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Sale of last commodity asset ends 35-year chapter for Goldman

Disposal of Columbian coal mine is latest sign of US banks' response to poor returns, pressure from regulators

Published Sun, Aug 16, 2015 · 09:50 PM
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London

GOLDMAN Sachs Group Inc closed a nearly 35-year era of investments in commodity assets such as power plants and refineries with the sale of a Colombian coal mine.

The disposal is the latest sign of how Wall Street banks are responding to pressure from US regulators and disappointing returns as raw materials prices plunged.

Goldman Sachs has invested in physical commodity assets since 1981, when it bought what was then a small trading house called J Ar…

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