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Medellin’s Mobility Secretariat this afternoon (September 3) finally unveiled its long-awaited rules on the upcoming “pico y placa” driving restrictions that start Monday, September 6.

Under the new rules (see: https://www.medellin.gov.co/irj/go/km/docs/pccdesign/medellin/Temas/NuestroGobierno/Publicaciones/Shared%20Content/Documentos/2021/Decreto-0730-de-2021-Pico-y-Placa.pdf), starting September 6, cars and light trucks (under 3.5 tons) with license plates ending in 0 are banned from circulation from 5 am to 8 pm.

The following day (September 7), cars and light trucks with plates ending in 1 are banned, then cars with plates ending in 2 are banned on September 8, and so-on.

The climbing-numbers rotation starts all over again on Monday, September 20, with the same numerical sequences -- plate numbers variously ending from 0 to 9 -- banned from circulation each corresponding day from Monday through Friday (see chart, above).

For the first two weeks (through September 17), the restrictions are “educational,” but starting September 20, the longstanding, historic “pico y placa” fines begin, according to the Secretariat.

Certain routes that pass through the entire Medellin metro area are exempted from the restrictions, including Autopista Sur, Avenida Regional and the parallel Avenida Occidental (the highways that run alongside Rio Medellin); Avenida 33 from Rio Medellin to its connection at Las Palmas; Avenida Las Palmas; and La Iguaná.

Also exempt are the eastward/westward roads alongside the La Iguaná stream between Avenues 63 and 80, and the east-to-westward segment of highway from the Horacio Toro bridge connection to La Iguana heading westward.

Exempt vehicles include fully electric and hybrid-electric cars; compressed-natural-gas-fueled cars; ambulances; buses; heavy trucks; public service vehicles; fire trucks; wreckers; health/medicines transport vehicles; and all types of emergency vehicles. Food/perishables transport vehicles also can be exempted if properly registered.

Enforcement will be especially strict on 40 heavily-trafficked, inner-city road routes as specified in the new regulation. But rural Medellin’s outlying, rural routes are exempt.

As for motorcycles, their “pico y placa” restrictions start October 4, the new rules show. Motorcycles making home-deliveries will be exempted.

AMVA Cities Follow Medellin's Lead

Hours after Medellin formally announced its pico-y-placa rules, Area Metropolitana del Valle de Aburra (AMVA) -- the coordinating agency for the 10 cities in metro Medellin -- unveiled its parallel guidance for the whole metro area (see: https://www.metropol.gov.co/Paginas/Noticias/pico-y-placa-empezara-a-regir-a-partir-del-6-de-septiembre.aspx).

That regional guidance includes internet links to each of the individual city regulations, which mainly follow the Medellin rules. For example, all 10 cities incorporate the 5 am-to-8 pm daily driving bans on individual vehicles, the same day/plate number rotations, and the same exclusions for certain vehicles (such as electric/hybrid vehicles, natural-gas vehicles, buses, etcetera). 


Medellin-based highway/airport concessionaire Odinsa – a division of cement, electric-power and concessions conglomerate Grupo Argos – announced this morning (September 2) a strategic alliance with Australia-based global infrastructure giant Macquarie Infrastructure and Real Assets (MIRA) and its affiliate Macquarie Infrastructure Partners-V (MIP-V).

According to Odinsa, the new alliance “will create an investment platform for road assets in Colombia and the region.”

Under the deal, Macquarie and Odinsa will create a private equity fund that will assume control of Odinsa’s highway concessions in Colombia and also jointly develop new projects.

“The investment platform would manage Odinsa’s current highway assets in Colombia, including Concesión La Pintada S.A.S., Concesión Túnel Aburrá Oriente S.A., Autopistas del Café S.A. and Concesión Vial de los Llanos S.A.S., with a consolidated valuation close to COP$4.3 trillion [US$1.14 billion],” according to Odinsa.

The new platform also would manage Odinsa’s private highway initiatives in Colombia including the “IP Perimetral de la Sabana” and the “IP Conexion Centro” projects, as well as the planned expansion of the existing “Túnel Aburrá Oriente” highway tunnel that connects Medellin to the JMC International Airport in Rionegro.

