Colombia’s industrial production and retail sales fell by 10% and 17% in August

The industrial production and retail sales in Colombia accentuated their fall in August with respect to July, in an economy hit by the semiparálisis that provoked the measures of cuarentena to contain the expansion of the coronavirus contention, reveal the brief figures of the Gobierno. Industrial production fell 10.3% year-on-year in August, higher than the 8.5% in July, according to the National Department of Statistics ( DANE). Retail sales fell 17.1% year-on-year in August, higher than the drop of 12.4% in July when sales were lifted by a day without VAT. August was the last month in which Colombia remained in an obligatory confinement to contain the coronavirus.

Fura Negotiates 30-Year Extension to Colombian Emerald Mining License

Fura Gems announced that it has successfully negotiated with the Colombian National Mining Agency for a 30-year extension to Colombian emerald mining license. Fura holds a 76%-indirect equity interest in Coscuez S.A., which holds a 100% interest in the License, covering an area of 46.9651 hectares and including exclusive rights for the exploration, construction and mining of emerald deposits within the area historically known as the “Coscuez Mine” in the municipality of San Pablo de Borbur, Department of Boyacá.

Bogotá pushes for $ 883 mn social assistance package

Bogotá's mayor, Claudia López, presented the National Government with a social assistance package that seeks, through a co-financing between the Capital District and the Nation, to recover the city from the challenges of poverty and unemployment left by the COVID19 pandemic. The Acuerdo Social por Bogotá includes basic income, education, health, reactivation of the businesses, living and habitat; social protection and economic recovery for women. The proposal states that $ 436 mn will be contributed by the Capital District and 447 the National Government, for a total of $ 3.48 mn.

Fitch Upgrades Gran Colombia Gold to ‘B+’; Outlook Stable

Fitch Ratings has upgraded Gran Colombia Gold Corp.'s Long-Term Foreign and Local Currency Issuer Default Ratings to 'B+' from 'B'. In addition, Fitch has upgraded Gran Colombia's secured gold notes to 'B+'/'RR4' from 'B'/'RR4'. The Rating Outlook is Stable. The upgrades reflect the improvement in the company's capital structure due to strong free cash flow and capital raising, which has led to substantial debt repayment. The rating upgrades reflect an expectation that Gran Colombia will continue to maintain a strong capital structure, and that its free cash flow will remain robust following the transfer of its Marmato Lower Zone mine and assets to Caldas Gold Corp.