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Feb 25, 2013

Europe coal market’s calm during Colombia woes shows oversupply

LONDON/BOGOTA, Feb 22 (Reuters) – The failure of European
coal prices to rise sharply at a time when Colombia is losing
around 150,000 tonnes a day of output, due to strikes and an
export ban, shows just how oversupplied the market has become.

Strikes at two Colombian producers since earlier this month
and an export ban at a third mine could mean the world’s fourth
largest exporter loses almost 3 million tonnes of production for
February unless there is a resolution soon, calculations by
Reuters and analysts suggest.

Feb 24, 2013

Attackers blow up trucks at Colombia’s biggest coal exporter

BOGOTA, Feb 24 (Reuters) – Unknown assailants blew up four
trucks belonging to Colombia’s largest coal exporter, Cerrejon,
on Sunday in the latest attack against the mining sector in the
world’s fourth-largest coal exporter.

Cerrejon – a joint venture between Anglo American,
BHP Billiton and Xstrata – said it had suffered
“a terrorist attack” at its Mina Sur mining area in the northern
province of Guajira.

Feb 23, 2013

No military or verbal truce for FARC rebels, Colombia says

BOGOTA, Feb 23 (Reuters) – Colombia’s government will not
hold back militarily or politically in its offensive against
Marxist rebels, President Juan Manuel Santos said on Saturday,
after FARC guerrillas said his hostile attitude was threatening
peace negotiations.

Latin America’s longest-running insurgency has heated up in
recent weeks after a series of kidnappings and conflicts across
the country, while government and rebel negotiators meet in Cuba
to try to reach a deal to end the five-decades-old war.

Feb 23, 2013

Colombia’s Cerrejon, coal union may restart wage talks on Monday

BOGOTA, Feb 23 (Reuters) – Colombia’s largest coal exporter,
Cerrejon, and striking workers may restart stalled wage
negotiations on Monday after agreeing on logistical issues for
the talks, the union and the company said on Saturday.

Cerrejon, the world’s fourth-largest coal exporter, has lost
an average of around 180,000 tonnes of production and about $1.5
million in royalties daily as a result of the walkout and a
loading suspension since early this month.

Feb 22, 2013

Colombia cenbank cuts interest rate, sees growth risks

BOGOTA, Feb 22 (Reuters) – Colombia’s central bank cut its
benchmark lending rate for a fourth straight month on Friday as
policymakers judged that low inflation allowed enough room for
additional stimulus to the slowing economy.

Policymakers reduced the key interest rate a quarter point
to 3.75 percent, meeting economists’ expectations. Inflation has
stayed well within the bank’s target range of 2 percent to 4
percent, hitting the bottom end in January.

Feb 17, 2013

Talks at Colombia’s biggest coal exporter stall

BOGOTA, Feb 17 (Reuters) – Cerrejon coal company and its
striking workers have failed to agree on how to proceed with
wage negotiations to end a walkout at Colombia’s largest coal
exporter, union and company officials said on Sunday.

The coal sector has been reeling from a series of problems
that have cut most of production in the world’s fourth-largest
coal exporter, including Cerrejon’s strike, a stoppage at the
second largest producer and a nighttime ban on coal trains.

Feb 16, 2013

Cerrejon, striking coal union meet over walkout in Colombia

BOGOTA, Feb 15 (Reuters) – Colombia’s largest coal exporter,
Cerrejon, and its striking union will meet again on Saturday in
search of a deal to end a week-long walkout by thousands of
workers, the union said.

Laborers at Cerrejon, a joint venture between BHP Billiton
, Anglo American and Xstrata, went on
strike on Feb. 7, the first in two decades, after failing to
reach an agreement over wages and benefits.

Feb 15, 2013

Is Colombia’s Santos already running for re-election?

BOGOTA (Reuters) – With one hand on the wheel of a 1940s jeep, Colombian President Juan Manuel Santos edges through the crowd in a coffee-farming town, handing out subsidies and promises of a brighter future.

At any other time, it would not have been newsworthy, except that it comes just months before he must declare whether he will stand in elections next year.

Feb 13, 2013

Colombia cuts 2013 global bond sales to buy dollars

BOGOTA, Feb 13 (Reuters) – Colombia’s government will reduce
global bond issuances this year by $1 billion to replace them
with dollar purchases on the foreign exchange market to combat
the rising peso currency, Finance Minister Mauricio Cardenas
said on Wednesday.

Colombia, like other commodity-producing emerging economies,
has been battling a strengthening currency as its relatively
high yields and expansive monetary policy in developed countries
attracts a flood of U.S. dollars.

Feb 8, 2013

Colombia’s Santos sends minister to mediate in coal strike

BOGOTA, Feb 8 (Reuters) – Colombian President Juan Manuel
Santos on Friday sent his labor minister to mediate a dispute
over wages and benefits at the country’s largest coal exporter
after its workers went on strike.

The South American country is facing problems at some of the
top coal producers that have shut down the majority of shipments
from the world’s fourth-largest coal exporter and sent global
prices rising.

    • About Jack

      "Jack covers commodities, economics and politics in Colombia. He joined Reuters in 2006 and has since worked throughout east Africa including Kenya, Eritrea, Sudan, Somalia and Uganda. He has also done stints in Iraq."
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