Tecnoglass, Inc. (NYSE: TGLS) subsidiary ES has announced that its ES Pivot Door has received recognition from two industry publications. The ES Pivot Door was named “Best Hardware Product or System” in the 2024 Glass Magazine Awards, a category that evaluates design, functionality, and innovation in hardware systems for glass installations in the architectural glass and glazing industry.

Additionally, the ES Pivot Door was recognized in Luxe Magazine’s RED (Residential Excellence in Design) Awards, earning the Readers’ Choice award. This accolade, part of the luxury residential design sector, acknowledges achievements in residential architecture, interior design, and landscape architecture.

Tecnoglass CEO José Manuel Daes remarked that the awards reflect the company’s focus on innovation and design in high-performance window and door systems.

According to reports by Bloomberg and OilPrice.com, Colombia is set to break records with the drilling of the world’s deepest offshore oil well later this year. Ecopetrol SA (NYSE: EC), Colombia’s state-owned oil company, and Occidental Petroleum (NYSE: OXY) are collaborating on this ambitious project, aiming to drill in waters more than 12,000 feet deep in the Caribbean Sea.

The well, located in the Tayrona block off the northern coast of Colombia, represents a significant exploration effort in deepwater drilling. The project would Colombia’s  offshore oil and gas production, diversify energy sources, and potentially expand reserves in the face of declining onshore production in the face of Colombian President Gustavo Petro’s opposition to expansion of the petroleum sector.

The Komodo-1 well will reach 3,900 meters or almost 2.5 miles under the Caribbean Sea.

Drilling at such depths presents considerable technical challenges, including extreme pressure and temperature conditions. However, the potential rewards are substantial, with the region believed to hold significant untapped hydrocarbon resources. Named Komodo-1, if successful, the well will reach a depth of 3,900 meters, or 12,800 feet. The ultra deepwater well will exceed the depths of Angola’s Block 48 well, which currently holds the world record at 3,628 meters.

Ecopetrol and Occidental have both emphasized the strategic importance of this project. For Ecopetrol, it aligns with the company’s objectives to enhance its offshore capabilities and explore new sources of revenue. Occidental, with its extensive experience in deepwater drilling, brings technical expertise to the project.

The drilling is expected to commence in the fourth quarter of 2024, with results anticipated in 2025. If successful, the well could mark a major milestone in offshore oil exploration, not just for Colombia but for the global oil industry.

The outcome of this drilling could have significant implications for Colombia’s energy sector, potentially leading to increased foreign investment and further exploration in the Caribbean basin. It also positions Colombia as a key player in the Latin American offshore oil landscape.

Frontera Energy Corporation (TSX: FEC) has released its financial results for the second quarter of 2024, highlighting both operational and financial performance metrics. Frontera reported a net loss of $2.8 million for Q2 2024, improving from a net loss of $8.5 million in Q1 2024 but down from a net income of $80.2 million in Q2 2023. This loss was primarily driven by a $32.7 million income tax expense and $17.4 million in finance expenses, partially offset by $45.2 million in operating income.

The company recorded $208.9 million in net sales, a slight increase from $194.5 million in Q1 2024. Total production for the quarter averaged 39,912 barrels of oil equivalent per day (boe/d), up from 38,193 boe/d in the previous quarter. Heavy crude oil production increased to 24,839 barrels per day, while light and medium crude oil production remained stable at 12,583 barrels per day.

Frontera’s $2.8 million net loss is an improvement over its $8.5 million net loss in Q1.

Operational netback per barrel of oil equivalent (boe) improved to $46.40, up from $43.97 in Q1 2024. The company’s operating EBITDA also saw an increase to $110.3 million from $97.2 million in the previous quarter.

Capital expenditures for Q2 2024 were reported at $80.2 million, up from $69.4 million in Q1 2024 but significantly lower than the $154.9 million recorded in Q2 2023. Frontera generated $149.8 million in cash from operating activities, up substantially from $65.6 million in the previous quarter.

Frontera continues to advance its exploration activities in Guyana, working with its joint venture partner and engaging in discussions with the Government of Guyana. The company is exploring strategic options for the Corentyne block with the support of investment bank Houlihan Lokey.

