Colombia $110 Mln La Jagua Mine Sale Postponed

Colombian cement producer Cementos Argos postponed the $110m sale of the Colombian coal mine La Jagua to Swiss-based Glencore International for January 2005, from the originally scheduled December 31, 2004.

Cementos Argos is Colombia’s largest cement producer and controller of Carbones del Caribe (CDC), which operates the mine, located in the northeastern parts of the country, close to the border with Venezuela. The postponement was due to the delays in the preparation of the papers to be submitted to the local authorities for the approval of the transaction. La Jagua mine has proven reserves of 130Mt and an annual output of 2.3Mt.