Vancouver-based Aris Mining Corporation (TSX: ARIS; NYSE: ARIS) reported preliminary first-quarter 2026 gold production of 74,300 ounces from its two underground mines in Colombia, representing a 6% increase over the fourth quarter of 2025 and a 36% increase compared to the same period a year earlier.

The company said it sold 74,800 ounces of gold during the quarter at an average realized price exceeding $4,860 USD per ounce, generating gold revenue of more than $360 million USD. That figure marks a 20% increase from Q4 2025 revenue of $301 million USD and more than double the $154 million USD reported in Q1 2025. The company reported a cash balance exceeding $470 million USD as of March 31, 2026, an increase of approximately $80 million USD from the end of the previous quarter.

“We expect Q1 2026 gold revenue to exceed $360 million, a significant increase from $154 million in Q1 2025 and $301 million in Q4 2025, driven by higher gold prices and increased ounces sold.” — Neil Woodyer, Chair and CEO, Aris Mining Corporation

The production gains were concentrated at Aris Mining’s Segovia operation in the department of Antioquia, which produced 66,600 ounces during the quarter, up from 63,100 ounces in Q4 2025 and 47,500 ounces in Q1 2025. The year-over-year increase of 40% at Segovia was driven primarily by a notable improvement in ore grade. The average gold grade processed rose to 12.41 grams per ton from 9.37 grams per ton a year earlier, a 32% increase, while the volume of ore processed increased 5% to 175,000 tons. Recovery rates held at 95.3%, compared to 96.1% in both the prior quarter and Q1 2025.

The higher grades offset a decline in throughput compared to Q4 2025, when the mine processed 201,000 tons at an average grade of 10.10 grams per ton. Aris Mining completed installation of a second mill at Segovia in June 2025, increasing processing capacity by 50% to 3,000 tons per day, and the company has indicated that the ramp-up at the operation is continuing.

At the Marmato mine in the department of Caldas, production totaled 7,800 ounces in Q1 2026, an increase from 6,700 ounces in Q4 2025 and 7,200 ounces in Q1 2025. Marmato processed 77,000 tons of ore at an average grade of 3.53 grams per ton during the quarter, compared to 75,000 tons at 3.12 grams per ton in Q4 2025. Recovery rates at Marmato declined slightly to 89.6% from 90.8% in the prior quarter.

Consolidated Production Summary

Growth Outlook

Neil Woodyer, the company’s chair and CEO, said production growth in 2026 is expected to be weighted toward the second half of the year. The company is building a new bulk mine and carbon-in-pulp (CIP) processing plant at Marmato, with first gold expected in Q4 2026. At steady state, the expanded Marmato operation is expected to produce approximately 200,000 ounces per year.

Together, the Segovia and Marmato expansions are expected to increase Aris Mining’s annual gold production to approximately 500,000 ounces. The two mines produced a combined 257,000 ounces in 2025.

Beyond its operating mines, Aris Mining is advancing the Soto Norte gold project in the department of Santander, Colombia, where environmental studies are being finalized for submission in Q2 2026 to initiate the licensing process. The company also holds the Toroparu gold project in Guyana, where a prefeasibility study is underway and a construction decision is expected in early 2027. These projects form part of Aris Mining’s longer-term objective of reaching approximately 1 million ounces of annual gold production, though that target includes estimates from a preliminary economic assessment for Toroparu that the company has cautioned are based on inferred mineral resources and are speculative in nature.

The company expects to report full Q1 2026 financial and operating results on or about May 6, 2026. The quarterly results contained in the April 7 announcement are preliminary and may differ from final figures.

Aris Mining is listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol ARIS. Company filings are available through SEDAR+ and the US Securities and Exchange Commission.

Economic activity in Colombia expanded at an estimated annual rate of 2.1% during the first quarter of 2026. According to the latest NowCast report issued by the Grupo Cibest, unit of Bancolombia (NYSE: CIB, BVC: BCOLOMBIA), this outcome reflects a loss of momentum compared to the rolling quarter ended in February. That previous period recorded a growth of 2.2%, which was revised downward by 10 basis points from an initial estimate of 2.3%.

The 2.1% growth rate for the quarter indicates a slowdown relative to both the market consensus average of 2.7% and the internal growth forecast of 3.3% held by the bank. On a month-over-month basis, the seasonally adjusted series of the NowCast index posted a 1.3% contraction in March 2026. When compared to March 2025, economic activity grew by 2% year over year, representing a 50-basis-point decline from the 2.5% reading recorded the previous month.

