombia, Mexico, Peru, Argentina and Brazil, the company noted.

Meanwhile, Fabricato continues to transfer operations from its shuttered “Riotex” factory in Rionegro, Antioquia, to its centralized Bello, Antioquia, production facilities, hence boosting productivity. Completion of this operational transfer is expected by July.

Reviewing 1Q 2018 results, Fabricato highlighted what it termed as a “bad January, but a good February and March, with EBITDA positive, to a level aligned with our budget.”

In addition, “another relevant factor is our new business model, under which the volume of production is aligned with sales expectations for the period, instead of employing the concept of maximum capacity utilization,” according to Fabricato.

“This has reduced product inventory by 25% in [Colombia Peso] terms and 32% in volume terms, year-on-year,” the company added.


The International Monetary Fund (IMF) on April 30 announced that it foresees 2.7% growth in Colombia’s gross domestic product (GDP) this year.

In its latest annual “executive board” report (see: http://www.imf.org/en/News/Articles/2018/04/30/pr18154-imf-executive-board-concludes-2018-article-iv-consultation-with-colombia?cid=em-COM-123-36986), IMF found that during the 2017 calendar year, “adequate policy management brought Colombia near completion of its adjustment to large external shocks while further advancing inclusive growth.”

However, “economic growth moderated as private investment and consumption weakened in line with lower national income. Some delays in the infrastructure [development] agenda also contributed to the decline in private investment.”

On the other hand, “fiscal consolidation continued, guided by the fiscal rule and contributed to the narrowing of the current account deficit which was also buttressed by some recovery in oil and non-oil exports,” IMF found.

“Despite the growth moderation, social indicators improved with both poverty and income inequality decreasing in 2017.

“The current-account deficit declined to 3.4% of GDP and continued to be financed by FDI [foreign direct investment] to a large extent. Portfolio inflows moderated somewhat but remained ample with further increases in foreign participation in the local government debt market,” the organization added.

“Colombia’s outlook is favorable as continued efforts to advance the structural reforms will foster economic diversification and productivity growth. Economic growth is expected to rebound strongly in 2018 and further over the medium-term, led by strengthening investment and exports.

“The combined impact of the structural tax reform, a brighter outlook for oil prices and the authorities’ 4G [fourth-generation highway construction] infrastructure agenda will underpin investment while reducing Colombia’s relatively large infrastructure gap.

“Continued efforts to reduce trade barriers and some recovery in global growth will help sustain strong export growth. The implementation of the peace agreement will promote regional development and reduce inequality,” IMF’s report added.

On the other hand, “the economy remains vulnerable to uncertainties from a sudden tightening of global financial conditions and escalation of trade or geopolitical tensions.”

In addition, “placing public debt on a declining path is an appropriate fiscal target which would also leave room to fine-tune the consolidation pace as guided by the fiscal rule.

“IMF directors encouraged [Colombian] authorities to focus on improving tax administration, as associated revenue gains will create space for public investment. They highlighted the need for a comprehensive pension reform to increase coverage and progressivity.

“The current monetary policy stance should be conducive to a recovery in activity and reducing the [discount] rate further in line with inflation expectations could be warranted if the recovery faltered.

“Directors agreed that the flexible exchange rate regime has served Colombia well and should remain the first line of defense against global shocks as well as help accumulate adequate buffers.

“Directors noted that the banking system has been resilient amid the economic slowdown, reflecting partly effective financial supervision and ample capital and liquidity.

“They welcomed recent regulatory measures to homogenize banks’ loan restructuring practices and to bring regulation closer to Basel III standards, including through the implementation of the conglomerates law,” the IMF report concluded.


Medellin-based multinational foods giant Grupo Nutresa announced April 27 that its first quarter (1Q) 2018 net profits fell 13.1% year-on-year, to COP$121 billion (US$43 million).

The profit dip “is mainly explained by not accounting a portion of the dividends from our investment portfolio during the period, COP$26 billion [US$9.3 million], which will be registered during the second quarter of this year. Eliminating this effect, Grupo Nutresa’s net profit [for 1Q 2018] would have grown 5.7%,” according to the company.

Corporate-wide consolidated sales for 1Q 2018 rose 3.1% year-on-year, to COP$2.1 trillion (US$748 million), according to Nutresa.

“Sales in Colombia showed a positive performance -- in alignment with better consumption dynamics -- amounting to COP$1.3 trillion [US$463 million], which represents 64% of Grupo Nutresa’s total sales, a growth of 2.4% when comparted to the corresponding [1Q] in 2017, the company added.

