Colombian Argos closes sale

Colombian Argos closes sale
Published: 14 January 2005

Colombian cement producer Cementos Argos closed a $110m deal for the sale of Colombian coal mine La Jagua to Swiss commodity company Glencore International, it was reported on January 13, 2005.  The mine located in La Jagua de Ibirico, Cesar region, northeastern Venezuela, has 130Mt of thermal coal in reserves.  Argos will use the resources from the sale to finance its international expansion in Latin America and the USA. Argos is part of Colombian largest industrial holding Grupo Empresarial Antioqueno (GEA).  The Colombian strategic northeastern coal region, whose production is exported almost entirely to Europe, the USA and Asia, includes the mines La Jagua and El Cerrejon, as well as the mine La Loma, of US coal company Drummond.