Capulco River Port

active

In December 2006, Colombia’s national concessions institute (Inco), granted a 30 year concession to Sociedad Portuaria Carbones del Carare S.A. to expand and operate a dry bulk terminal at Capulco Port on the Magdalena river. Sociedad Portuaria Carbones del Carare S.A. is a subsidiary of Coalcorp Mining Inc. (Canada). It has committed US $20 million for the project. The contract included a counter payment of US $565,000 by the concessionaire to Cormagdalena, the Colombian government agency that manages transport on the Magdalena River. The port was expected to become fully operational by the second quarter of 2008. The project was part of Coalcorp’s plan to upgrade facilities on the Magdalena River for easier coal transport to the port of Cartagena. In association with this project, Coalcorp also received a 30 year concession to build and operate a terminal at Cartagena. Construction was expected to begin in 2007. Missing capacity size Investment in government assets was converted using the period average and the market rate for 2006 as published by the IMF with a conversion rate of 2361.14 Colombian Pesos=1 USD.