That group of Odinsa’s assets and future expansions would enjoy “significant financial backing and technical strength for their management” from the new investment platform, while the partners also would “continue to explore other opportunities for creating value through the development of new projects,” according to Odinsa.

“As a consequence of the acceptance of the proposal, the companies signed a contract for the sale of shares and assets that contemplates the operations for the constitution of the investment platform,” according to Odinsa.

Macquarie Asset Management (MAM) – the corporate owner of MIRA and MIP-V – currently has US$427 billion in assets under management in 20 markets across Asia, Europe, Australia and the Americas, in sectors including infrastructure, renewables, real estate, agriculture, transportation finance, private credit, equities and fixed income, according to the company.

“The interest shown by national and international investors in being part of this initiative translates into good news for Grupo Empresarial Argos” while also confirming “the interest of international investors in continuing to invest in Colombia,” Odinsa added.


Medellin-based multinational electric power giant EPM announced August 31 that insurer Mapfre’s just-issued US$100 million payment for physical damages at the estimated US$5 billion Hidroituango hydroelectric project now brings total damage payments from Mapfre to US$450 million.

EPM recently boosted the estimated cost of the Hidroituango project to COP$18.3 trillion (US$4.877 billion), since a 2018 diversion-tunnel collapse resulted in about a US$2 billion cost overrun -- once including both physical damages and even-greater losses from nearly four years of lost power sales.

With restoration work now well underway, EPM foresees the first two power generation units at Hidroituango coming on-line in the second half of 2022, while the six remaining units would come on-line between 2023 and 2025, eventually enabling a maximum 2.4-gigawatts of power capacity.

The Mapfre policy covers up-to US$2.56 billion for physical damages and up-to US$628 million for lost power sales.

US$1.29 Billion Debt Request Ahead of UNE-Tigo Divestment Plan

On a related front, EPM revealed August 31 in a filing with Colombia’s Superfinanciera oversight agency that it is seeking authorization to contract another US$890 million in external debt, plus another US$400 million in Colombian Treasury loans equivalent to COP$1.5 trillion. As a result, EPM’s debt load potentially could grow by US$1.29 billion.

Meanwhile, to help pay for the cost overruns at Hidroituango and simultaneously reduce the need for more debt funding, Medellin’s City Council plans to begin hearings next month on EPM’s request to sell its 50% share of the UNE-Tigo telecom/internet/cable-TV joint venture that it shares with Spain-based Millicom.


Area Metropolitana de Valle de Aburrá (AMVA) – the metro Medellin government coordinating agency – announced August 26 that “pico y placa” driving restrictions -- initially targeted for October 4 -- instead will return for all 10 cities in the Medellin metro area starting in September.

“By consensus, the mayors of the metro area decided to apply the ‘pico-y-placa’ measure once every 15 days for all vehicles, including two- and four-stroke motorcycles,” according to AMVA. “The measure will reduce vehicular traffic between 7% and 10%.”

Under the revised scheme, driving restrictions officially start September 6 -- during a two-week "education" phase -- for vehicles with license plates ending in 0. On September 18, as-yet-unspecified fines will start to be imposed on violators.

"The mobility restriction will be between 5:00 a.m. and 8:00 p.m., Monday through Friday," according to AMVA. 

License-plate rotations will be "one digit every 15 days," presumably meaning that plates ending in 1 would be banned on September 7, ending in 2 on September 8, and so-on. However, AMVA failed to specify explictly the exact day/plate-number rotation sequences.

"Pico y placa" bans also will hit two- and four-stroke motorcycles starting October 4, according to AMVA.

"Each municipality [that is, the 10 cities in the AMVA area] must issue a decree to apply the measures in its territory," but AMVA didn't explain exactly what this means. Presumably, Medellin could have rules or fines differing from Envigado or Bello, for example. 


Coltejer Posts Net Loss for 2Q 2021

Wednesday, 18 August 2021 10:36 Written by

Medellin-based textile giant Coltejer announced August 17 a COP$14 billion (US$3.6 million) net loss for second quarter (2Q) 2021, down from a COP$724 million (US$187,000) net profit in 2Q 2020.

Gross income likewise plummeted to COP$5 billion (US$1.3 million), from COP$16.3 billion (US$4.2 million) in 2Q 2020 as a result of Coltejer’s shut-down of its money-losing non-woven-fibers production (see Medellin Herald July 16, 2021).

