Operator of Cerrejón coalmine reports bumper profits as turnover reaches $2.5bn

Company says rising demand from Europe and China and increasing coal prices strengthened its performance

The company’s after-tax profits came to $72.9 million in 2021 – up 431 per cent on the $13.7 million profit it posted in 2020. Picture: Getty

The Irish-registered company that owns the controversial Cerrejón mine in Colombia reported bumper profits and a 262 per cent spike in revenues last year as demand surged and prices rose.

CMC Coal Marketing DAC, which is owned by London-listed commodity trader Glencore, posted turnover of $2.53 billion in 2021, according to recently filed accounts. That came after a historic low of $699.14 million in 2020, the lowest figure in the company’s 18-year history.

After tax, ...