Goldman Sachs could sell its Colombian coal unit
If reached, the agreement will signal exit from commodities
Updated : 12:31
Goldman Sachs is said to be in talks to sell its coal production unit in Colombia at loss, the Wall Street Journal reports.
The decision is in reaction to the drastic fall in prices over the last three years - coal prices have plummeted by 20% - and the obstacles thrown up by that country's government. Authorities in Bogota passed an environmental law last year which forced the company to close its mine for several months.
The announcement also follows the company's recent sale of its power plants and aluminium storage business.
The US Federal Reserve has expressed concerns that banks participating in the production of raw materials may have an unfair competitive advantage in the market, and is currently weighting new measures to forestall such risks.
If successfully closed the agreement would signify the exit from a business which obtained $1.5bn in revenues in 2013, down from $3.4bn in 2009.
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