Colombia's Mining Exports To Reach $7.5 Billion In 09 - Mines Min
June 05 2009 - 2:05PM
Dow Jones News
Colombia's mining exports will be worth about $7.5 billion in
2009 as increased coal production will somewhat offset falling
prices, Mines and Energy Minister Hernan Martinez said Friday.
The country's mines will produce more gold, which is now more
expensive than a year ago, he said. The increased revenue from gold
will also partly compensate the falling coal revenue.
The country's exports brought about $7.5 billion in 2008,
Martinez said, and will be almost unchanged in 2009.
He declined to estimate this year's exports of gold and
coal.
In 2009, Colombia's second-largest coal miner, Drummond Co.,
expects to produce 25 million tons of coal, up from 22 million in
2008 after its new mine, El Descanso, started production in the
past week.
Colombia's largest coal miner, Cerrejon LLC, will produce about
32 million tons of coal, up from 31.5 million in 2008.
London-listed Xstrata PLC (XTA.LN), Anglo American PLC (AAUK) and
BHP Billiton PLC (BHP) each own 33.3% of Cerrejon.
Colombia exported 65.52 million tons of coal in 2008, bringing
in $5.04 billion. The country also exported 112,000 tons of
ferronickel.
This year's foreign direct investment in mining will rise to
$2.2 billion from $2.11 billion in 2008, Martinez said.
-By Inti Landauro, Dow Jones Newswires; 57-1-6107044 ext 1131,
colombia@dowjones.com