Companies

Cemex LatAm 3Q 2021 Net Loss Improves Year-on-Year

Medellin Herald October 28, 2021

Colombia-based Cemex LatAm Holdings – producer of cement, concrete and aggregates in six Latin American nations – on October 27 reported a third quarter (3Q) 2021 net loss of US$10.6 million, a big improvement over the US$110 million net loss in 3Q 2020. Corporate-wide operating earnings before

Other Norms

Existing Hidroituango Contractors Might Continue into 2022 if Comptroller Delays Finalizing Proposed COP$4.3 Trillion Fine

Medellin Herald October 27, 2021

EPM general manager Jorge Andres Carrillo revealed in a press conference here this morning (October 27) that it’s at least theoretically possible that the current Hidroituango construction contractors might continue their work well into 2022. But that possibility of a temporary contract extension into 2022 remains to be confirmed, pending results of a follow-up meeting

Colombian economy

Colombia GDP Growth Approaching 9%, Industrial Confidence Hits Record, Covid-19 Threat Plummeting

Medellin Herald October 26, 2021

Colombia’s projected GDP (“PIB” in Spanish initials) for full-year 2021 is now seen at between 8.19% and 9.5%, according to the latest forecast from Fedesarrollo, the nation’s leading economic think-tank. Meanwhile, Colombia’s industrial confidence index (“Índice de Confianza Industrial,” ICI) has just hit its highest level in 41 years, according to Fedesarrollo —

Companies

AngloGold Ashanti’s Proposed Copper Mine in Jerico, Antioquia Hits Another Regulatory Snag

Medellin Herald October 26, 2021

Colombia’s National Environmental Licensing Authority (ANLA) announced October 25 that it has decided to shelve — at least for now, pending further studies – AngloGold Ashanti’s proposed copper/gold mine in Jerico, Antioquia, even despite 75% favorability for the project among the citizens in-and-around Jerico. “With the analysis of the information on file, which was

Other Norms

Kangaroo-Court Demagoguery Threatens to Harm Hidroituango, EPM, Foreign Investment

Medellin Herald October 17, 2021

Medellin-based Conconcreto President Juan Luis Aristizábal – head of one of the three principal contractors for the US$5 billion “Hidroituango” hydroelectric project here in Antioquia — today contradicted disturbing damage claims being made by Colombia’s Comptroller General as well as Medellin Mayor Daniel Quintero. In a wide-ranging interview with El

Companies

Comptroller-General’s Hidroituango Damage Claims Trigger Conconcreto Bankruptcy Filing

Medellin Herald October 13, 2021

Only one day after its fellow “Hidroituango” hydroelectric-project contractor Coninsa Ramon H filed for bankruptcy, Medellin-based construction giant Constructora Conconcreto likewise today (October 13) filed for bankruptcy, citing Colombia’s Comptroller-General proposed COP$4.3 billion (US$1.15 billion) fine for supposed “gross negligence” that allegedly caused an

Infrastructure

Puerto Antioquia Wins US$200 Million Finance Package from IDB Invest

Medellin Herald October 12, 2021

Colombia President Ivan Duque announced October 11 during a visit to Washington, DC, that the proposed “Puerto Antioquia” ocean freight port near Turbo, Antioquia just won another US$200 million in financing from the Interamerican Development Bank’s “IDB Invest” group. The project – now estimated to start-up in the second half of 2024 — has a […]

Companies

Construction Giant Coninsa Ramon H Files Bankruptcy Petition

Medellin Herald October 12, 2021

Medellin-based construction giant Coninsa Ramon H – one of the principal contractors to the US$5 billion “Hidroituango” hydroelectric project – this morning (October 12) filed a bankruptcy petition with Colombia’s Superintendencia de Sociedades (Supersociedades) regulatory agency. Under Colombian law, the petition is known as an “Emergency Negotiation of a Reorganization

Companies

Wall Street’s S&P Ratings Group Sees Strong Outlook for UNE-EPM

Medellin Herald October 5, 2021

While the Medellin City Council is mulling Medellin Mayor Daniel Quintero’s proposed sale of EPM’s 50% stake in the UNE-EPM telecom/internet/cell-phone/cable-TV joint venture with Spain-based Millicom, a new report from Wall Street bond rater S&P (BRC Ratings) ironically sees a brighter outlook for the unit, contradicting Quintero’s gloom. In an October 4 filing

Companies

Wall Street’s S&P Ratings Group Sees Strong Outlook for UNE-EPM

Medellin Herald October 5, 2021

While the Medellin City Council is mulling Medellin Mayor Daniel Quintero’s proposed sale of EPM’s 50% stake in the UNE-EPM telecom/internet/cell-phone/cable-TV joint venture with Spain-based Millicom, a new report from Wall Street bond rater S&P (BRC Ratings) ironically sees a brighter outlook for the unit, contradicting Quintero’s gloom. In an October 4 filing