Frontera Energy Corporation is a Canada-based oil and gas company focused on exploration and production in Latin America. The company’s primary operations are in Colombia, Ecuador, and Guyana.

Above photo: Frontera Energy’s Quifa field in Meta, Colombia (courtesy Frontera)

Tecnoglass, Inc. (NYSE: TGLS), a manufacturer of high-end aluminum and vinyl windows and architectural glass, has released its financial results for the second quarter ending June 30, 2024. The company reported total revenues of $219.7 million, reflecting a 2.5% decrease from the previous year’s record of $225.3 million.

Single-family residential revenue showed strong organic growth, reaching a record $95.7 million, a 10.1% increase from the previous year. The company attributed this growth to improving market trends and the expiration of the Florida Impact-Resistant Windows and Doors Sales Tax Exemption.

Net income for the quarter was $35.0 million, or $0.75 per diluted share, compared to $52.6 million, or $1.10 per diluted share, in the previous year. Adjusted net income was $40.5 million, or $0.86 per diluted share, down from $53.5 million, or $1.12 per diluted share, in the prior year. Adjusted EBITDA stood at $64.1 million, representing 29.2% of total revenues, compared to $85.0 million, or 37.7%, in the prior year.

Tecnoglass has reported solid financial performance for the second quarter of 2024, driven by strong single-family residential revenue and a growing backlog.

Cash Flow and Liquidity

The company generated $34.5 million in cash from operations, representing 54% of adjusted EBITDA. Capital expenditures amounted to $20.3 million, including investments in land for potential capacity expansion and a down payment for the Miami headquarters and flagship showroom.

Tecnoglass returned $5.2 million to shareholders in cash dividends and made a $15 million voluntary prepayment to its term loan facility. The company ended the quarter with approximately $300 million in liquidity, including $127 million in cash and cash equivalents and $170 million in available credit. The net leverage ratio was a record low of 0.06x at the quarter’s end.

Backlog and Orders

The company’s backlog grew 29% year-over-year to a record $1.02 billion. Single-family residential orders increased by over 60% compared to the previous year, continuing a record trajectory for the second quarter.

Outlook

Tecnoglass provided an improved full-year 2024 outlook. The company expects full-year revenues to range between $860 million and $910 million, representing approximately 6% growth at the midpoint. Adjusted EBITDA is projected to be between $260 million and $285 million, with an implied adjusted EBITDA margin of approximately 31% at the midpoint.

Tecnoglass COO Christian Daes (l), CEO José Manuel Daes (seated), joined by Ignacio Guatibonza Guerra of BakerTilly (photo Loren Moss)

Sustainability Efforts

Tecnoglass has achieved carbon neutrality for 2022 and 2023, reinforcing its commitment to sustainable practices. The company invested in energy efficiency projects, including upgrading generators and implementing cogeneration systems, resulting in total GHG emissions of 390,411 tCO2eq/year. To offset its carbon footprint, Tecnoglass acquired carbon credits from projects in Colombia certified through the Cercarbono program.

CEO José Manuel Daes stated, “Our commitment to sustainability is a strategic priority. We recognize the importance of taking proactive steps to combat climate change and are proud to be at the forefront of sustainability efforts in our industry.”

Tecnoglass aims to become a net-zero emissions company by 2050, continuing to invest in renewable energy projects, energy efficiency initiatives, and the continuous improvement of its production processes.

US Multinational outsourcing firm TaskUs (NASDAQ: TASK), marked a year of operations in Medellín, Colombia last week with the official launch of The Gallery, a new facility that supports TaskUs’s expansion plan in Colombia.

TaskUs, which focuses on digital services, CX solutions, artificial intelligence, and content security, has opened its third operations center in Colombia and the first in Medellín, located in the Ruta-N business incubation complex. The new Medellín facility is in addition to two TaskUs facilities in Cali, Colombia.

The new Medellín facility is in addition to two TaskUs facilities in Cali, Colombia.

Operational for a year, The Gallery has already generated over 400 direct jobs and provides bilingual support to clients mainly in the United States. “We are pleased to be in Medellín. At TaskUs, we invest in the learning and development of our people, equipping leaders and potential leaders with necessary skills and providing online learning resources available anytime,” said Pablo González, Vice President of Operations for TaskUs Colombia.

