All three companies will invest $437 million on the production and export capacity improvements at the Carrejon complex in La Guajira, which are set to begin during the third quarter.

The enhancement, known as the P40 Project, should be completed in 2013 and will allow production to progressively ramp up by more than 8 million tonnes annually to 40Mtpa by the end of 2015.

In turn, the expansion will raise each partner’s share of output to 13.3Mtpa from 10.7Mtpa.

In addition to the coal production enhancements, coal handling and ship-loading capacities will also be improved at the mine’s 100% owned and operated port, Puerto Bolivar, including the construction of an additional loading berth.

Road, rail and supply chain infrastructure work is also planned within the project’s scope, as is a significant rise in direct and contractor jobs at the mine.

Cerrejon president Leon Teicher said in an interview with local financial daily Portafolio via Reuters that the company anticipated the planned 32Mt in exports would realize $3.2 billion this year.

"We have almost all the 2011 production sold, and external prices are high,” he said.

“For 2012, we don't see a substantial fall in prices."

Cerrejon is one of the world’s largest coal deposits in the world, with a resource base of approximately 5 billion tonnes. Of that, 2.1Bt are at a measured and indicated export quality status.

It is also Colombia’s largest operation and largest exporter. Colombia is the world’s fourth-largest overall coal export country.