“Overall, these results suggest that the economy is beginning to lose steam, amid multiple sources of uncertainty.” — NowCast Bancolombia Report

Analysis at the sector level reveals a broadly weaker growth profile, with deceleration appearing across most productive areas. Slower momentum was identified in trade, manufacturing, recreation, real estate, and financial services. Manufacturing expansion cooled to 1.0% in March 2026, while financial services recorded marginal growth of 0.6%. The real estate sector maintained a steady growth rate of 1.9%.

Construction and communications were the only sectors to record negative growth during the period. The construction sector saw a significant downturn, contracting by 2.3% in March 2026 after having posted 1.4% growth in February. The information and communications sector contracted by 0.4%, marking its fourth consecutive month in contractionary territory. Conversely, acceleration was noted in public administration, which grew by 5.1%, agriculture at 3.7%, and mining at 0.8%.

The NowCast family of indicators is prepared by Grupo Cibest through the processing and aggregation of transaction data from the bank’s various payment channels. Using advanced quantitative tools, the index provides high-frequency estimates of Colombian productive activity to complement official data from the Departamento Administrativo Nacional de Estadística. The report was authored by Arturo Yesid González Peña, Head of Quantitative and Analytics, and Sebastián Ospina Cuartas, Data Controller.

The report also incorporates data from the Bloomberg platform and FocusEconomics Consensus Forecasts to provide broader economic context. While the national economy remains in expansionary territory, the analysts suggest that the current results indicate the market is losing steam due to various sources of domestic uncertainty.

Dominican airline Arajet has launched a “Hot Sale Colombia” promotion, offering discounted base fares for international travel originating from major Colombian hubs. The campaign targets passengers departing from El Dorado International Airport in Bogotá, José María Córdova International Airport in Medellín, and Rafael Núñez International Airport in Cartagena.

The promotional window is scheduled to run from March 16 through March 22, 2026. During this period, the airline is offering base fares starting at $1 USD. These rates apply to international routes within the carrier’s network and are available across all four of the airline’s service tiers: Basic, Classic, Comfort, and Extra.

Agressive fares through Q3 2026

According to the carrier, the travel window for tickets purchased under this promotion extends from April 15, 2026, to September 30, 2026. The availability of these fares is subject to seat capacity on specific flights. The initiative follows the carrier’s broader strategy to increase its market share in the Colombian aviation sector, which is regulated by the Unidad Administrativa Especial de Aeronáutica Civil (Aerocivil) under the Ministerio de Transporte.

Arajet commenced operations in September 2022 and currently maintains its primary hubs at Las Américas International Airport in Santo Domingo and Punta Cana International Airport. The airline utilizes an all-Boeing fleet, consisting of 14 Boeing 737 MAX aircraft (NYSE: BA). The carrier’s network connects the Dominican Republic with various destinations across North America, Central America, South America, and the Caribbean. In 2023, the airline was recognized as the “Best New Airline in the World” at the CAPA Aviation Trust Summit. The airline’s operations are overseen by the Instituto Dominicano de Aviación Civil (IDAC) in its home jurisdiction. Detailed pricing and baggage policies for the current promotion are available through the company’s digital booking platform.

Above photo (courtesy Arajet): Arajet employees wave flags and take press photos to commemorate the launch of a new route from Medellin to Santiago, Dominican Republic.

The company launched its first experience center in Bogotá’s Andino shopping center, using a direct business model that bypasses local dealers or authorized distributors. The base model offered for the Colombian market is the Model 3, listed with an initial price of $109,000,000 COP. First deliveries for vehicles ordered online are anticipated between late January and early February 2026. A second experience center is expected to begin operations soon in the El Tesoro shopping center in Medellín.

Though the announcement marks Tesla’s official launch in Colombia, individuals have already imported Tesla vehicles into Colombia.

Tesla announced expansion plans within the country, including additional experience centers, test drive programs, service experiences, and the deployment of Supercharger stations, beginning in Bogotá. The local subsidiary, officially registered as Tesla Motors Colombia S.A.S., confirmed that its vehicles sold in Colombia will offer charge autonomies exceeding 400 kilometers. Karen Scarpetta, the Country Manager for Tesla, cited the company’s direct structural setup as a factor enabling competitive pricing relative to other global markets. The company is actively recruiting personnel for positions in Bogotá and Medellín, including service technicians, sales managers, and distribution coordinators.

The formal market entry for Tesla began in January 2024 with the registration of Tesla Motors Colombia S.A.S. in the Cámara de Comercio de Bogotá. The scope of registered activities includes vehicle commercialization, maintenance, repair, distribution, energy control, and the sale of electric energy. Showroom vehicles for the initial launch included the Model 3 and the Model Y.