Carmen Caballero, president of ProColombia, stated, “The expansion of TaskUs in Colombia reflects global investors’ confidence in the country. TaskUs bets on our talent and contributes to its growth and development. ProColombia and the Ministry of Commerce, Industry, and Tourism will continue to support TaskUs in their future plans and expansion in our territory.”

María Fernanda Galeano, Secretary of Economic Development of Medellín, added, “The arrival of TaskUs in Medellín is significant for our district, not only in terms of employment and economic development but also as a key boost to strengthen our business ecosystem. The opening of The Gallery in Ruta N marks the start of a strategic collaboration benefiting both the local community and the company, reaffirming Medellín as an attractive destination for international investments.”

The Gallery features collaborative and modern workspaces, including recreational areas in a highly innovative environment, a concept TaskUs is known for globally, according to González. TaskUs, which began Colombian operations in Cali in 2021, now has two sites in that city, generating over 2,000 qualified jobs in Colombia, serving clients in sectors such as health, retail, e-commerce, tourism, travel, and technology.

“TaskUs is expanding its operations with the opening of a second office in Medellín, offering 700 new job opportunities,” stated Luis Barreto, Vice President of TaskUs for LATAM. TaskUs is actively hiring bilingual professionals for its Medellín office. Interested candidates can apply and find detailed position information on TaskUs’s social media @taskuscolombia.

Colombia saw an 8.5% increase in the number of non-resident visitors in the first half of 2024 compared to the same period last year. The main destinations were Bogotá, Antioquia (including Medellín), and Bolívar (including Cartagena).

An analysis by the Economic Studies Office of the Ministry of Industry, Commerce, and Tourism, based on data from Migración Colombia, reported 3,115,341 non-resident visitors in the first half of 2024. This includes 2,144,765 foreign non-residents, reflecting an 11.1% increase from the same period in 2023.

In June 2024 alone, 359,851 foreign non-residents arrived in the country, a 9.8% increase from June 2023.

The primary countries of origin for foreign non-residents from January to June 2024 were the United States (28.2%), Mexico (8.0%), and Ecuador (8.0%). Costa Rica showed significant growth, with a 51.3% increase in visitors compared to the same period in 2023.

Regarding regional preferences, Bogotá received 36.9% of the foreign non-residents, followed by Antioquia (27.6%) and Bolívar (20.1%).

The largest increases in tourist numbers in the first half of 2024 were in Antioquia (25.8%), Bolívar (17.6%), and Risaralda (7.9%).

Minister of Commerce, Industry, and Tourism, Luis Carlos Reyes Hernández, commented on the data, noting the efforts to position Colombia as a major tourist destination in Latin America and globally. He emphasized the goal of making sustainable tourism a key economic driver for the country.

In terms of connectivity, the latest report from Aerocivil, the Civil Aviation Authority indicated that 26,859,000 passengers traveled through the country’s airports between January and June 2024, a 16.8% increase from the first half of 2023. This represents an additional 3,867,000 passengers during this period.

Approximately 16 million passengers traveled on domestic flights, an increase of 12% (1,702,000 more passengers) compared to the first half of 2023.

Foreign direct investment in commerce, restaurants, and hotels reached USD $526 million in the first three months of 2024, a 21.3% increase from the same period in 2023. Additionally, travel-related exports brought in USD $2.536 billion in the first quarter of 2024, a 19% increase compared to the same period last year.

These figures reinforce Colombia’s position as a preferred destination in Latin America, showcasing the country’s cultural, community, and culinary experiences, and promoting non-traditional tourist areas through sustainability, productivity, and respect for nature.

Above photo: Barú beach outside of Cartagena, Colombia by Loren Moss

The American Citizens Services Office of the US Embassy in Bogota invites US citizens in Colombia to a virtual Voting Workshop. The workshop will guide participants through the process of absentee voting from abroad, providing valuable resources and answering questions.

Event Details:

• Date: Tuesday, August 13, 2024
• Time: 12:00 PM – 1:30 PM
• Location: Zoom
• RSVP: Register here

For inquiries, contact [email protected].

