Brazilian power company MPX Energia SA is planning to invest 3.4 billion Brazilian reals ($1.9 billion) over the next ten years to produce coal in Colombia, it said late Tuesday in a statement.
The company is planning to reach a production of up to 20 million metric tons of coal per year in Colombia.
“The development area is located in the Department of La Guajira, near the region of the Cerrejon mine, which currently produces about 30 million metric tons and is one of the main producing areas of coal in the country. Under the development plan, the company will invest BRL2 billion in production of ore and BRL1.4 billion in logistics solutions,” said MPX.
“The consolidation of investments in the production of coal is an important step in our strategy to verticalize natural resources with electric power generation. System MPX Colombia will be able to supply the demand of our plants in Brazil and Chile, “said MPX President, Eduardo Karrer.
MPX is part of Grupo EBX owned by Brazilian billionaire Eike Batista. (Rogerio Jelmayer / Dow Jones)