As for first half (1H) 2021, Coltejer posted a COP$40 billion (US$10.3 million) net loss, a slight improvement over the COP$49.8 billion (US$12.9 million) net loss for 1H 2020.

Aside from the usual boilerplate financial information in the latest report, Coltejer made special reference to the ongoing Covid-19 crisis that in prior quarters has bled most industries.

“The outbreak of the Covid-19 pandemic and the measures adopted by the Colombian government to mitigate the spread of the pandemic have significantly impacted the economy,” according to Coltejer.

“Based on the liquidity position of the company as of the authorization date of these financial statements, and the inability to fulfill the commitments acquired with suppliers and employees, the company’s management determined to temporarily suspend the operations of the business of non-woven fibers, which implies for the company a monthly decrease of 49% of current income and a monthly increase in its net loss. With respect to the personnel linked to this line of business, they were granted collective vacations.

“On the other hand, [the company is] seeking liquidity resources for the realization and implementation of technical and market studies through the sale of fixed assets, inventories and leasing of buildings, the implementation of training processes for personnel related to the new technical and market requirements, elaboration of the analysis of the required administrative structure, as well as the definition of job profiles and the analysis of the infrastructure and products required for the market and the analysis of required raw materials and inputs, to avoid shortages.

“In light of these developments, management continues to have a reasonable expectation of having adequate resources to continue in operation for at least the next 12 months and that the ‘going-concern’ accounting base is still adequate, concluding that the company has continuity in the future and that the strategies described above support the possible results that are broken down from this contingency in a controlled way,” Coltejer added.


Mineros 2Q 2021 Profits Rise Year-on-Year

Sunday, 15 August 2021 10:00 Written by

Medellin-based multinational gold mining giant Mineros SA announced August 10 that its second quarter (2Q) 2021 consolidated net profit rose to US$10.4 million, up from US$8.7 million in 2Q 2020.

Revenues likewise rose, to US$128.4 million, up from US$126.3 million in 2Q 2020. But earnings before interest, taxes, depreciation and amortization (EBITDA) dipped to US$41.8 million, from US$53.4 million in 2Q 2020.

“During the second quarter of 2021, the world price of gold was US$1,770 per ounce, an increase of 3.7% compared to the end of first quarter 2021 and 5% higher than the end of the second quarter of 2020,” according to Mineros.

“Despite the positive news of economic recovery worldwide, the price of gold remained at strong levels due to economic stimuli packages, low central bank interest rates and high inflation in the United States.

“At the beginning of the third quarter 2021, the gold price continues to be strong, while the main concerns focus on the behavior of the Delta variant [of Covid-19] and the monetary policy of large economies,” the company added.

For all of 2Q 2021, Mineros produced 67,403 ounces of gold, of which 19,738 ounces were from alluvial production in Colombia; 32,381 ounces from underground mining at Hemco-Nicaragua; and 15,284 ounces from open-pit mining at Gualcamayo-Argentina.

As for its core alluvial mining operations in Antioquia, Colombia, “on June 23, the Colombian environmental authority [ANLA] replied to an appeal filed by the company in April. A good part of previous [negative] decisions were reconsidered. In that sense, once the impact was analyzed, even when not all the requested areas [for alluvial mining] were granted, the company will be able to continue with its alluvial operation.

“In September and October, a new request for environmental permits will be submitted, seeking to give continuity to the alluvial operation in the mid and long term,” according to Mineros.

On another front, “on July 30, in Colombia, we launched the ‘Llanuras Aluviales’ project, a new alluvial production unit that uses lighter technology, with easier transportation and allows for process optimization,” according to Mineros.

“Llanuras will give access to smaller areas with lower average ore grades. With an investment of around US$18 million, Llanuras will generate new development and employment opportunities in the area, promoting technology and business innovation in the Bajo Cauca region [in Antioquia],” the company added..

Total gold production for 2Q 2021 “was 4% lower than in the second quarter of 2020, explained by a drop in production in Gualcamayo (Argentina), given the natural depletion of a sector of the open pit mine and the sale of Operadora Minera in Colombia in June of last year,” according to Mineros.