The US-based company is entering a market where it will compete with established brands like China’s BYD (HKEX: 1211, SZSE: 002594), which has operated in Colombia since 2020 through Motorysa, and Geely (HKEX: 0175), which is launching operations through Grupo Vardí. Tesla‘s debut occurs amid global adjustments for the firm. In the third quarter of 2025, the company reported revenues of $28,095,000,000 USD, representing a 12% year-over-year increase. However, net earnings experienced a 37% decline, marking four consecutive quarters without meeting market expectations. Despite these trends, Tesla regained market share leadership in the European electric vehicle segment after a period of volatile demand.

Locally, Tesla stock has been available to Colombian investors since June 2025 through the Bolsa de Valores de Colombia (BVC)‘s Mercado Global Colombiano, with the backing of Acciones & Valores S.A.. This inclusion provides local investors with direct access to shares of the US technology and sustainable mobility sector.

Above photo: Tesla Model 3 (courtesy Tesla)

Baptiste is a Colombian biologist and academic recognized for her work in biodiversity conservation, sustainable development, and inclusion. She currently holds the position of Rector at Universidad Ean in Bogotá. Baptiste previously served as the Director of the Alexander von Humboldt Institute for Research on Biological Resources, Colombia’s national biodiversity research center. Her background includes engagement with environmental and social policy across Latin America, and she is a member of international advisory panels focused on climate action.

Ian Telfer, Chair of the Aris Mining Board, noted that the appointment is consistent with the company’s objectives related to environmental science, biodiversity management, and inclusive leadership, intending to apply this expertise to its mining operations in Colombia and Guyana.

Aris Mining was founded in September 2022 as a gold mining company focused on South America. The company’s business model combines generating cash flow from existing production with growth driven by asset expansions, exploration, and development projects.

Above photo: Brigitte Baptiste speaking at the Colombia Gold Summit (photo: Loren Moss)

Colombia’s rejection rate is now comparable to China’s, which stood at 25.37% for the same period. Within South America, Colombia’s rate was exceeded only by Bolivia, Venezuela, and Ecuador, each reporting denial rates above 35%. In contrast, Uruguay, Argentina, and Brazil reported significantly lower refusal rates, ranging from approximately 5% to 15%.

The adjusted refusal rate accounts for multiple applications by the same individual and excludes cases where initial refusals were later overcome through additional documentation or appeals.

From Visa Waiver Talks to Rejection Spike

The current visa rejection rate stands in stark contrast to the diplomatic trajectory under former Colombian President Juan Manuel Santos. In 2014, Santos publicly stated that the United States had initiated a process to eliminate visa requirements for Colombian citizens traveling for tourism and short-term business. The announcement was made during a press conference in New York, where Santos said, “We are working with the US government to remove the visa requirement for Colombians.”

That process has since collapsed. No formal visa waiver agreement was reached, and under subsequent administrations, visa conditions have deteriorated significantly.

The increase in Colombia’s visa rejection rate coincides with a series of diplomatic incidents between Bogotá and Washington. In January 2025, Colombian President Gustavo Petro revoked authorization for US repatriation flights carrying deported Colombian nationals. The reversal came hours after Petro initially welcomed the flights via social media, only to later delete the post and issue a statement denying entry to the aircraft. Petro cited concerns over the treatment of deportees, stating, “The United States cannot treat Colombian migrants as criminals.”

The US government responded by suspending visa services at its embassy in Bogotá, effective January 27, 2025 until Petro backed down, which he did immediately. According to Finance Colombia, the suspension was part of a broader set of retaliatory measures announced by then-President Donald Trump, which included:

• 50% tariffs on Colombian exports.
• Visa revocations for government officials.
• Travel bans targeting Petro administration affiliates.
• Enhanced customs inspections of Colombian cargo and nationals.

The diplomatic rift drew criticism from Colombian regional leaders. Medellín Mayor Federico Gutiérrez and Antioquia Governor Andrés Julián Rendón publicly denounced Petro’s actions, warning of economic repercussions and calling for direct engagement with US counterparts.

In May 2024, the US imposed visa restrictions on executives of Colombian transportation companies accused of facilitating unauthorized migration by sea. The State Department stated that these companies “prey on vulnerable irregular migrants” and operate services “designed primarily to facilitate irregular migration to the United States.”

While the US government has not officially linked the rise in visa denials to these diplomatic and migration-related events, the timing and scale of the increase suggest that political tensions are influencing consular decisions.

Outlook

The elevated rejection rate could impact Colombian tourism, business travel, and bilateral cooperation. With visa services only recently reinstated following Petro’s capitulation to US demands, it remains unclear whether the rate will stabilize or continue to rise amid ongoing political volatility and economic uncertainty.

US Department of State. Photo credit: US Department of State/Facebook.