Revenues outside Colombia grew 6.6% year-on-year, to US$265.2 million, accounting for 36% of total sales, according to Nutresa.

Consolidated gross profit rose 5% year-on-year, to COP$935.6 billion (US$333 million), “resulting from a sound commodities sourcing strategy,” according to the company.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 3.3% year-on-year, to COP$273 billion (US$97 million), with EBITDA margin at 13% of sales. “This is the reflection of our efforts in productivity and cost efficiency, along with a continued investment in the market,” according to Nutresa.

Grupo Nutresa boasts of a 59.8% market share in processed foods in Colombia “and one of the most relevant players in the sector in Latin America, with consolidated sales of COP$8.7 trillion [US$3.1 billion] in eight business units: cold cuts, biscuits, chocolates, Tresmontes Lucchetti [Italian specialties], coffee, retail food, ice cream and pasta,” according to the company.


Just as Medellin pioneered the development of Colombian wild-bird study and conservation via the founding of Sociedad Antioqueña de Ornitologia (SAO) nearly 35 years ago, now the city can boast of hosting the first-ever congress of junior ornithology students.

In the April 19 event at Medellin’s Colegio Montessori, some 70 students from four local schools -- Montessori, Colegio Theodoro Hertzl, Colegio Colombo-Britanico and Club de Aves de Ebejico – joined professors and SAO volunteers to celebrate the Primer Encuentro de Clubes Infantiles de Observadores de Aves -- the first-ever Colombian joint congress of junior ornithology students.

Following a morning bird-walk around the Montessori campus -- featuring a dazzling display of migratory birds including Yellow Warbler (Setophaga Petechia) and Canada Warbler (Cardellina Canadensis), both now heading for their North American breeding grounds  – students and professors provided updates on groundbreaking junior-ornithology studies here.

Colegio Montessori and Colegio Theodoro Hertzl (see “Top Bilingual Primary Schools in Metro Medellin Now Offer Ornithology Studies,” 08/03/2017 Medellin Herald) have been leaders in developing junior ornithology studies here -- mainly for primary-level students.

But Colegio Colombo-Britanico and Club de Aves de Ebejico likewise have been making impressive strides over the past 12-to-18 months, as students and professors explained here.

At Colombo-Britanico – one of Medellin’s top bilingual schools – biology professor Alejandra Becerra explained that her program combines bird studies with broader environmental education.

“We’re working to sensitize our students, and their behavior,” Becerra said. Besides classroom work and field trips, the ornithology students also are now participating in the annual SAO-organized Medellin Bird Festival (Festival de Aves de Medellin). All of these activities and studies help motivate students to broaden their horizons and “get them out of shopping malls,” Becerra quipped.

The Colombo-Britanico students -- mostly high-school level, but also primary level, plus some parents, relatives and teachers -- participate in birding excursions to locations including Parque La Frontera in Medellín, El Salado Ecological Park in Envigado, the Alto de San Miguel nature reserve in the southern Medellin suburb of Caldas, the San Sebastián de la Castellana nature reserve in the eastern Medellin suburb of El Retiro, the El Moral reserve near the village of San Cristóbal, the El Romeral reserve in the municipality of La Estrella, the Medellin Botanical Gardens, and (on one occasion) a special weekend-trip to the ProAves “Pájaro Arriero” reserve in the municipality of Anorí, organized in cooperation with the Corantioquia environmental regulatory agency.

As Montessori rector Myriam Montes explained in her presentation here, “when we see people interested in birds, it sparks so much hope – that the beauty of birds can inspire a desire to protect and respect them.

“Our country [Colombia, the nation with the world’s richest bird diversity] doesn’t know what we have. But with people like you, we have a better chance of saving what we have. So we hope these clubs keep growing.”

Likwise, three-year-veteran Montessori bird-club student Martin Zapata added here that ornithology education gained in the early years of study “will stay with you for life.” Fellow student “Manuela” added that such studies can help discourage trafficking in wild animals, while promotion of bird conservation also can help control excessive growth of damaging insect populations.

On a similar note, Ebejico bird-club founder and professor Edgar Hoyos introduced one young student (named “Albeiro”) here who confessed that years ago, he and friends used to kill birds and eat them.

“But after we began studying with Edgar, now we take care of birds – we appreciate their songs and their beauty. Now I want to write a book asking pardon for what we did before,” Albeiro added.

In the “El Brasil” neighborhood near the town of Ebejico, students in the Pajaros de Mi Vereda program founded by Hoyos so-far have recorded more than 120 bird species in an area that principally is dedicated to coffee, sugar cane, fruit and vegetable production.