Total cash costs rose 24% and the all-in sustaining cost rose 41% “mainly explained by higher production costs in Argentina and by the cost of purchases of artisanal material in Nicaragua, in addition to the development of the open pit mine in Argentina which requires the movement of a large amount of sterile material,” according to Mineros.

 


Enka 1H 2021 Profits Rebound Year-on-Year

Sunday, 15 August 2021 09:41 Written by

Medellin-based textile and recycled plastics specialist Enka de Colombia announced August 13 that its first half (1H) 2021 net profits jumped to COP$29 billion (US$7.5 million), a reversal from a COP$4.4 billion (US$1.1 million) net loss in 1H 2020.

Earnings before interest, taxes, depreciation and amortization (EBITDA) came-in at an all-time historic high -- COP$37 billion/US$9.6 million -- “favored by the situation of high international [textile] prices, the devaluation of the Colombian peso and the recovery in sales of textiles, industrial fibers and our ‘EKO’ recycled fibers,” according to Enka.

Construction of Enka’s new PET (polyethylene terephthalate) “Bottle-to-Bottle” recycling plant, “which will double our installed capacity, is progressing smoothly with investments of COP$21.2 billion [US$5.5 million] and it is expected to start operations by the end of 2022,” according to the company.

“The national strike during the month of May mainly affected local sales in some regions of the country and generated disruptions in the supply chain.

“Proper management of this situation avoided the interruption in the supply of essential raw materials and guaranteed the continuous operation of the plant to meet the sales commitments of our local and foreign customers. However, an economic impact due to unemployment cost overruns of close to COP$2 billion [US$520,000] is calculated, the vast majority of which will be seen reflected in the third quarter of this year,” the company added.

Operating income for 1H 2021 ended at COP$241 billion (US$62.7 million), up 50% year-on-year, “mainly due to the recovery of sales after the closings due to Covid-19, higher international prices and the reactivation of sales of virgin PET as a local supply alternative for customers,” according to Enka.

“The company continues with a solid financial position, ending the quarter with cash available in excess of COP$68 billion (US$17.7 million), a negative net debt ratio of -0.3-times EBITDA, even after investing in construction of the new Bottle-to-Bottle PET recycling plant, with costs amounting to COP$21 billion (US$5.4 million).

“Total assets increased by COP$55.5 billion (US$14.4 million) compared to the previous year, reaching COP$667 billion (US$174 million), mainly due to an increase in working capital derived from the increase in sales and investments in fixed assets for projects.

“On the other hand, total liabilities increased by COP$32 billion (US$8.3 million), ending at COP$230.6 billion (US$60 million), mainly in the supplier category to finance higher inventory levels,” the company added.

Through June 2021, exports accounted for 44% of sales, including strong growth in sales to the NAFTA countries (United States, Mexico and Canada), which now account for 23% of all sales, “offsetting other markets such as Brazil that have had a slower rate of recovery,” according to Enka.

‘Green’ Businesses Grow

Accumulated revenues for Enka’s “Eko” line of recycled products grew 21% year-on-year, to COP$68.5 billion (US$17.8 million), accounting for 31% of total sales, “mainly due to the recovery of sales of ‘EKO-Fibers.’ Exports represent 11% of the income of this line of business,” according to the company.

“EKO-PET” sales were 8,608 tons, with plant operation at full capacity. “Prices have increased in 2021 due to temporary supply restrictions for virgin PET due to the international freight situation and the cold wave in Texas (USA) at the beginning of 2021,” according to Enka.

“EKO-Fibers” (5,160 tons) volume grew 25% (+1,022 tons), “mainly due to the recovery of local and Brazilian demand, affected in 2020 by Covid-19,” according to the company.

“EKO-Polyolefins” (815 tons) sales dipped by 22% “due to high inventories in 2020 generated at the start-up of the plant. This year sales are adjusted to the availability of by-products (caps and labels) from current recycling processes,” according to Enka.

“Eko-Red” bottle uptake “continues to recover after the impact of Covid-19. Unfortunately, the collection of bottles was affected by the national strike, which strongly affected recycling volumes in the south of the country and generated difficulties and logistical cost overruns in much of the national territory,” the company added.

