Cementos Argos to Reduce Debt to $900 Million

Colombia’s biggest cement maker, Cementos Argos, said its net debt will fall to about $900 million after receiving payment from an asset sale, according to Bloomberg reports.

Argos received $300 million from Brazil’s Cia. Vale do Rio Doce for coal export operations, reducing the company’s net debt from $1.2 billion, it wrote in a statement.

The sale of coal mines and railroad rights to Vale, in a deal agreed to in December, includes an additional payment estimated at $73 million, Cementos Argos wrote.