Colombian economy

Colombia’s Continuing Economic Growth Outshines Nearly All of Latin America

Medellin Herald December 19, 2019

A just-released December 2019 study by the United Nations Economic Commission for Latin America and the Caribbean (CEPAL in Spanish initials) finds that Colombia not only outstripped nearly all of Latin America in 2019 economic growth but also is likely to continue the trend in 2020. According

Companies

EPM Wins 1st US$150 Million Insurance Payment for Hidroituango Damages

Medellin Herald December 4, 2019

Medellin-based electric power giant EPM announced December 4 that insurer Mapfre has issued its first payment – totaling US$150 million – for damages to the US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric project in Antioquia. The payment “corresponds to the figure recommended by the [insurance] adjuster according to the expenses and investments made by EPM in the

Companies

China’s Zijin Mining Buys 100% of Continental Gold’s Antioquia Mining Operation

Medellin Herald December 2, 2019

Toronto-based Continental Gold – developer of the giant Buriticá, Antioquia gold mine due for start-up in 2020 – announced December 2 that China-based Zijin Mining Group inked a C$1.4 billion/US$1 billion deal to buy 100% of Continental’s stock. “The offer price represents a premium of 29% over Continental’s 20-day volume-weighted average price at November 29, […]

Companies

Coltejer Reveals US$65 Million Debt Restructuring

Medellin Herald December 2, 2019

Medellin-based textile giant Coltejer revealed in a November 30 filing with Colombia’s Superfinanciera corporate oversight agency that it inked a US$65 million debt restructuring deal with Grupo MCM Colombia. The new debt deal carries a 10% annual interest rate and runs through December 31, 2021, according to the filing. Coltejer and fellow Colombian textile makers […]

Companies

Update: AngloGold Ashanti Reveals More Details on Proposed ‘Biodynamic’ Mining Scheme at Jerico, Antioquia

Medellin Herald November 29, 2019

South Africa-based global mining giant AngloGold Ashanti on November 28 unveiled more details of its proposed “Quebradona” copper-gold mining project at Jerico, Antioquia — including a novel “Biodynamic” nature park that would restore and improve the entire mining area, as part of its just-filed environmental impact assessment (EIA). AngloGold

Companies

Accenture Debuts Tech-Demonstration ‘Nano Lab’ at Medellin’s ‘Ruta N’

Medellin Herald November 27, 2019

Ireland-based global high-technology consultant Accenture reveals on November 29, 2019, the debut of Colombia’s first tech-demonstration “Nano Lab” — at Medellin’s “Ruta N” technology incubation center. “This space will immerse local customers in the latest emerging technologies, including artificial intelligence, extended reality, quantum computing, robotics,

Companies

EPM’s 2020 Capex, Opex Budget Tops US$4.9 Billion

Medellin Herald November 26, 2019

Medellin-based multinational utilities giant EPM announced November 25 that its 2020 capital and operating budget will hit COP$17 trillion (US$4.9 billion). “The budget authorized by the EPM board of directors responds to a rigorous planning exercise and includes resources for the attention of the Hidroituango hydroelectric project, which in 2019 has reached important

Companies

Gran Colombia Gold 3Q 2019 Profits Dip; Continental Gold Eyes 2020 Start-Up, Touts Social, Environmental Projects

Medellin Herald November 18, 2019

Toronto, Canada-based Gran Colombia Gold (GCG) on November 14 reported US$9 million net income for third quarter (3Q) 2019, down from US$14 million in 3Q 2018 “primarily as a result of a non-operating loss on financial instruments in the third quarter this year.” As for nine-months (January through September) 2019, net income rebounded to US$17.7 […]

Companies

EPM 3Q 2019 Net Income Falls Year-on-Year, but Nine-Months 2019 Improves

Medellin Herald November 16, 2019

Medellin-based multinational utilities giant EPM announced November 15 that its third quarter (3Q) 2019 consolidated net income fell 25% year-on-year, to COP$457 billion (US$134 million), down from COP$607 billion (US$177 million) in 3Q 2018. The 3Q decline came despite a 9% year-on-year hike in gross revenues and a 13% boost in earnings before interest, taxes, […]

Companies

Orbis Posts Year-on-Year Profits Recovery in 3Q 2019

Medellin Herald November 15, 2019

Medellin-based multinational Grupo Orbis – producer of “Pintuco” paints, “Otek” water-handling systems and numerous chemical products – on November 14 posted a COP$10 billion (US$2.9 million) net profit, a big reversal from the COP$8 billion (US$2.3 million) net loss in 3Q 2018. Gross revenues rose 6.3% year-on-year, to COP$1.08 trillion (US$315 million), while earnings