Editorial

Alleged Conflicts-of-Interest in Hidroituango Damages-Recovery Scheme Prompts Clash Between Trade Groups, Mayor Quintero, Former Governor Perez, Former VP German Vargas

Medellin Herald August 17, 2020

Former Colombia Vice President Germán Vargas Lleras, former Antioquia Governor Luis Perez and current Medellin Mayor Daniel Quintero are making noises over supposedly questionable conflicts-of-interest that triggered the mass resignation of EPM’s entire Board of Directors this month following

Other Norms

Metro Area ‘Pico y Cedula’ Extends Through August 30; No More Weekend Lockdowns

Medellin Herald August 16, 2020

Area Metropolitana de Valle de Aburrá (AMVA, the metro Medellin council of governments) announced last night (August 15) that all 10 municipalities in AMVA are switching to a two-digit “pico y cedula” rotation starting Tuesday, August 18, all the way through Sunday, August 30. The “pico y cedula” regulation applies to Medellín, Bello, Envigado, Itagüi, […]

Companies

Grupo Sura 2Q 2020 Net Income Falls 17.7% Year-on-Year; 1H 2020 Down 74%

Medellin Herald August 15, 2020

Medellin-based multinational insurance, pensions and investments giant Grupo Sura announced August 14 that its second quarter (2Q) 2020 net income fell 17.7%, to US$87 million, while first half (1H) net income dropped 74%, to US$66 million. During 1H 2020, “despite the [Covid-19] pandemic, revenues totaled COP$10 trillion [US$2.72 billion, down 4% year-on-year], with

Companies

Enka Posts COP$1.4 Billion Net loss for 2Q 2020 on Covid-19 Impact

Medellin Herald August 15, 2020

Medellin-based textiles and plastics recycling giant Enka Colombia on August 14 posted a COP$1.4 billion (US$369,000) net loss for second quarter (2Q) 2020, down from a COP$3.2 billion (US$843,000) net profit in 2Q 2019. Gross revenues fell 40%, to COP$58 billion (US$15 million), versus COP$97 billion (US$25 million) in 2Q 2019, according to the company. […]

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 contractors making-up the “Consorcio CCI Ituango” consortium —

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