MPX Delays $4 Billion Colombia Coal Project Amid Price Drop
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MPX Energia SA, controlled by Brazilian billionaire Eike Batista, is delaying by more than a year a $4 billion coal project in Colombia amid price declines.
MPX, based in Rio de Janeiro, may begin exporting from the Canaverales mine in northern Colombia during 2014, with output rising to 35 million tons from the complex within nine years, Luis Caceres, projects manager at the company’s Colombian coal unit, told reporters at an industry conference today in Bogota. The company had earlier targeted first output later this year.