Companies

Celsia’s 2016 EBITDA, Net Income Both Rise Year-on-Year

Medellin Herald February 24, 2017

Medellin-based electric power producer Celsia reported February 21 that its full-year 2016 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 51% year-on-year, to COP$1.03 trillion (US$357 million) – an all-time-record. Net income also rose to COP$171 billion (US$59

Companies

Cormagdalena to Consider PowerChina Dredging Proposal on March 8

Medellin Herald February 24, 2017

Cormagdalena – the Colombian government agency overseeing a proposed dredging project for the Magdalena River – announced February 22 that it had received a letter of intent from PowerChina Limited Colombia (PCLC) that would assume control of the long-stalled project. However, according to Cormagdalena, PCLC still must complete technical, legal and financial analyses of

Companies

Antioquia’s ‘Flores El Capiro’ Wins International Award; Valentine’s Day Exports Surge

Medellin Herald February 8, 2017

Medellin-based flower exporter Flores El Capiro recently won the International Association of Horticultural Producers (AIPH) “International Grower of the Year” award at a ceremony in Essen, Germany. According to AIPH, Flores El Capiro is one of the largest chrysanthemum growers and container exporters not only in Colombia but also in the whole world. “Delivering flowers

Companies

Colombian Agency OK’s US$102 Million for ‘Vias del Nus’ Highways in Antioquia

Medellin Herald January 25, 2017

Colombia’s national finance agency (Financiera de Desarollo Nacional, FDN) announced January 25 that it approved a COP$300 billion (US$102 million) provisional credit for the under-development “Vias del Nus” highway project linking Medellin northward to the Rio Magdalena and then connecting to key Caribbean ports including Cartagena and Barranquilla. The “Vias del Nus”

Companies

Corona Launches Construction of Big Cement Plant in Antioquia

Medellin Herald January 11, 2017

Colombia-based multinational ceramic-products maker and basic materials producer Corona announced January 10 the launch of construction on a 1.35 million tonnes/year cement and 3,150 tonnes/day clinker plant at Sonson, Antioquia, about 50 kilometers east of Medellin. Corona and Spain-based partner Cementos Molins are putting US$238 million into project via a new joint

Companies

Exito, Bancolombia Affiliate FIC Ink US$256 Million Investment Deal in ‘Viva Malls’

Medellin Herald December 28, 2016

Medellin-based retail giant Grupo Exito announced December 27 that Fondo Inmobiliario Colombia (FIC) – partly owned by Medellin banking giant Bancolombia – signed a deal whereby FIC will invest COP$770 billion (US$256 million) in Exito’s “Viva Malls” subsidiary. Viva Malls has 12 commercial malls already operating in Colombia and two nearly complete, with a total […]

Companies

Navelena Achieves Financial Close on Crucial Magdalena River Dredging Project

Medellin Herald December 17, 2016

Cormagdalena – the Colombian government agency overseeing a dredging project for the Magdalena River that would dramatically improve freight movements – announced December 16 that project developer Navelena SAS has at last achieved financial close on the COP$2.5 trillion (US$877 million) “public-private association” (APP in Spanish initials) project. The project had

Companies

Huawei, Astound Expanding High-Tech Jobs, Investments at Ruta N

Medellin Herald December 7, 2016

Medellin’s high-tech development center Ruta N announced December 7 that San Francisco-based web and e-commerce developer Astound Commerce has opened a new office here — and aims to generate 50 to 100 new programming jobs over the next 12 months. Astound’s total investment at Ruta N is estimated at US$1.5 million to US$3 million. The […]

Companies

Responsible Mining: Continental Gold Wins Crucial Enviromental Permit

Medellin Herald December 2, 2016

Canada-based Continental Gold announced November 30 that it finally won a crucial environmental permit that paves the way for a US$600 million gold-mining development project at Buritica, Antioquia. Once industrial-scale production starts in 2019, the mine and upgrading plant would produce an average of 253,000 ounces of gold per year over a projected 14-year mine […]

Companies

Exito 3Q 2016 EBITDA Improves, but Posts Net Loss

Medellin Herald November 30, 2016

Medellin-based retail giant Exito reported November 29 that its third quarter (3Q) 2016 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 4.2% year-on-year, to COP$732 billion (US$238 million) on sales of COP$16.5 trillion (US$5.36 billion), up 12.5%. However, the company posted a net loss of COP$100 billion (US$32 million), down from a net