Companies

Update: US$2.85 Billion Hidroituango ‘Conciliation’ Fails, EPM Asks for Medellin Administrative Court to Assume Lawsuit Proceeding

Medellin Herald January 9, 2021

Medellin-based electric power giant EPM announced this morning (January 13) that it has petitioned an Antioquia Administrative Court in Medellin to assume jurisdiction over its COP$9.9 trillion (US$2.85 billion) lawsuit against Hidroituango construction contractors. The petition to the Court

Companies

Smurfit Kappa Colombia Unveils US$50 Million Cardboard Plant Project in Guarne, Antioquia

Medellin Herald January 7, 2021

Smurfit Kappa Colombia on January 4 announced a US$50 million investment in a new corrugated-cardboard plant in Guarne, Antioquia, just east of Medellin. To make way for the new plant, Smurfit Kappa recently sold a lot in Medellin that hosts its existing, 60-years-old “Carton de Colombia” plant. Colombia Real Estate Fund-FIC, Arquitectura y Concreto and […]

Companies

EPM Extends Construction, Supervisory Contracts with Hidroituango Hydroelectric Builders

Medellin Herald December 26, 2020

Medellin-based electric power giant EPM announced December 22 that it reached agreements with all current construction, supervisory and consultancy companies to continue construction of the estimated US$5 billion, 2.4-gigawatt Hidroituango hydroelectric dam in Antioquia. The contract renewals run through December 31, 2021, but could be extended until the entire project is

Companies

Coltejer to Abandon Giant Medellin-Metro Factory, Shift Remaining Operations to Rionegro

Medellin Herald December 18, 2020

Medellin-based textile giant Coltejer revealed in a December 17 filing with Colombia’s Superfinanciera oversight agency that it now plans to abandon its foundational factory in the southern Medellin suburb of Itagüí. When this abandonment is complete, all remaining textile operations will shift to Rionegro, Antioquia, according to the company, founded in 1907 by pioneering

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 announcement comes on the heels of new demands from Colombia’s environmental

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.