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(Kitco News) - Glencore today reported that its Colombian subsidiary, Prodeco has been formally notified by the National Mining Agency that it has accepted the relinquishment of Prodeco’s key coal mining contracts back to the Republic of Colombia.
The company said that the mines will remain on care and maintenance until the formal process of relinquishing the contracts is complete.
Glencore added that during the relinquishment process, Prodeco will comply fully with all its environmental and social obligations arising from its mining operations and the termination thereof. Prodeco will continue to work with the national, regional, and local authorities toward the proper completion of this process.
Earlier in February 2021, Prodeco commenced the relinquishment process after the National Mining Agency of Colombia declined Prodeco’s request for the Calenturitas and La Jagua mines to remain on care and maintenance. The company found that it continues to remain uneconomic to re-commence operations.
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. The group's operations comprise around 150 mining and metallurgical sites and oil production assets. Glencore's companies employ around 135,000 people, including contractors.