The initiative has been so successful that the Pajaros de Mi Vereda program has won two environmental prizes from Corantioquia, including donations of binoculars, he said.

Projects to date include installing and maintaining bird-feeders (mainly stocked with plantains for fruit-eating birds) and teaching students how to point-out bird sightings to their colleagues, using the concept of the hour-hand of a 12-hour clock, he said.  

Meanwhile, Colegio Hertzl ornithology instructor Alejandro Cartagena pointed-out in his presentation here that junior ornithology students are like “seeds planted for the future.”

“We’re still in our baby steps here,” Cartagena cautioned. “This is our first group excursion [to the Medellin junior ornithology congress] and we hope that next year all of you will come to visit us at Colegio Hertzl.”

“This is a great way to learn, have fun and share joy with other people,” added Mathias Quintero, an especially outstanding Hertzl ornithology student, a budding bird artist -- and only just 10 years old. A seed for the future, indeed.


Medellin-based multinational electric power giant EPM announced April 18 the launch of a novel floating solar photovoltaic (PV) power generation scheme at El Peñol lake, adjacent to the company’s 560-megawatt Guatape hydroelectric power station in Antioquia.

The floating PV station will be the first of its kind in Spanish-speaking Latin America, according to EPM.

The solar panels are projected to generate 10% to 15% more power than similar systems installed on land or on rooftops. Rationale: The floating panels can take advantage of unhindered solar illumination on lakes (where there are no shadows), get an extra boost of reflected light off the lake, and tap “free” lake water -- conveniently available for cooling the panels, explained EPM general manager Jorge Londoño de la Cuesta.

The El Peñol array includes 368 panels, connected via submarine cable to an existing, nearby EPM electric power substation. Total area of the array covers 1,430 square meters, with each panel measured at 99 x 60 centimeters, according to EPM.

“With this system, which has an installed capacity of 100 kilowatts (kW) in two modules of 50kW each, we expect to generate approximately 145 megawatt-hours per year, enough to power 15 houses for a full year,” according to EPM.

The electricity generated by the new array will be used internally at EPM’s Guatape hydroelectric power station, according to the company.

A “big data” program will analyze the power-array’s efficiency and reliability in real time over the next 12 months. Depending on results of the test, EPM then would be able to define the feasibility of expanding similar floating-PV systems to more areas.

“In many countries, installing large-scale solar PV systems on land is inhibited by the lack of space available,” Londoño de la Cuesta said. “Because of that, floating PV stations could become an alternative,” he added.


Medellin-based national electric-power grid operator and power-trading center XM announced April 17 that power demand in Colombia is up 3% year-on-year through first-quarter (1Q) 2018, compared to a 1.8% net year-on-year decline in 1Q 2017.

Over the last 12 months through March 2018, Colombian power demand is up 2.5%, whereas power demand actually fell 1.5% over the comparable 2016-2017 period, XM found.

Meanwhile, power demand in Antioquia rose 3.7% year-on-year for the month of March 2018, versus a 3.2% net decline year-on-year in March 2017.

The power-demand figures indicate that Colombia generally and Antioquia specifically are starting to emerge from recessions that hit in 2016 and especially 2017, when a hike in value-added tax (VAT) slammed consumer spending and (consequently) industrial output.

For the month of March 2018, national power demand rose 4.4% year-on-year, compared to a 0.3% year-on-year contraction in March 2017, XM noted.

The relatively strong demand growth has exceeded prognostications by Colombia’s national energy-planning agency -- the “Unidad de Planeación Minero Energética" (UPME), XM noted.

Residential and small-business demand grew 4.4% in March 2018 versus March 2017, while combined industrial-commercial demand in March 2018 grew an even stronger 4.6% year-on-year, the agency noted. However, manufacturing demand in March grew by just 0.8% year-on-year, according to XM.

The greatest year-on-year demand growth in March 2018 was in Guaviare department (up 9.4% year-on-year), while the Tolima-Huila-Caqueta region saw demand jump 8.1%, and the Atlantic Coast region saw demand grow 6.8%, XM found.


Colombia’s Agencia Nacional de Infraestructura (ANI, the national infrastructure development agency) announced April 11 the successful relaunch of rail freight transport on a 522-kilometers-long line aiming to link Atlantic ports to the interior -- passing through Antioquia on the way.

ANI spent COP$212 billion (US$78 million) on the rail-line rehab project, aiming to cut freight costs between Atlantic ports and centers of industry in the Colombian interior.

