Itochu to invest in Drummond's Colombian mines
- Publishing Date
- 16 Jun 2011 11:11am GMT
- Author
- Mining Journal
Japan’s Itochu Corp has committed an investment of US$1.5 billion to take a 20% stake in Drummond Co’s Colombian coal operations.
For Alabama-based Drummond, the investment helps fund a US$1.3 billion expansion of its operations in the South American country over the next five years.
The company, which holds the remaining 80% interest under the agreement, has been on the lookout for a partner since last year when it revealed plans to improve access to capital for expansion of output and port capacity.
Drummond said “this partnership will facilitate the further opening of the Asian coal markets to exports from Colombia”.
The company started producing in northern Colombia in 1995 after acquiring mining rights a decade earlier. Currently, Drummond’s production in the country is about 27Mt/y.
For Alabama-based Drummond, the investment helps fund a US$1.3 billion expansion of its operations in the South American country over the next five years.
The company, which holds the remaining 80% interest under the agreement, has been on the lookout for a partner since last year when it revealed plans to improve access to capital for expansion of output and port capacity.
Drummond said “this partnership will facilitate the further opening of the Asian coal markets to exports from Colombia”.
The company started producing in northern Colombia in 1995 after acquiring mining rights a decade earlier. Currently, Drummond’s production in the country is about 27Mt/y.
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