Textile and Industrial Threads Businesses

Excluding the production of virgin PET, the operating income of these textile-business lines ended at COP$152 billion (US$39.5 million), “47% higher than the previous year, due to higher sales volume and higher international prices,” according to Enka.

Industrial Yarns (6,595 tons) volume increased 32% (+1,615 tons), “highlighting the growth in canvas (+1,106 tons, up 47%) due to the strategy of strengthening Enka's position as the strategic supplier for the main tire companies in the region.”

Technical Threads sales grew 19% (+510 tons), “mainly in the USA and Colombia, offsetting lower demand in Brazil and substituting for lower-profit, non-strategic businesses.”

Textile Filaments (4,038 tons) sales grew 22% (+737 tons) “as a result of the recovery of demand affected by Covid-19 and difficulties in importing Asian products, benefiting mainly the sales of Nylon Filaments. Continuous Polyester Filaments showed a slow recovery,” the company added.


Medellin-based highway construction giant Construcciones El Condor on August 13 reported a first half (1H) 2021 net loss of COP$7.67 billion (US$2 million) -- mainly a temporary accounting impact from presumed losses arising from its partial stake in the "Vías de las Américas" highway concession project, which is in bankruptcy.

“This is a non-recurring effect recognized at the end of March 2021, only as an accounting phenomenon, and does not generate an impact on cash and therefore it does not affect the financial situation of the company,” according to El Condor.

“Excluding this accounting effect, net profit [for 1H 2021] would be COP$4.69 billion [US$1.2 million],” according to the company.

As of June 2021, income from ordinary activities totaled COP$258 billion (US$67 million), down 25.6% compared to the same period in 2020.

“This result is associated with the completion period of the projects that were executed during previous years with significant billings [and] the suspension of some projects pending environmental and property decisions, as well as the Magdalena 2 project, which is in the beginning stage,” according to El Condor.

“Additionally, the National Strike that began at the end of April also affected the pace of the works for reasons of physical security of our collaborators in some areas and shortage of the main supplies in the projects,” the company added.

“During 2021, the company is finalizing the profitable execution of fourth-generation ‘4G’ superhighway contracts, and begins the execution of new contracts, among which the EPC [engineering, procurement and construction] contract of the Magdalena 2 Consortium and public works contracts awarded by [Colombia’s highway agency] Invias in March 2021.”

Operating margin through June 2021 was 2%, while earnings before interest, taxes, depreciation and amortization (EBITDA) hit COP$22.5 billion (US$5.8 million), equivalent to an EBITDA margin of 8.72%, down from 14.9% in 2020, according to El Condor.

As of June 2021, the company’s construction backlog -- defined as the balance of works contracted and to be executed -- stood at COP$1.869 trillion (US$486 million).

An additional COP$1.05 trillion (US$273 million) in “projected backlog” is expected from the upcoming Santana-Mocoa-Neiva highway construction project. As a result, total backlog would rise to COP$2.9 trillion (US$755 million), according to the company.


Toronto-based gold miner Gran Colombia Gold (GCG) announced August 12 that its second quarter (2Q) 2021 net income climbed to US$29.8 million, a reversal from a US$18.6 million net loss in 2Q 2020.

The reversal “reflects a $9.2 million improvement in income from operations and a gain on financial instruments of $1.5 million in the second quarter of 2021 compared with a loss on financial instruments of $35.4 million in the second quarter of 2020,” according to GCC.

As for first half (1H) 2021, net income soared to US$148.1 million compared with $5.7 million in 1H 2020.

The 1H 2021 gains reflect both operational improvements as well as a “$56.9 million gain on loss of control of Aris Gold, a $44.3 million gain on financial instruments (compared with a $18.9 million loss on financial instruments in the frst half last year) and the $8.9 million gain on sale of the Zancudo Project,” according to GCC.

“Gran Colombia has completed a major step forward in its strategy to grow through diversification, completing an acquisition on June 4, 2021 of all the shares of Gold X Mining Corp. that it did not already own, and then closing a $300 million offering on August 9, 2021 of 6.875% Senior Unsecured Notes due 2026 to fund the development of the Toroparu Project in Guyana, to prepay the remaining $18 million balance of its Gold Notes and for general corporate purposes,” the company added.