Following the track upgrades, ANI this week organized a test shipment of 700 tonnes of steel and cement – first loaded at a rail-freight terminal in Chiriguaná in Cesar department, near Cartagena. Then, after passing through Cesar, Santander and Antioquia, the train made its final unloading at La Dorada in Caldas department, near Bogota.

“What we are demonstrating is that the train has the capacity to operate, to be competitive and is already moving cargo in a real way,” said ANI president Dimitri Zaninovich.

Test-run participants included the Ibines Férreo railway consortium and train operator Trencar.

Steel and cement shippers GyJ and Ultracem initially moved this cargo in highway trucks from the port of Barranquilla to the Chiriguaná rail transfer point. Then, following rail-freight arrival at La Dorada, this freight was to be transloaded to highway trucks bound for Ibague and Bogotá.

The new rail-freight option “is a reliable and safe means of transport, which reduces [air] pollution, is efficient in times and can move cargo in large volumes, while also complementing very well with other modes of transport such as road and river,” according to ANI.

However, the narrow-gauge railway infrastructure employed along this route would present problems for moving standard ocean containers. In addition, the rehabbed track doesn’t reach all the way to major ocean ports in Barranquilla and Cartagena, where much of Colombia’s nationwide containerized freight is now trans-shipped via highway trucks.

What’s more, a new “fourth generation” divided highway linking Medellin to Puerto Berrio, Antioquia -- near the newly rehabbed rail line -- has yet to be completed. Hence a future intermodal freight connection between the rehabbed rail line and the new highway linking Medellin to Puerto Berrio looks to be several years away.


Medellin-based multinational utilities giant EPM on April 7 presented highlights of 2017 results including impressive growth in profitability along with expansion of water, power, garbage-collection, sewer and natural-gas services to thousands more customers in the metro area.

In a press conference, EPM general manager Jorge Londoño de la Cuesta and Medellin Mayor Federico Gutiérrez pointed-out that EPM power and garbage-collection services now cover more than 97% of Medellín residents.

Drinking-water service now reaches 95.7% of Medellin homes and businesses, while sewage connections now cover 92.25%. Piped natural gas from EPM has now grown to reach 82.75% of homes and businesses.

As for new connections, EPM added 76,741 more customers here to its electric power service last year, which now totals 2.37 million customers. Meanwhile, natural-gas hookups last year added 66,624 customers, resulting in 1.3 million total gas clients.

As for drinking water, EPM hooked-up another 41,121 new clients last year, resulting in 1.18 million total clients, while sewage hook-ups last year added 42,221 more customers, resulting in 1.15 million total clients as of year-end 2017.

As for rural electrification, EPM connected another 2,292 homes in remote areas around Antioquia last year, benefitting another 9,168 persons. Rural electrification campaigns have now hooked-up 107,156 homes in Antioquia, benefitting 444,745 residents, the company added.

‘Pay What You Can’ Expands

As for EPM’s pioneering “pay what you can” (“paga a tu medida”) program for low-income customers – enabling generous, extended payment terms – another 51,070 customers signed-up for this program last year, with 120,708 added since the program began in 2014.

Similarly, EPM’s pioneering pre-paid system for power and water services added 22,084 low-income clients last year in Antioquia, with 242,956 homes now taking advantage of this option.

Unlike some areas in Colombia (especially the Atlantic coast) where theft of power via illegal connections is rampant in low-income areas – resulting in catastrophic losses for local utilities and as a result a predictably unreliable power supply – EPM delivers reliable, high-quality, socially-conscious power and water services to all economic strata thanks to tiered rates and prepaid options.

Prepaid-power and tiered power rates – subsidizing the poorest customers, but not by 100% -- along with rational power use (prepaid for real needs, not wasted frivolously) helps ensure that EPM meets triple goals of ensuring financial soundness, quality service delivery and real help for the most vulnerable in society.

Environmental Defense

While EPM’s soon-to-launch “Hidroituango” hydroelectric plant in Antioquia – now more than 80% complete -- will inundate thousands of hectares of environmentally sensitive areas upriver of the new dam, EPM last year in compensation added 22,575 hectares of protected areas in the hydrogeographic basins of Porce (Río Grande, Río Aburrá and Porce-Alto Nechí); Nare (La Fe and Río Negro-Nare); Cauca (areas near the Hidroituango dam); and Chinchiná, the latter in the zone of influence of EPM’s “Aguas Regionales en Urabá” affiliate in the Uraba region of Antioquia.