After several months of tracking and surveillance, Colombian security forces arrested Larry Amaury Álvarez Núñez, alias “Larry Changa,” leader and co-founder of Tren de Aragua, the Venezuelan-born criminal organization with tentacles across different countries. He was hiding in a luxurious mansion he built from the ground up, in an exclusive rural area of the municipality of Circasia, in the department of Quindío. A security ring of nine bodyguards usually protected him and drove a luxury vehicle around the coffee-growing region.

“‘Larry Changa’ would have arrived in Colombia in 2022, obtaining false documents. He was in charge of the criminal strategy for the territorial expansion of the ‘Tren de Aragua’ in Colombian territory,” the Colombian Ministry of Defense posted on its X account.

Larry Changa, according to Chilean prosecutors and Colombian police who spoke to InSight Crime, was initially responsible for the establishment of Tren de Aragua cells in Chile and the wider logistical deployment in the south of the continent. After his presence was detected by Chilean security agencies, he had to flee and seek a new refuge.

His arrival in Colombia was just another chapter in Tren de Aragua’s continental expansion.

In addition to being the first choice of the nearly eight million Venezuelan migrants who have fled economic collapse, Colombia had already proven to be fertile territory for Tren de Aragua’s operations, expanding its criminal rents and offering refuge to some of its most notorious leaders.

Hiding among more than two million Venezuelans in Colombia, Tren de Aragua had been putting down roots in different parts of the country, including the capital, Bogotá. But the most established strongholds are along the Colombia-Venezuela border, where the Venezuelan criminals charge tolls to migrants. Here, Tren de Aragua begins its exploitation of the exodus, the starting point for the human smuggling networks that extend across South America and northwards to the United States.

La Parada: Tren de Aragua Shows Its Face

The irregular border crossings, known as “trochas,” which allow millions of Venezuelan migrants to enter Colombia, also became strategic routes for the transnational advance of Tren de Aragua.

In 2018, according to authorities and residents consulted by InSight Crime, Tren de Aragua established its first bases in the township of La Parada, in the municipality of Villa del Rosario, in Colombia’s Norte de Santander department. Adopting a low profile, its members took advantage of the growing human flow to consolidate an illicit business that thrived amid the vulnerability of the passing migrants.

At that time, Colombia was home to more than a million Venezuelan migrants scattered across different regions of the country. Villa del Rosario, in particular, had consolidated itself as one of the main entry points, serving as a key corridor for the migratory flow from Venezuela.

“This is an attractive place for them because it is a point where illegality proliferates, especially in smuggling and trafficking of irregular migrants,” an officer from the Metropolitan Police of Cúcuta, the capital of Norte de Santander, who requested anonymity for institutional reasons, told InSight Crime.

Once settled in several different border neighborhoods in La Parada, Tren de Aragua began exercising strict control over the Los Mangos and La Marina trochas, among other clandestine trails. The gang began to dominate several illegal economies through the use of violence and terror.

Migrants became their main target. Since the group’s arrival in this border area and until 2022, the border was closed, and the main legal crossing point, the Simón Bolívar International Bridge. This forced thousands of migrants to use the trochas, exposing them to extortion and abuse. Tren de Aragua charged travelers a $10 toll to cross, while bus drivers carrying migrants had to pay up to $125 in “taxes.”

“Tren de Aragua controls the Colombian side. To travel to Bogotá and then to Quito, Ecuador, you have to pay a fee to that group,” said a resident of La Parada, who preferred not to reveal his identity.

In addition, the gang imposed curfews in the areas under their control and demanded weekly payments of between $10 and $15 from local merchants. Those who refused to pay faced brutal reprisals, such as the throwing of grenades or the use of indiscriminate violence, a Tren de Aragua hallmark. In some areas of La Parada, media reports and security sources revealed the existence of torture houses, where those who disobeyed the rules or did not pay extortion fees were punished.

Faced with the advance of Tren de Aragua and increased insecurity in La Parada and several neighborhoods of the city of Cúcuta, the security forces intensified their efforts, capturing several members of the organization, including some leaders and hired killers.

In addition to facing state action, Tren de Aragua has had to contend with superior criminal rivals.

Following an armed dispute between 2021 and 2022 with the National Liberation Army (Ejército de Liberación Nacional – ELN), the Colombian guerrilla group that dominates the criminal scene along the Colombian-Venezuelan border, a territorial division was created. Tren de Aragua was left controlling the Colombian side with no possibility of entering or doing business on the Venezuelan side, which remained under the control of the insurgency, acting with the blessing of the Maduro regime. The ELN was protected in Venezuela, but exposed to the security forces in Colombia.

