Colombian banking group Bancolombia announced that it acquired 40% of the shareholding of Grupo Agromercantil Holding (GAH), the company that owns the Guatemalan Agromercantil Financial Conglomerate. With this acquisition, Grupo Bancolombia consolidates 100% of the shareholding, after $289.1 mm transaction, paid on the date to the seller, BFC BAM Financial Corporation.
IDB Invest, part of the Inter-American Development Bank, provided a loan for $60 mm to the Business Development Bank of Colombia (Bancóldex) to support micro, small and medium-sized companies that have been affected by the COVID19 crisis.
Colombia’s President Iván Duque said his government is committed to financing the second phase of the Toyo tunnel system in Antioquia department, which will demand $362 mm from the central administration. This second stage entails 12.5km of open highway, 11 tunnels and 13 bridges. It is currently in the structuring process and is expected to be tendered next year
Newmont Corp. has formed an exploration joint venture in Colombia with Agnico Eagle Mines Ltd. The 50:50 joint venture, which will be operated by Agnico Eagle, will explore the Anza project and advance other prospective gold targets of district-scale potential in Colombia. The Anza project is a gold exploration project, comprising exploration contracts and applications totalilng approximately 200 square kilometres located in the mid-Cauca belt in Colombia. Agnico will sole-finance the joint venture until expenditures equal Newmont's previous investment in the Anza project (approximately $2.9-million). Thereafter the parties will continue financing on a 50:50 basis.
US private equity firm Advent International said Tuesday that it raised $2 billion for its seventh fund in Latin America with commitments from institutional investors around the world. Advent will focus the Latin American Private Equity Fund VII, or LAPEF VII, on investments in Brazil, Colombia, Mexico and Peru, the countries where it has offices in Latin America, as well as Argentina and Chile. The fund will make buyouts, corporate carve-outs and equity investments, ranging in size from $50 million to $300 million or more, Advent said.
Royal Road Minerals Limited revealed new drill results on Tuesday from its Guintär-Niverengo and Margaritas gold project in Antioquia. Highlights of the results include 14 meters at 4.1 grams per tonne (g/t) gold equivalent (AuEq); 10 meters at 2.3 g/t AuEq; and 18 meters at 1.9 g/t AuEq with 21.5 meters at 1.3 g/t AuEq.