On the air-pollution-reduction front, EPM added 10 new electric vehicle (EV) recharging stations in the Medellin metro area last year, part of a planned long-term switch aiming to replace thousands of high-polluting diesel and gasoline vehicles with zero-emission EVs. Part of this plan includes replacing 1,500 conventional combustión-engine taxis with EV taxis over the next three years, the company added.

EPM also is working with Renting Colombia and Localiza Rent a Car to enable public renting of EVs, and it's also working with the Medellin “Metro” public transit agency to expand the conversion of more conventional transit buses and motorcycles to electric power.

The company also recently added two more “micro” hydroelectric plants in Antioquia last year (La Vuelta and La Herradura), avoiding emissions of 72,908 tonnes of carbon dioxide equivalent (CO2e). Meanwhile, the recently installed “Los Cururos” solar-power station in Antioquia has achieved another 266,814 tonnes reduction of CO2e, according to the company.

As for water pollution reduction, EPM’s soon-to-open “Aguas Claras” sewage-treatment plant in Bello, Antioquia – now more than 91% complete -- will slash raw-sewage dumping into the Rio Medellin by more than 120 tonnes per day, the company added.

Similarly, in the San Nicolas valley region just east of Medellin, EPM is launching a COP$19.6 billion (US$7 million) project to expand clean-water and sewage-treatment systems for customers in metro Rionegro, El Retiro and rural areas of Envigado.

On a related front, EPM recently acquired 100% of the stock of Empresas Públicas de Rionegro (E.P. Rio), enabling improved and expanded water and sewage services for 30,308 customers in the urban area of Rionegro, the company added.


Canada-based multinationals Gran Colombia Gold (GCC) and Red Eagle Mining (REM) in late March both reported progress in their gold mining operations here in Antioquia during 2017.
 
For GCC, adjusted net income for fourth quarter (4Q) 2017 nearly tripled, to US$9.1 million, from US$3.4 million in 4Q 2016. Similarly, for full-year 2017, GCC’s adjusted net income rose to US$23 million, up from US$15.6 million in 2016.
 
“The improvement in 2017’s annual adjusted net income compared with last year reflects the positive impact on income from operations of the higher gold production this year, lower financing costs due to debt reductions, and a decrease in Colombian wealth tax compared with the prior year,” according to GCC.
 
As for Red Eagle, full-year 2017 net loss worsened year-on-year, to US$15.7 million, compared to a net loss of US$6.9 million in 2016.
 
“The [2017] net loss increased compared to the 2016 period primarily due to increased mine site expenses, as less costs were capitalized during 2017, mineral property exploration costs [rose] at Santa Rosa as regional targets were drilled for the first time, and interest expense [rose]. Total assets and shareholders’ equity increased primarily due to increased mine development,” REM added. 
 
“The focus for the second half of 2017 was to complete enough underground development to support sustainable production and give access to underground drill pads.
 
“With most of the new equipment having arrived at site through February and March [2018] and the final scoops due for delivery in April, the mine is planned to ramp up to 750 tonnes per day in second-quarter 2018.
 
“The additional underground development and infill drilling will allow consistent production resulting in an estimated 45,000 ounces of gold produced during 2018. The mine now has sufficient underground development to support sustainable production,” REM added. 
 
GCC Highlights
 
Commenting on recent progress, GCC executive co-chairman Serafino Iacono added that “our 2017 results demonstrate that we are firing on all cylinders [as] 2017’s gold production was up 16% from 2016.
 
“Adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] increased by 14% over last year and is almost double the amount reported for 2015. Excess cash flow came in as expected at US$16.4 million.
 
“At Segovia [Antioquia], we added more ounces to our mineral resource estimate through exploration than we mined in 2017 and we reported our first ever mineral reserve for the project today.
 
“We continued to invest in the infrastructure at Segovia, not just in mine development and mining equipment but in areas that raise the bar in health and safety, environmental management and through our foundation, social projects that benefit the community,” he added.
 
Gran Colombia exceeded its guidance for 2017 with total gold production reaching 173,821 ounces, up 16% over 2016, according to the company.
 
“Fueled by continued growth in the company’s high-grade Segovia operations, total gold production increased to 51,699 ounces in the fourth quarter of 2017, up 26% over the fourth quarter last year.
 
“Gran Colombia expects its Segovia operations will produce 158,000 to 167,000 ounces in 2018, raising 2018’s total gold production guidance to a range of 182,000 to 193,000 ounces,” the company added.
 

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Medellin Herald is a locally produced, English-language news and advisory service uniquely focused upon a more-mature audience of visitors, investors, conference and trade-show attendees, property buyers, expats, retirees, volunteers and nature lovers.

U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

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