The board of Cementos Argos has authorised a bond issue of up to COP1trn (US$493m), proceeds from which will be used for working capital and debt payments, the company said in a statement.

Cementos Argos, Colombia’s largest cement producer, will have three years to issue the paper, although typically bonds are released within a few months of the board's approval.

The company, a subsidiary of Grupo Argos, raised 1 trillion pesos with two bond issues during 2012.

"The resources from the issues will be destined 100 per cent to debt payments and working capital," Cementos Argos said in a statement to Colombia's financial regulator over the weekend