Despite the state’s offensive and struggles with the ELN and other criminal groups, the gang continued to operate in Villa del Rosario and Cúcuta. Immersed in migrant smuggling, human trafficking, small-scale drug trafficking, prostitution, and extortion, they managed to consolidate themselves as one of the main criminal players in this part of the border.

SEE ALSO: With Venezuelan Criminal Groups Strengthening, Violence in Cúcuta Rises

Tren de Aragua’s criminal fiefdom at this crossing point allowed the entry into Colombia of other gangs of Venezuelan origin that were boosted by the reputation of Tren de Aragua.

Linked to more than 50 murders in Cucuta, according to official reports cited by the local press, the AK-47 gang, led by Jhoswar Saul Hernandez Sanabria, alias “Saul,” – captured in Venezuela – began as a satellite cell of Tren de Aragua before becoming independent. It currently operates in the center of the city, where it extorts merchants and has several drug sales points under its control.

The evolution of this faction, of Venezuelan origin, has escalated into a fierce dispute with other criminal organizations over control of the currency exchange houses. These financial operations, often used as a front for money laundering, have become points of friction. In addition, the recruitment of Colombians into their ranks demonstrates the gang’s ability to offer more attractive incentives than those of local criminal organizations.

Expanding Operations Beyond the Border

In the early morning hours of August 25, 2022, residents of a working-class neighborhood in Bogotá, Colombia, awoke to a gruesome scene. In the middle of the street, abandoned in a cart, were three corpses wrapped in black plastic garbage bags.

Leaving these bodies in public view was no random act. Behind the grim display was a violent territorial dispute between Tren de Aragua and local gangs for control over illicit activities in the Bogotá districts of Kennedy, Bosa, and Los Mártires.

Aníbal Fernández de Soto, then Bogotá’s security secretary, confirmed this in a statement. “The Tren de Aragua organization is the main group responsible for homicides in which bodies have been left in bags in public spaces in several areas of the city,” he said.

Between 2022 and 2023, local authorities documented at least 57 cases of people killed and found wrapped in garbage bags, many of them dismembered and showing clear signs of torture. It is unknown how many of these killings were directly carried out by Tren de Aragua.

The gang’s extreme violence was key to securing its place in the Colombian capital’s criminal underworld.

In its first phase, the group infiltrated Bogotá’s local criminal organizations, triggering a wave of betrayals that ended with its takeover of gangs like the Camilos. This conflict, which left more than 36 dead, allowed the Venezuelan group to consolidate control in strategic areas of Bogotá, including the commercial hub known as Corabastos and retail drug sale points in Kennedy and Ciudad Bolívar.

“To grow, they first ally with other criminal structures. That’s what happened when Tren de Aragua began to emerge in Aragua state and later extended its influence by partnering with organizations in other states to increase its criminal profits,” an investigator with Colombia’s anti-kidnapping and anti-extortion police unit told InSight Crime.

One faction that followed this strategy was the gang led by José Manuel Vera, alias “Satanás.” Initially operating as a satellite of Tren de Aragua, the group eventually gained enough manpower and illicit revenue to break away and form an autonomous network focused on extortion and microtrafficking in several Bogotá neighborhoods.

Although Satanás was arrested in Ecuador in November 2023 and extradited to Colombia, his criminal influence did not end. From inside the Palogordo prison in Santander department – and with the complicity of corrupt guards – his network remained active, using contraband cell phones to extort victims and keep cash flowing. Even behind bars, his power remained intact.

Corruption inside the security forces also impacted the streets of Bogotá.

In early 2023, a joint intelligence operation by the police and the Attorney General’s Office uncovered Tren de Aragua’s infiltration of the capital, identifying one lieutenant and five noncommissioned officers on the gang’s payroll. These police officers provided a range of services to the transnational network, including protecting leaders, collecting extortion payments, selling confidential information, and issuing safe conducts to control areas of sexual exploitation and small-scale drug trafficking in Kennedy.

Colombian authorities have continued investigating the group. In Bogotá, they also discovered that the gang owned several nightclubs used to launder proceeds from its criminal activities. The parties held in these venues – which featured international DJs – helped boost its other businesses, especially retail drug trafficking. The logistical coordinator of these operations, identified by the alias “Eryk,” was arrested in October 2024 after months of investigation.

While Tren de Aragua’s attempts to expand into other parts of the city have been thwarted, the gang has achieved a degree of consolidation in its strongholds in the capital. At the same time, efforts to enter other Colombian departments have failed, particularly in areas where they have encountered more experienced and better-established local criminal structures.

Putting the Brakes on Criminal Greed

After establishing an effective grip on certain territories and illicit economies in Bogotá and Norte de Santander, Tren de Aragua sought to replicate its model in other parts of Colombia.

