Published On: Wed, Jan 8th, 2014

European Coal Jumps as Drummond Faces Colombia Ban

(Bloomberg) European coal for delivery next month climbed the most since Nov. 20 as Colombia’s second-largest producer, Drummond Co., was investigated for breaches of fuel-loading rules that took effect on Jan. 1.

Next-month coal for Amsterdam, Rotterdam or Antwerp, Belgium, rose 2.5 percent to $81 a metric ton, according to broker data compiled by Bloomberg. The March contract gained 2 percent to $80.40, the highest since Dec. 18, the data show.

Colombia’s Environment Ministry and Environmental Licensing Agency will today suspend Drummond’s environmental license, preventing the company from exporting coal until it is able to comply with new rules on direct loading, W Radio said today on its website, without saying how it obtained the information. The ministry and agency didn’t reply to e-mails seeking comment and Drummond didn’t return a phone call.

A halt in exports “would be supportive of prices because it will take supply out,” Trevor Sikorski, the head of natural gas, coal and carbon at Energy Aspects Ltd. in London said today by phone.

The South American nation, the second-biggest coal supplier to Europe, is tightening regulations for exporters of the fuel after a sinking Drummond barge dumped coal in the Caribbean Sea 11 months ago. Colombia accounted for 24 percent of Europe’s imports in 2011, according to the latest data from coal association Euracoal.

Birmingham, Alabama-based Drummond has continued to load coal in its port near Santa Marta this week despite regulations that enforce the direct loading of coal onto ships and ban the use of barges and cranes, Cesar Flores, a Sintramienergetica union spokesman, said today. Drummond said Jan. 3 that it will be ready to comply with the new rules by March.

Colombian President Juan Manuel Santos asked Environment Minister Luz Sarmiento to travel to Santa Marta, a city on Colombia’s Caribbean coast, to investigate direct coal loading, according to a post on the president’s Twitter Inc. account yesterday. She will make a declaration at 2 p.m. local time today, the Environment Ministry said in a post on its twitter account today.


For website development, online marketing and promotion,
check out The Q Media


If you enjoyed this piece, please SHARE IT so other readers can find it and enjoy it.

Recent Posts

TCO bottom

July 23, 2016, Comments Off on TCO bottom

TCO Bottom2

July 23, 2016, Comments Off on TCO Bottom2

TCO Sidebar

July 23, 2016, Comments Off on TCO Sidebar
Maria Angela Holguin

Venezuelans’ shopping sprees in Colombia are over: Minister

July 19, 2016, Comments Off on Venezuelans’ shopping sprees in Colombia are over: Minister
colombia-truckers-strike

US Issues Security Warning Over Colombia Truckers Strike

July 18, 2016, Comments Off on US Issues Security Warning Over Colombia Truckers Strike
latino1

Pereira’s Latino: Beyond Colombia’s typical cuisine

July 18, 2016, Comments Off on Pereira’s Latino: Beyond Colombia’s typical cuisine
Actress Sofia Vergara a Photo by Gregg DeGuire/WireImage

Colombia’s Sofia Vergara Among Best Paid

July 17, 2016, Comments Off on Colombia’s Sofia Vergara Among Best Paid
NUBE_NEGRA

Latest Colombia Drug Boss Arrested in Ongoing Crackdown

July 17, 2016, Comments Off on Latest Colombia Drug Boss Arrested in Ongoing Crackdown
cocalero_f_kylejohnson

Why cocaine production in Colombia increased so dramatically

July 15, 2016, Comments Off on Why cocaine production in Colombia increased so dramatically
kaleil_isaza

Ex-Kit Digital CEO extradited from Colombia to face US fraud case

July 15, 2016, Comments Off on Ex-Kit Digital CEO extradited from Colombia to face US fraud case
paro_camionero

Colombia to militarize highways after angry truckers block roads

July 14, 2016, Comments Off on Colombia to militarize highways after angry truckers block roads
Party in Colombia