Drummond Ltd. Colombia Announces Augusto Jimenez Resignation

Drummond Ltd. announces that Mr. Augusto Jimenez has tendered his resignation as President of Drummond Ltd. Colombia, which will be effective as of December 31, 2012.  Jose Miguel Linares, Vice President -Legal Drummond Ltd. will assume the duties of Interim President of Drummond Ltd. on January 1, 2013, while a search is completed for a candidate for President

Mr. Jimenez has served as President of Drummond Ltd. since 1990 during which time he has been instrumental in developing the company from a start up operation in Colombia to the second largest coal mining company in the country.  The Drummond family of companies, the Drummond family and all the employees of Drummond are grateful for the leadership, guidance and prosperity Mr. Jimenez has brought to each of us.  Mr. Jimenez has led us through various phases of development including contract negotiations, permit approvals, human resource development, administrative and legal functions, and government relations just to mention a few.

During the last 25 years Drummond has worked to grow the coal industry and to position Colombia as an important player in the international markets. Equally, it has contributed to the nation and to the areas of influence of the coal mining projects through payment of taxes and royalties, creation of new employment and implementation of various social programs. Overall Drummond has contributed to the social and economic development of Colombia.  This is exemplified by the recent award received by Drummond, under the direction of Mr. Jimenez, which was the Britcham Lazos award for best social program by any company in Colombia.  This award is given by the British Colombian Chamber of Commerce.

We will all miss Mr. Jimenez and we wish him well in all his future endeavors.  It has been an honor for each of us at Drummond to work and grow with the guidance provided by Mr. Jimenez.  Fortunately for Drummond, Mr. Jimenez has agreed to continue as a consultant to the company and member to the board of directors in order to provide future guidance as we continue to grow and develop our various operations in Colombia.