However, this expansion has been hindered by the presence of more heavily armed local criminal groups and the response of security forces.

Unlike Bogotá, where criminal control is more fragmented, Medellín – famous as the cradle of Pablo Escobar’s drug trafficking empire – has resisted Tren de Aragua’s advance, thanks in part to a consolidated criminal underworld unwilling to cede territory.

“In Medellín, we’ve found it striking, especially compared to other cities, that they haven’t managed to break in,” a police investigator told InSight Crime in 2024.

Security experts consulted for this investigation, including Hugo Acero, former Bogotá security secretary, say the level of criminal governance exercised by structures like the Oficina de Envigado – a federation of criminal organizations that began as a hitman-for-hire network in the 1980s under the Medellín Cartel – prevents new players like Tren de Aragua from putting down roots in this city.

However, the gang did not give up. In Medellín’s busy streets and entrenched criminal underworld, the city has seen multiple Tren de Aragua members seek refuge in 2025 — only to be found by authorities or killed by rival criminals. These opportunities, during which they have also explored the potential of local criminal markets, show the gang’s ongoing interest in Colombia’s second city.

In one case in late July, two alleged members who had arrived in March from the United States used their stay to traffic weapons and sell synthetic drugs, according to Colombian police investigations.

SEE ALSO: Colombia Nabs Another Top Tren de Aragua Leader With Venezuela’s Help

Beyond Medellín, Tren de Aragua and other Venezuelan-origin gangs have also faced resistance in other parts of Colombia.

In 2021, the discovery of a corpse bearing a sign reading “killed for being from Tren de Aragua” revealed the resistance they encountered in Arauca, a border region known for drug and migrant trafficking. Their main rivals there were dissident elements of the now demobilized guerrillas of the Revolutionary Armed Forces of Colombia (Fuerzas Armadas Revolucionarias de Colombia — FARC), whose experience and military power thwarted the Venezuelan group’s push into this border region.

In addition to FARC dissidents, Arauca is an ELN stronghold, making it an extremely difficult area to penetrate. Tren de Aragua could not replicate its border-expansion strategy there, as it did in Villa del Rosario, unable to defeat two very powerful Colombian criminal structures.

Even so, Tren de Aragua appears to have identified the potential of other areas in Colombia not as places to install a criminal presence, but as safe havens amid heightened security force pressure.

Several major arrests of the group’s leaders have occurred in towns and departments where the group has no visible operations. Instead, members have focused on investments in rural areas in the country’s interior. This was the case with Larry Changa, who was arrested at a mansion under construction in an exclusive sector of Circasia, in the Colombian department of Quindío, driving a luxury vehicle.

Another leading figure in Tren de Aragua’s Chilean operations was also arrested in Colombia. In December 2024, police captured Carlos Francisco Gómez Moreno, alias “Bobby,” in Los Patios, a municipality bordering Villa del Rosario in Norte de Santander. Chilean prosecutors say Bobby is one of Tren de Aragua’s leaders in Chile, suggesting Colombia may have become both a base of operations and a hideout for the gang’s international leadership.

Also noteworthy was the arrest of gang member Jeison Alexander Lorca Salazar, alias “Jeison Comino,” found at a luxury ranch in Los Santos, in the Santander department.

The movements of these Venezuelan criminals have not gone unnoticed. Colombian security forces have actively worked to prevent these transnational organizations from gaining ground in the country, establishing cooperation mechanisms with neighboring nations where Tren de Aragua operates. In some cases, they have even received help from the Venezuelan government, as in the capture of Jeison Comino.

That arrest was billed as a high-level operation, with Jeison Comino described as the gang’s second-in-command. In reality, the criminal, who had been active in Venezuela, was a lieutenant in the gang of El Conejo, one of Tren de Aragua’s satellite groups in Aragua state that weakened after its leader died in 2023.

The lack of reliable, verified information – partly due to the absence of Venezuelan cooperation and the low credibility of the little information they do share – leads to inflated claims about arrests and the gang’s reach.

Even so, other significant captures have dealt real blows to the group’s Colombian expansion, such as that of Salomón Fernández Torres, alias “Salomón,” on June 27, 2024. A top confidant of Niño Guerrero and the group’s financial chief in Bogotá, he was arrested as part of a series of operations by police and prosecutors that, by June 2024, had led to more than 240 Tren de Aragua members being detained.

Authorities now have their sights set on Giovanny Vicente Mosquera Serrano, alias “Giovanny San Vicente,” considered the gang’s top coordinator in Colombia and a liaison between its factions abroad. US authorities have offered a reward of up to $3 million for information leading to his arrest.

But just as the movement of migrants did not stop in Colombia, neither did Tren de Aragua’s operations.

