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)

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

Companies

Grupo Argos 3Q 2016 Net Profit Jumps 39% Year-on-Year

Medellin Herald November 30, 2016

Medellin-based construction, energy, cement and port-operator giant Grupo Argos announced November 29 that its third quarter (3Q) 2016 net profits jumped 39% year-on-year, to COP$880 billion (US$286 million) on sales of COP$10.8 trillion (US$3.5 billion), up 24%. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 29%, to COP$2.74 trillion (US$891

Companies

Netcentric Boosting High-Tech Hiring in Medellin

Medellin Herald November 18, 2016

Investment promotion agency Agencia de Cooperación e Inversión de Medellín (ACI Medellín) announced November 17 that Switzerland-based software developer Netcentric aims to boost hiring dramatically in Medellin over the next four years. The hiring plan – which would boost employment by 150 to 300 more positions – would drastically expand Netcentric’s current 10-employee

Companies

Medellin-Based Nutresa, ISA, Conconcreto See 3Q 2016 Earnings Improve

Medellin Herald November 11, 2016

Medellin-based construction giant Conconcreto announced November 9 that its third-quarter (3Q) 2016 net profits rose 23% year-on-year while gross income hit COP$1.1 trillion (US$353 million), up 29% year-on-year. Meanwhile, the company’s order backlog grew to COP$3.4 trillion (US$1.09 billion) — mainly in highway infrastructure projects, but also in the giant

Companies

Medellin-Based Companies Score High in 2016 Merco Reputation Rankings

Medellin Herald November 3, 2016

Medellin-based Bancolombia – Colombia’s biggest bank – once again took first place over-all in the latest Merco rankings for best reputations among Colombian companies. Taking second place was Medellin-based food-products giant Nutresa, with Cementos Argos taking fourth place. Medellin-based Grupo Sura (insurance, finance) took eighth place; Grupo EPM (public utilities)

Companies

Continental Gold Boosts Investment in Socially Responsible Mining in Antioquia

Medellin Herald September 27, 2016

Toronto, Canada-based Continental Gold on September 26 unveiled its first-ever “sustainability” report outlining efforts in favor of environmentally and socially responsible gold mining – mainly at a US$600 million development project at Buriticá, Antioquia. Industrial-scale gold production at Buriticá is expected start in 2019, averaging 253,000 ounces per year over a

Companies

Medellin-Based Agua Bendita Founders Win Prestigious Global Entrepreneur Prize

Medellin Herald September 15, 2016

Agua Bendita – founded by Medellin natives Catalina Álvarez and Mariana Hinestroza – on September 12 joined the winners circle in Massachusetts-based Endeavor’s ‘International Selection Panel’ (ISP) entrepreneurship prize for 2016. The company – which now operates in 50 countries besides Colombia – “creates hand-made, premium swimwear by incorporating modern techniques and