General News

Hidroituango Contractors Slam EPM’s COP$9.9 Trillion ‘Conciliation’ Demands; Wall Street Issues Warning Flag on Board’s Sudden Mass Exit

Medellin Herald August 15, 2020

Three contractors principally involved in EPM’s US$5 billion, 2.4-gigawatt Hidroituango hydroelectric plant on August 14 unveiled a letter slamming EPM’s new COP$9.9 trillion (US$2.7 billion) “conciliation” claim tied to a diversion-tunnel collapse two years ago. The

Companies

Grupo Argos 2Q 2020 Net Income Plummets 72% Year-on-Year on Covid-19 Impacts

Medellin Herald August 14, 2020

Medellin-based cement, electric power and highway/airports concessionaire Grupo Argos on August 13 reported a second quarter (2Q) 2020 net income of COP$62 billion (US$16 million), down 72% year-on-year. Earnings before interest, taxes, depreciation and amortization (EBITDA) dipped 15% year-on-year, to COP$890 billion (US$236 million), while gross revenues fell 14%, to

Uncategorized

Gran Colombia Gold Posts US$18.6 Million Net Loss for 2Q 2020; Second-Half 2020 Outlook Improves

Medellin Herald August 14, 2020

Toronto-based Gran Colombia Gold (GCC) – owner/operator of Antioquia’s biggest gold mine – on August 13 posted a US$18.6 million net loss for second quarter (2Q) 2020, down from a US$768,000 net profit in 2Q 2019. As for first half (1H) 2020, net income stands at US$5.67 million, down from US$8.67 million in 1H 2019, […]

Companies

Construcciones El Condor 2Q 2020 Profits Soar Year-on-Year Despite Covid-19 Slowdowns

Medellin Herald August 13, 2020

Medellin-based highway- and tunnel-construction giant Construcciones El Condor on August 12 reported a 221% year-on-year jump in second quarter (2Q) 2020 net income, to COP$15.8 billion (US$4.2 million). The big jump in profits is explained by the COP$13 billion (US$3.4 million) net loss recorded in 2Q 2019 “due to the incorporation by the equity method […]

Infrastructure

President Duque: Crucial Medellin-to-Atlantic Highways, Tunnels, Puerto Antioquia Highest Priorities by 2022

Medellin Herald August 13, 2020

Colombia President Ivan Duque announced August 13 that the crucial “Mar 1” and “Mar 2” highways — including the Toyo Tunnel and Tunel de Occidente — as well as the proposed “Puerto Antioquia” freight port on the Caribbean are his highest priorities for accelerated advance or completion before his term ends in 2022. Speaking August […]

General News

EPM Files US$1.44 Billion Claim Against Hidroituango Insurer Mapfre; Entire EPM Board Resigns in Protest for Being Ignored

Medellin Herald August 12, 2020

Medellin-based electric power giant EPM announced August 11 that it just filed a COP$5.383 trillion (US$1.44 billion) claim against Mapfre Insurance (Colombia) as part of parallel conciliation procedures that seek to resolve an estimated US$2.6 billion in losses resulting from a 2018 tunnel collapse at the Hidroituango hydroelectric project in Antioquia. The claim against

General News

Six Domestic ‘Pilot’ Flight Routes from Medellin’s JMC Airport Starting Soon

Medellin Herald August 12, 2020

Colombia’s Ministry of Transport announced August 12 that Medellin’s José María Córdova (JMC) international airport in suburban Rionegro will host six “pilot test” passenger routes — once airlines obtain takeoff/landing “slots” from the Aerocivil regulatory agency. “After being approved for the pilot plan by the Interior Ministry, the airlines must request from

Companies

EPM, Construction Contractors in Conciliation on US$2.6 Billion Losses from Hidroituango Tunnel Collapse in 2018

Medellin Herald August 11, 2020

Medellin-based electric power giant EPM announced August 10 a new conciliation process with the “Hidroituango” design and construction contractors to resolve an estimated US$2.6 billion in losses resulting from a diversion tunnel collapse at the hydroelectric dam project two years ago. The conciliation process aims to avoid a lengthy court battle over damage claims at […]

Companies

Mineros SA 2Q 2020 Profits Nearly Triple Year-on-Year

Medellin Herald August 11, 2020

Medellin-based multinational gold mining giant Mineros SA on August 10 reported a US$6.7 million net profit for second quarter (2Q) 2020, up from US$2.4 million in 2Q 2019. Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 82% year-on-year, to US$52.8 million, with EBITDA margin hitting 34%. Revenues likewise rose by 35% year-on-year, to US$126

Companies

Celsia 2Q 2020 Net Profit More Than Doubles Year-on-Year

Medellin Herald August 11, 2020

Medellin-based electric power giant Celsia announced August 10 that its second quarter (2Q) 2020 net profit soared to COP$96.6 billion (US$25.8 million), from COP$43 billion (US$11.5 million) in 2Q 2019. As for first-half (1H) 2020, consolidated net profit hit COP$183 billion (US$48.9 million), up sharply from COP$96.8 billion (US$25.8 million) in 1H 2019. While profits