Colombia’s top coal exporter Cerrejon is to invest $1.3 billion in increasing coal production by 25%, announced President Juan Manuel Santos Thursday.
The energy giant said it is making the investment in order to increase production from 32 million to 40 million tons per year at its La Guajira mine. It estimates royalties paid to the government for the use of natural resources will increase by $180 million, and 5,000 jobs will be created.
After meeting representatives from Anglo American, BHP Billiton y Xstrata, and directors of Cerrejon, Santos said, “This is very important news, and a demonstration of confidence in our country.