Members of the organization moved into the municipality of Ipiales, in Nariño department at Colombia’s southern border— a strategic point on the migration route to Ecuador, Peru, and Chile — where they profited from migrant flows and extorted locals, according to leaked emails and documents from Colombia’s Attorney General’s Office in what became known as the NarcoFiles project.

Tren de Aragua’s next stop on the migrant trail to the south, Peru, offered a criminal market ripe for extortion, fueled by a growing Venezuelan migrant community that allowed the gang to establish itself. In a less crowded criminal landscape, with less experienced security forces and an unstable political climate, Tren de Aragua was able to flourish like never before.

This article, written by the Venezuela Investigative Unit, was originally published by InSight Crime, a Medellín-based foundation dedicated to the investigation and analysis of crime and security in Colombia and Latin America. It has been generously shared with Finance Colombia under a Creative Commons license.

Everyone wants to date the good-looking girl, and that young lady is called Miss Tourism. It has been picking up since COVID-19, and has been one of the big Gustavo Petro bets and has paid off. Last year, for the first time, Colombia (6.9 million) was the most visited country in South America – this year that number is set to grow another 4.3% to 7.2 million, and in reality, the country is just getting started. Tourism is threatening to bring more dollars into Colombia than oil in 2025.

No surprise then that a dozen presidential pre-candidates descended on the ANATO tourism forum in Medellín to sit on panels to give their views on a subject they know nothing about. Hours of delegates’ time were wasted on listening to the peacocks and peahens as they preened their feathers.

Another sector undergoing a boom is agriculture, where, coincidentally, Petro has also been concentrating his efforts. Coffee, flowers, and palm oil are all booming, but there are plenty of other products. Petro has tried to push ahead with the repatriation of lands stolen during the armed conflict, especially by the paramilitaries, but this is a slow process. One can only imagine what a bread basket (as opposed to basket case) Colombia would be if 1% of its population (Oxfam) didn’t control 81% of the land with little or no interest in farming or sharing it – the worst reading in Latam.

Elsewhere (say it quietly so as not to upset the elite), domestic demand is following confidence upwards with imports according to Departamento Administrativo Nacional de Estadística – DANE Colombia rising another 14.5% in June, driven by capital and consumer goods – the downside is that the growing economy added another $1.1 billion USD to the deficit.

The initial tax reform has been presented in conjunction with the budget – both will be a struggle to get through congress as the peacocks/peahens prepare themselves for the March elections. This will be a challenge for Ministerio de Hacienda Germán Ávila. What really sticks in the throat is ex-finance ministers such as Mauricio Cárdenas telling us how they would do it – they already had their chance, and failed.

There is much news, but just to mention that in this disaster of a country, which everyone should leave, the stock market continues to rage (+34% YTD) on improving volumes and more Colombians than ever before (80,000) traded the stock market in 1H2025, according to Asobolsa.

Just another of the inconvenient truths. One can only imagine that if Colombia is even half the ship was rowing in the same direction for just one day.

Have a great day.

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FARC dissidents arrested in Putumayo, Peru, during Operation Armageddon. Photo credit: Ministerio de Defensa del Perú/Wikipedia.

The new route will offer flights on Mondays, Wednesdays, and Fridays, providing a non-stop connection between Colombia’s capital and Guatemala City. This expansion facilitates access to a country known for its cultural, natural, and historical attractions.

The Instituto Guatemalteco de Turismo (INGUAT), the government entity responsible for tourism, reported a significant increase in Colombian visitors. According to INGUAT, 39,000 Colombians visited Guatemala during the first half of 2025, marking a 9% increase compared to the same period in the previous year. In 2024, the country welcomed more than 58,000 Colombian visitors.

Lake Atitlán. Photo credit: Wingo.

Harris Whitbeck, director general of INGUAT, noted the importance of the Colombian market. “Colombia is one of our key source markets in South America. This new air connection will make it easier for more travelers to discover the natural, cultural, and culinary richness that Guatemala offers.”

Jorge Jiménez, commercial and planning vice president for Wingo, a subsidiary of Copa Holdings (NYSE: CPA), stated that the new route is aimed at expanding travel opportunities for Colombians.

The new service arrives in time for Guatemala’s primary tourism seasons, including the Festival of Giant Kites in Sumpango and Santiago Sacatepéquez in November, as well as the dry season, which runs from November to April. The flight is expected to have a duration of approximately three hours and 30 minutes.

Parque Nacional. Photo credit: Wingo.

Plano, Texas. Photo credit: Tecnoglass.

Detailed Financial Performance Analysis

Tecnoglass’ second-quarter financial statements indicate a company in a strong financial position. A closer examination of the results provides insights for the institutional investor.

