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Colombian President Threatens to Unilaterally Modify Glencore’s Concession Contract
July 24, 2025
Colombian President Gustavo Petro has threatened to unilaterally modify Glencore’s concession contract if the mining giant continues exporting coal to Israel, following his administration’s suspension of such shipments in protest of the Gaza conflict. Petro warned he might even mobilize local communities to blockade the Cerrejón mine in La Guajira if Glencore fails to comply. In response, Glencore stated its Cerrejón operation had already stopped coal shipments to Israel, submitting to the presidential decree before its official implementation. Cerrejón is one of the world’s largest open-pit coal producers, outputting ~19 MMT in 2024, though it has recently reduced production due to depressed thermal coal prices. Israel’s foreign ministry has not yet commented on the matter. While the move reflects the President’s willingness to tie foreign policy to economic measures, analysts note that it may also raise questions about the security of foreign investment in Colombia under his administration.
However, Glencore’s dollar bonds were trading stable, with its 5.673% 2035s at 101.4, yielding 5.5%.
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