Colombia has barely finished processing one deal before closing another. In just a few weeks, buyers from three continents and a local player have spent billions of dollars to take control of strategic assets in cement, gold, oil, and copper.
The Swiss conglomerate Holcim, a leading supplier of cement and construction materials, has agreed to pay US$485 million for assets owned by Cemex Colombia.
The transaction covers the Caracolito cement plant, the Santa Rosa grinding station, and more than 20 plants producing ready-mix concrete, aggregates, mortars, and additives, which Holcim will fold into its existing operations.
Currently, Holcim operates a cement plant in Nobsa (Boyaca), eight ready-mix concrete plants, an additives plant, an aggregates plant, and a network of more than 150 retail stores in Colombia.
“This acquisition of operations in the Colombian market strengthens and complements Holcim’s growing position in the country,” said Simon Kronenberg, regional director for Latin America at Holcim, cited by news outlet Valora Analitik.
“This targeted investment in the attractive Latin American region aligns with our NextGen Growth 2030 strategy, propelling us toward our vision of becoming a leader in sustainable construction,” he said.
Local miners take over from South African giant
The Medellin-based company Mineros S.A., on the other hand, announced the acquisition of 100% of the La Colosa gold project from the South African multinational AngloGold Ashanti Limited in a transaction estimated at US$70 million.
The project, located in Cajamarca, Tolima, is considered one of the largest gold deposits in Colombia, although its development has stirred significant environmental and social controversies for over a decade.
Since 2011, social movements have expressed concern about the potential negative impacts of exploration on water, agriculture, and ecosystems in the municipality of Cajamarca and its surrounding areas.
However, the new owner pledged to open a new phase for the project, emphasizing dialogue with communities and other local stakeholders, grounded in a clear regulatory framework and the pursuit of the necessary environmental permits.
Canadians win auction for Colombian oil
Oil company Frontera Energy announced it has accepted a higher bid of US$525 million from Canadian firm Parex Resources to acquire its exploration and production assets in Colombia.
The announcement marks the culmination of a corporate bidding war among oil companies for one of the most significant portfolios in the country’s private sector.
The decision came after the energy company GeoPark confirmed it would not increase its offer, clearing the way for Parex to acquire the assets.
The US$525 million offer surpasses Parex’s previous bid of US$500 million, submitted on Feb. 23. It also falls short of GeoPark’s proposal from late January, which initially stood at US$325 million and was later mentioned as a benchmark during the bidding process at US$375 million.
The new owner of El Alacran speaks Mandarin
El Alacran, located in the municipality of Puerto Libertador in the department of Cordoba, is one of the country’s most promising mines. Experts estimate the mine holds 97 million pounds of copper reserves, with additional potential for gold and silver extraction.
Canadian mining company Cordoba Minerals Corp. handed control of the mine to Chinese consortium JCHX Mining Management Co.
The project calls for an investment of approximately US$400 million, which is projected for the Alacran mine, with annual copper production expected to approach 57 million pounds, 39,000 ounces of gold, and 382,000 ounces of silver.
These acquisitions inject dynamism into key sectors of the economy and bring fresh foreign currency into the country. The phenomenon of asset purchases in Colombia extends beyond mining and oil.
Just days ago, the multinational Millicom, which operates Tigo in the country, took over the operations of Telefonica’s Colombian subsidiary, a transaction that confirms no sector escapes the sweeping change of hands reshaping the country’s business landscape.