Mining giants to invest $1.3 billion in Colombian coal mine
Mining groups BHP Billiton, Anglo American and Xstrata are to invest more than $1.3 billion to increase production at the Cerrejon coal mine in Colombia, they said on Thursday.
The companies, which each own one third of the mine, will each invest $437 million in the project, bringing the total outlay to $1.311 billion (911 million euros), according to a series of statements issued by the three miners.
The expansion, known as the P40 Project, will raise Cerrejon's saleable thermal coal production by a quarter to about 40 million tonnes a year by late 2015.
"Today's announcement highlights our commitment to invest in growth throughout the cycle and to continue to produce at maximum volumes to take advantage of the strong demand for energy coal," said Jimmy Wilson, president of his company's coal energy division.
© 2011 AFP