Companies

AngloGold Ashanti Updates ‘Quebradona’ Mine Environmental Impact Assessment; Aims to Recycle Tailings for Roads, Buildings

Medellin Herald December 16, 2020

Global mining giant AngloGold Ashanti Colombia announced December 16 that it has launched initial recycling of mine tailings near Jericó, southwest Antioquia, into a cement-like product suitable for buildings, prefab homes, roads, ceramics, paints, outdoor furniture and soil amendments. The

Companies

Colombia’s Comptroller-General Blames Hidroituango Contractors, Former Officials, Politicians for US$1.18-Billion in Losses at Hidroituango Project

Medellin Herald December 3, 2020

Colombia’s Comptroller-General (Contraloria General de la Republica, CGR) Carlos Felipe Córdoba on December 3 announced long-expected mismanagement charges against 28 individuals and companies including contractors, former EPM board members, former Medellin Mayors and former Antioquia Governors for actions and omissions that contributed US$1.18 billion in losses at the

Companies

Israeli High-Tech Agriculture Companies Launch New Initiatives in Antioquia

Medellin Herald November 20, 2020

Five Israeli high-tech companies in the agriculture sector, the Antioquia departmental government and Medellin’s Agency for Cooperation and Investment (ACI) just launched a new initiative to boost investment and productivity in Antioquia’s booming agricultural-exports sector. According to a joint announcement from ACI, the Antioquia government and Israeli Ambassador to

Colombian economy

Colombia 3Q 2020 GDP Rebounds by 8.7% Over 2Q 2020

Medellin Herald November 17, 2020

Colombia’s national economic statistics agency (Departamento Administrativo Nacional Estadistica, DANE) announced November 17 that third quarter (3Q) gross domestic product (“PIB” in Spanish initials) rebounded by 8.7% over second quarter (2Q) 2020. While the sharp increase in GDP in the latest quarter is an encouraging sign, 3Q 2020 GDP is nevertheless down by 9% compared

Companies

Bancolombia 3Q 2020 Net Income Falls 68% Year-on-Year

Medellin Herald November 15, 2020

Medellin-based multinational banking giant Bancolombia on November 12 reported a 68% decline year-on-year in third quarter (3Q) 2020 profits, to COP$73 billion (US$20 million). For nine-months 2020, net income so far this year is down 79.5%, to COP$542 billion (US$149 million), according to the company. Despite the pandemic-caused decline in earnings, “Bancolombia

Companies

Enka 9-Months 2020 Profits Drop; Petrotemex Unveils Bid for 25% Equity Stake

Medellin Herald November 13, 2020

Medellin-based textile and plastics recycling giant Enka Colombia announced November 12 that its nine-months 2020 net profits have dropped by two-thirds, to COP$2.2 billion (US$604,000). Earnings before interest, taxes, depreciation and amortization (EBITDA) dipped modestly, to COP$23.8 billion (US$6.5 million), from COP$26 billion (US$7.1 million) in nine-months 2019.

Companies

Grupo Argos 3Q 2020 Net Profits Fall 85% Year-on-Year

Medellin Herald November 13, 2020

Medellin-based multinational cement producer, electric power generator and airport/highways concessions giant Grupo Argos announced November 12 that its third quarter (3Q) 2020 profits plunged 85% year-on-year, to COP$77.8 billion (US$21 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) for 3Q 2020 likewise fell 39% year-on-year, to COP$857

Companies

Sura 3Q 2020 Net Profits Fall 72% Year-on-Year

Medellin Herald November 13, 2020

Medellin-based insurance and investment giant Grupo Sura announced November 13 that its third quarter (3Q) net profit fell 72% year-on-year, to COP$23.9 billion (US$6.56 million). Nine-months 2020 net profit likewise fell 73% year-on-year, to COP$397 billion (US$109 million), according to the company. “The insurance business continued to show resilience, even at a time

Companies Uncategorized

Construcciones El Condor Suffers 415% Year-on-Year Drop in 3Q 2020 Net Income

Medellin Herald November 13, 2020

Medellin-based highway construction giant Construcciones El Condor on November 12 reported a 415% year-on-year plunge in third quarter (3Q) 2020 net income, to COP$16 billion (US$4.4 million). Gross income for 3Q 2020 was down 11%, to COP$565 billion (US$155 million), “explained by the paralysis in the execution of the works on the occasion of the […]

Companies

Mineros SA 3Q 2020 Profits Jump 25% Year-on-Year

Medellin Herald November 13, 2020

Medellin-based multinational gold mining giant Mineros SA announced November 12 that its third quarter (3Q) 2020 net profit rose 25% year-on-year, to US$24.8 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) likewise rose 39% year-on-year, to US$51.9 million, while revenues rose 14%, to US$121 million, according to the company. Costs also