Contact Information:

• U.S. Embassy Bogota, Colombia
  • Tel: +57-1-275-2000 or 601-275-2000
  • Email: [email protected]
  • Website
• U.S. Consular Agency, Barranquilla
  • Email: [email protected]
• U.S. Department of State – Consular Affairs
  • Tel: 1-888-407-4747 or 1-202-501-4444

For updates and more information, enroll in the Smart Traveler Enrollment Program (STEP) – https://step.state.gov/

The Secretary of Health of Huila, Colombia has issued a Red Alert for rising numbers of confirmed yellow fever cases in Huila, Colombia. Travelers planning to travel to the Huila and Popayan region southeast of Cali, Colombia are encouraged to talk to their medical provider about proper precautions to take to prevent infection. Information about the Yellow Fever Vaccine is available on the CDC’s website at https://www.cdc.gov/yellow-fever/vaccine/CDC_AAref_Val=https://www.cdc.gov/yellowfever/vaccine/index.html.

A list of zones at high risk for yellow fever in Colombia is available on the Colombian Ministry of Health’s website: https://www.minsalud.gov.co/Regiones/Paginas/-Viajeros,-a-vacunarse-contra-la-fiebre-amarilla-.aspx

Actions to Take:

• Avoid travel to Huila, Colombia.
• If traveling to Huila, Colombia consult your medical provider for advice on proper precautions to take when traveling to a zone with high risk of yellow fever.

As a courtesy to readers, this message has been reprinted in its entirety as issued by the US Embassy in Bogotá.

Assistance:

U.S. Embassy Bogota, Colombia
Tel. +57-1-275-2000 or 601-275-2000
[email protected]
https://co.usembassy.gov/

U.S. Consular Agency, Barranquilla
[email protected]

U.S. Department of State – Consular Affairs
1-888-407-4747 or 1-202-501-4444

Colombia Country Information

Enroll in Smart Traveler Enrollment Program to receive security updates

Follow the embassy on Facebook and Twitter

Canada-headquartered Colombian mine developer Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) has released its 2023 Sustainability Report, detailing the company’s environmental, social, and governance (ESG) activities in the Department of Caldas, Colombia. The report outlines the company’s impacts and mitigation measures in the region.

In 2023, Collective Mining significantly increased its social investments, contributing over $280,000 independently and $822,944 in partnership with strategic collaborators. The funds were allocated to community projects, aqueduct enhancements, road construction, communal facility improvements, agricultural initiatives, and support for women entrepreneurs, benefiting over 1,700 individuals.

Key Highlights from the 2023 Sustainability Report

• Safety Record: The company reported a Total Recordable Injury Frequency Rate (TRIFR) of 0, concluding 2023 with 710 days without lost time incidents.
• Environmental Initiatives: Collective Mining planted 1,900 seedlings to protect areas near water sources, with a focus on supporting local aqueducts.
• Carbon Neutrality: The company conducted its second carbon footprint assessment and achieved carbon neutrality by purchasing 700 offset credits from the “Delfines Cupica REDD+” conservation project.

Omar Ossma, President and CEO of Collective Mining, commented, “Integrating our sustainability initiatives early into our operations builds a strong foundation in our host region, which will support the success of our mining project.”

The full Sustainability Report is available on the company’s website at www.collectivemining.com under the Sustainability section.

About Collective Mining Ltd.

Collective Mining Ltd., founded by the team that developed and sold Continental Gold Inc. to Zijin Mining, is an exploration company focusing on copper, silver, gold, and tungsten projects in Caldas, Colombia. The company holds options to acquire 100% interests in two projects within an established mining camp with ten fully permitted and operating mines.

The flagship project, Guayabales, is centered on the Apollo system, known for its large-scale, bulk-tonnage, high-grade copper-silver-gold-tungsten porphyry. In 2024, the company aims to expand the Apollo system, explore the Trap system, and pursue new discoveries at the Tower, X, or Plutus targets.

Management, insiders, a strategic investor, and close family and friends own nearly 50% of the company’s outstanding shares, aligning their interests with shareholders. Collective Mining is listed on the NYSE and TSX under the trading symbol “CNL” and on the FSE under the symbol “GG1