“The company added a 27% equity interest in Denarius Silver Corp. to its portfolio in the first half of 2021, giving it exposure to the Lomero-Poyatos polymetallic deposit located in Spain, in close proximity to the Matsa JV project in the Iberian Pyrite Belt, and to the Guia Antigua and Zancudo Projects in Colombia.

“In February 2021, Gran Colombia also successfully brought its spin out of the Marmato [Colombia] Mining Assets to a conclusion, one in which the company has a continuing equity ownership of 44% in Aris Gold Corporation. The Marmato operating and financial results are only consolidated up to February 4, 2021 and thereafter the company equity accounts for its investment in Aris.”

GCC's gold production from its core Segovia, Antioquia operations totaled 52,198 ounces in the 2Q 2021, up from with 44,377 ounces in 2Q 2020. Total gold production from Segovia in 1H 2021 amounted to 101,256 ounces, compared with 94,723 ounces in 1H 2020.

“The company remains on track with its annual production guidance of 200,000 to 220,000 ounces of gold from Segovia in 2021,” GCC added.

Consolidated revenue in 2Q 2021 rose to $96.4 million, from $77 million in 2Q 2020, while 1H 2021 revenues rose to $198.3 million, up from $178.1 million in 1H 2020.

“The year-over-year increase in revenue largely reflects an increase in the company’s realized gold price, which averaged US$1,805 per ounce sold in the first half of 2021 compared with an average of $1,622 per ounce sold in the first half last year,” according to GCC.

“At the Segovia operations, total cash costs averaged $767 per ounce in the second quarter of 2021, compared with $654 per ounce in the second quarter of 2020, bringing the average for the first half of 2021 to $796 per ounce compared with $625 per ounce in the first half last year.

“The year-over-year increase in Segovia’s total cash cost per ounce in the second quarter and first half of 2021 reflect an increase in contractor and artisanal mining payment rates (which had not changed since 2017) implemented in the third quarter of 2020 in response to the current gold market conditions; higher spot gold prices which increased production taxes on a per ounce basis; and additional costs to maintain the necessary Covid-19 protocols required to protect the health and safety of Segovia’s workers and the local communities,” GCC added.


Medellin-based multinational cement, electric power and airport/highways concessionaire Grupo Argos announced August 12 that its second quarter (2Q) consolidated net income soared 534% year-on-year, to COP$392 billion (US$102 million).

Revenues rose 20% year-on-year, to COP$4 trillion (US$1.04 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 46%, to COP$1.3 trillion (US$338 million).

First-half (1H) 2021 net income likewise soared 561%, to COP$583 billion (US$152 million), according to the company, which produces cement/concrete (Cementos Argos), electric power (Celsia) and operates airport/highway concessions (Odinsa).

By segment, the Argos cement group produced COP$257 billion (US$67 million) in net income for 2Q 2021, while the electric power segment netted COP$198 billion (US$51 million).

Portfolio investments produced another COP$112 billion (US$29 million) in 2Q 2021 net income, while real estate investments netted COP$39 billion (US$10 million).

The only money-losing segment for 2Q 2021 was in highway/airport concessions, which suffered a net los of COP$13 billion (US$3.4 million) as the Covid-19 pandemic continued to hurt airline traffic and highway vehicle movement through toll booths.

“Increased revenues from the sales of goods and services during 2Q 2021 can mainly be explained by growth in all business lines, including contributions from Cementos Argos (up COP$347 billion) and the growth in [revenue, but not profit in] the concessions business (+COP$180 billion),” according to the company.

“Increased costs and expenses for the period (+17% year-on-year) is due to increased variable costs from greater sales volumes during the period. This 17% increase is less than the 20% increase in revenue, which translates into a higher contribution margin, evincing the company’s operating leverage.

“Higher sales levels resulted in increased EBITDA, which closed out the quarter at COP$1.3 trillion [US$338 million] and the year-to-date at COP$2.3 trillion [US$598 million]. Even eliminating the effect of the divestment in the Dallas concrete operations, equal to COP$174 billion [US$45 million] in EBITDA, operating results grew compared to 2020 and 2019,” the company added.


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About Medellin Herald

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.

Medellin Herald welcomes your editorial contributions, comments and story-idea suggestions. Send us a message using the "contact" section.

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