Drummond Limited (DLTD)

MIGA issued a $35 million guarantee to Drummond Company, Inc. of the United States for its equity investment to expand a coal mine near La Loma, in the Department of César. MIGA's guarantee covers the risk of expropriation.

The expansion will increase Drummond's coal-mining operations from 3 million tons to some 10 million tons annually. Almost 4,000 jobs will be generated during the construction period. The project also will create more than 850 permanent jobs and will provide substantial technical and managerial training to employees.

The local community will benefit from Drummond's César Department Coal Foundation, whose aim is to improve living conditions for local residents and promote socioeconomic development by financing school classrooms, multifunctional sports fields and athletic courts, medical facilities, and agricultural extension programs. Once the expansion is complete, local businesses will benefit from the annual procurement of approximately $10 million in additional services and materials. The mine will also generate about $14 million in annual taxes and royalties for thegovernment, including $4 million from the expansion.