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Drummond extends coal mining concession contract of La Loma, Colombia

London — Alabama-based mining company Drummond announced Thursday it signed a deal with the National Mining Agency in Colombia to extend the mining concession at La Loma coal mine for 20 years, starting May 2019.

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Drummond, Colombia's largest thermal coal exports, said in a press release the contract represented 30% of the company's mining operation production in 2018 in Colombia.

"Drummond Ltd. reiterates its commitment to the sustainable development of Colombia and its mining municipalities, and we welcome the extension of this contract, which guarantees the continued development of an integrated mining project," said Jose Miguel Linares, president of Drummond.

Drummond were engaged in a possible sale of their Colombian coal mining operations in 2018, however; in November the company announced it terminated the sale process and will continue to operate as normal.

--Piers De Wilde, piers.de.wilde@spglobal.com

--Edited by Jonathan Dart, newsdesk@spglobal.com

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