According to the sources quoted by the Wall Street Journal, Goldman Sachs is in talks to sell the coal mines even at a loss.
The banking firm’s first Colombian coal mine, La Francia, was acquired in 2010 from Canadian Coalcorp Mining. The second mine was purchased in 2012 from Vale.
Goldman operated the two mines under its Colombia Natural Resources unit, which recorded revenues of $66m in 2010.
In 2013, the unit produced about 3.5 million tonnes of coal, approximately 4% of the country’s entire output.
The sales of the unit tripled to $200m in 2011, but then losses of over $200m has been reported by the business.
The company stopped La Francia mine operations in early 2013 following a sub-contractor’s move to end its agreement.
