Drummond Ltd. Contributes to the Country’s Economic Reactivation by Investing Approximately 5 Million dollars in 100 New Vehicles

La Loma, September 14, 2020

With the objective of generating wellbeing for its employees, and of continuing to contribute to the country’s economic reactivation in the midst of the COVID-19 situation, Drummond Ltd. has invested approximately 5 million dollars in the lease of 100 light vehicles.

Starting in the year 2019, the company decided to change its strategy for managing its fleet of light vehicles. Its Contracts area began a tender process to choose a company to provide leasing services.

The country’s most important companies participated in the tender, and Drummond chose Renting Colombia. It belongs to the Bancolombia Group and has more than 22,000 vehicles in operation in the country.

“In this first stage of the project, we will replace the 100 vehicles that break down most frequently. The new ones will all be assigned to the El Descanso Mine in Cesar. If the project is successful, as we expect it to be, we will continue replacing the fleet of light vehicles until we complete 100%,” stated Jorge Cotes, Purchasing Manager at Drummond Ltd.

Under the leasing business model, a company supplies a client with a vehicle it owns in exchange for a monthly payment during a determined period. In the case of Drummond, this will add up to approximately 5 million dollars over three years, and the leased vehicles include 75 Toyota Land Cruisers, 23 Toyota Hilux and 2 4Runners.

The benefits of this business model are well-being, comfort, and safety for workers, and lower operating costs and effort expended by the company in maintenance, purchases, inventory, and accounts payable.

The vehicles will be equipped with telemetry, which is a technology that uses cellular communication networks to transmit real-time information such as location, speed, and who is driving. This will permit keeping an eye on vehicles and driving habits, increasing physical and industrial safety through the use of this monitoring tool.