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New Colombia Resources continues moving coal to port

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World Coal,

New Colombia Resources Inc. continues to move coal to Puerto Brisa in Dibulla, Colombia, to fill a coal contract signed in late March. Shipments had been suspended due to backups at the port and its lack of priority for their customer; New Colombia personnel intervened on their customer's behalf and deliveries are now being accepted.

Each truck delivered to port carries on average 34 t, New Colombia delivers the coal to the port and the Buyer wires payment once delivered. The company's goal is 10 – 20 trucks per day for this order.

New Colombia has secured another facility next to a port formerly known as Puerto Vale, now owned by Murray Energy Corp., who acquired the assets of Colombian Natural Resources (CNR) from Goldman Sachs in 2015. The facility is in close proximity to Santa Marta's municipal port where they have a window to export coal.

New Colombia will use the new port yard to move coal for several contracts they are negotiating and expect to close this month. They have sourced the coal from various mine owners and will be making announcements accordingly. The company has also sourced the coal for an existing contract with ASI, with a first delivery of 60 000 t, signed earlier this year that was contingent upon financing. The new contracts to be signed, totalling 100 000 t, will be against a stand by Letter of Credit that can be negotiated and financed.

The increase in demand from Asia, and the decrease in supply from China, Australia, and North Korea, have caused an incredible interest in Colombia's high-quality, low-cost metallurgical and thermal coal. The company is getting requests for coal totalling millions of tonnes from China, Europe, India and Malaysia, to name a few. To fill some of these orders, operating agreements with several mine owners have been signed, with others pending. New Colombia will operate these mines and deliver the coal to their customers at the port on the Atlantic Coast.

"We will continue to move coal and book sales; the C.O.D. contract we have allows us to churn money and gain the experience to move bigger amounts with an efficient logistics program implemented and a secured port," stated John Campo, President of New Colombia Resources Inc.

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