Income Statement Analysis:

Revenue Growth: The 16.3% increase in total revenue to $255.5 million USD was primarily driven by a 17.8% growth in the multifamily/commercial sector and a 14.5% increase in the single-family residential sector. The company attributes this to market share gains, geographic expansion, and a broader product offering. A portion of the single-family residential growth is attributed to customers accelerating orders in anticipation of price increases related to US tariffs. The impact of foreign currency exchange was a modest adverse effect of $0.5 million.

Profitability Metrics: The gross margin expanded by 400 basis points to 44.7% from 40.8% in the prior-year quarter. This improvement reflects better pricing, stable raw material costs, operating leverage, and increased vertical integration. Operating expenses increased to $53.1 million USD from $38.4 million USD in Q2 2024, primarily due to higher selling expenses, including $5.9 million in aluminum tariffs paid in April. As a percentage of revenue, operating expenses were 20.8%, up from 17.5%. The company notes that price adjustments implemented in May began to offset these incremental expenses by late June.

Photo credit: Tecnoglass.

Net Income and Earnings Per Share: Net income for the quarter was $44.1 million USD, or $0.94 USD per diluted share, compared to $35.0 million USD, or $0.75 USD per diluted share, in the same period last year. Adjusted net income, a non-GAAP measure that excludes items like non-cash foreign currency exchange gains and losses, was $48.5 million USD, or $1.03 USDper diluted share.

Adjusted EBITDA: Adjusted EBITDA, another non-GAAP measure, increased by 24.5% to $79.8 million USD, representing 31.2% of total revenues. This was driven by higher revenues and gross margin improvement, which more than offset the aforementioned increase in operating expenses. The Adjusted EBITDA calculation for the quarter includes a $0.5 million USD contribution from the joint venture with Saint-Gobain.

Balance Sheet and Cash Flow:

Strong Liquidity: The company ended the quarter with a solid liquidity position of approximately $310 million USD, consisting of $137.9 million USD in cash and cash equivalents and $170.0 million available under its committed revolving credit facilities. The total debt stood at $109.2 million USD.

Cook County Central Campus Health Center, Chicago. Photo credit: Tecnoglass.

Cash Flow from Operations: Cash generated by operating activities was $17.9 million USD for the quarter. This figure was impacted by the seasonal timing of tax payments.

Capital Expenditures (Capex): Capex for the quarter was $32.5 million USD, which included scheduled payments for previous investments and $15.1 million USD for the acquisition of Continental Glass assets classified as property, plant, and equipment.

Shareholder Returns: The company returned $7.0 million to shareholders through dividends during the quarter and has approximately $76.5 million remaining under its current share repurchase program.

Project Backlog: The company’s project backlog grew to a record $1.2 billion USD, a 17.2% year-over-year increase, providing visibility into projects for the next two years.

US Market Expansion and Operational Strategy

Tecnoglass is actively pursuing an expansion strategy within the United States market. The acquisition of assets from Continental Glass Systems for approximately $30 million USD is a key part of this strategy, adding manufacturing capabilities and a project backlog in the southeastern US.

Santiago Giraldo. Photo credit: Tecnoglass.

The company is also set to open a new showroom on the West Coast to introduce its “Legacy” aluminum product line, aimed at supporting its geographic expansion. Furthermore, a feasibility study is underway for a new automated manufacturing plant in the United States, with two potential sites identified in Florida. This facility is intended to address expected growth beyond current installed capacity and to improve delivery times and supply chain efficiencies.

Navigating US Trade Policy

The company has acknowledged the impact of US tariffs on aluminum, which contributed to higher operating expenses. In response, Tecnoglass has adjusted its supply chains and implemented price increases to mitigate the financial impact. This reflects a proactive approach to managing the risks associated with evolving trade policies.

Christian Daes (right). Photo credit: Tecnoglass.

Environmental, Social, and Governance (ESG) Initiatives

Tecnoglass has integrated ESG principles into its corporate strategy. The company has a stated goal of carbon neutrality and has invested in sustainability initiatives, including a large-scale solar panel installation and a natural gas cogeneration project. A significant portion of the company’s revenues is from “green revenues” generated by its energy-efficient products.

Through the Tecnoglass ESWindows Foundation, the company is also engaged in social initiatives in its home base of Barranquilla, Colombia, focusing on community development. Tecnoglass has also received recognition for its corporate governance practices.

In summary, Tecnoglass’ second-quarter results demonstrate solid financial performance and a clear strategy for growth in the US market. The company’s detailed financial reporting provides a transparent view of its operations and its approach to managing both opportunities and challenges in the current economic and political environment.