TLC, South Korea is expected to invest in Colombian coal sector
Materialize the signing of the free trade agreement, TLC, between Colombia and Korea in the South, the Asian country estimated that investment will be reflected in important projects in development of Colombia's coal sector.
Said the Ambassador of the Republic of Korea, Colombia, Choo Jong Youn, while the Asian country invests in projects of production and exploration of the mining sector - energy, in countries such as Australia, Indonesia, Russia, Canada, China, South Africa, among others, in the investment Colombia is null.
"Is why we have come to present the possibilities for cooperation and the intentions of companies Korean by participating in Colombia coal industry," said Youn in the framework of the XIV Colombian coal Conference that takes place in Barranquilla.
Also, said the interest of Korea raise its import with Colombia that last year was just the 300 thousand tons. In addition if one takes into account is the fourth the world largest thermal coal exporter.
"That obliges countries such as Colombia that are profiled in the energy mining sector to take advantage of new investments", he added.
For Youn beyond developing a bilateral relationship between the two countries and rescue an image of Colombia in Korean society who was for many years overshadowed because of the internal conflict, is also to take advantage of the opportunities afforded by the trade agreement for both countries, one of which is precisely to raise imports. Since 2010, Korea imported US170 billion in coal, figure that the Ambassador is little if one takes into account that the Asian country is the seventh country consumer of energy and the ninth in oil.
Concern. While Korean businessmen have expressed an interest in importing coal from Colombia, also arises concern by the infrastructure.
"Colombia needs a deep-water port, the only one that can be used, in the case of coal, to export large quantities is Puerto Bolivar, why we believe that the country needs improvement in infrastructure to import a significant amount," said Ambassador.
But that is not all, transport costs also leave out given that to transport coal of Boyaca and Cundinamarca until the port of Barranquilla costs approximately between 40 and 50 dollars per tonne.
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Canadian Bank will handle its mining business from Barranquilla
Seven Stars Coal Corp, a subsidiary of Augen Capital Corp., will handle its business in the Colombian mining sector from Barranquilla.
"The company chose the capital of the Atlantic by the strategic location of the port, by the level of economic development that offers, which includes an advanced business sector with which we aspire to realize projects of mutual benefit." "We know that the decision to install our Colombian headquarters in Barranquilla, will generate substantial benefits to our operation and the local economy in general," said Alan Cruickshank, President of Seven Stars Coal Corp.
The company, belonging to one of the banks most important investments of Canada, listed its shares on the market 'Venture' of the Toronto Stock Exchange of values, expected to run alongside local partners from extensive experience, business and projects in the field of mineral resources in Colombia including exploration and exploitation projects.
The company began its activities in Colombia with an initial capital amounting to US 740.000. In addition, with the evaluation of several projects of metallurgical and thermal, coal, some of which are in advanced negotiation phase.
De acuerdo con la directora de Probarranquilla, Tatyana Orozco, “la apuesta de Barranquilla y el Atlántico por ofrecer a las compañías nacionales y extranjeras las mejores condiciones para que se instalen en la ciudad, sigue dando frutos. Comenzar el año con la llegada de esta firma es una muestra de la buena capacidad de conectividad y competitividad que ofrece la Región”, dijo Orozco tras destacar que la agencia mostró a los inversionistas las ventajas, beneficios y oportunidades que le representa instalarse en la capital del Caribe y que asesoró a la firma desde su llegada para facilitar y agilizar los procesos.
The Director of the investment agency pointed out that Seven Stars chose to Barranquilla, for being the most competitive with other cities, to direct its operations in Colombia.
The arrival of this firm is a clear demonstration of the interest by Canadian companies participate in the Colombian business opportunities and invest in the energy mining sector.
Cruickshank said last year in an interview with the magazine money, that "the potential of coal in Colombia is well known and the opportunities to create value for the shareholders are very exciting".
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