The latest production figures from La Jagua are that it produced 2.3Mt in 2002. Reuters reported Friday that Carbones said last year it would spend $US55 million boosting output to 4.5Mt per annum and install an ocean port.
"Cementos del Caribe and C.I. Carbones del Caribe announce that they are evaluating their principal mining assets or certain affiliates in order to offer them to potential investors," the companies said in a letter to the Securities Superintendency. "Among the assets to be put on offer are the La Jagua mine ... and the Cerro Largo coal prospect," they said.
La Jagua and Cerro Largo have total reserves of 130Mt of coal, compared to proven reserves throughout Colombia of about 7 billion tonnes, a spokesman for Cementos and Carbones said. Also on sale is another deposit with 12Mt of reserves.
Both La Jagua and Carbones are located in Colombia's northeastern coal corridor. Also in the area is El Cerrejon, Latin America's largest open pit coal mine, which is operated by BHP Billiton, Glencore and Anglo American, and La Loma, mined by US company Drummond. C.I. Carbones del Caribe, controlled by Cementos del Caribe, is Colombia's third-largest coal miner. Cementos is part of the country's largest conglomerate, Grupo Empresarial Antioqueno (GEA).
Cementos shares closed 1.53% higher on the Colombian Stock Exchange on Friday, at 13,300 pesos. Cementos and Carbones have contracted finance houses Corfinsura and BNP Paribas to assess the assets to be sold.
