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Latin American Economy & Business - January 2014 (ISSN 1741-7430)
COLOMBIA: Drummond pulled up again
On 8 January the Colombian government ordered the US-owned Drummond mining company to halt all coal-loading operations at its port of Ciénaga, in Santa Marta Bay on the Caribbean coast. The order triggered an immediate 3.2% increase in European coal prices to US$81.5/tonne. After Russia, Colombia is the second largest coal supplier to the European Union (EU) and Drummond’s clients include Electricité de France (Edf). The decision was taken because Drummond has failed to move from an open air crane-and-barge loading system, which is said to cause coal dust pollution, to a covered direct-loading conveyor belt system. President Juan Manuel Santos is running for re-election in May, and may be calculating that getting tough on environmental issues will improve his standing with voters.
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