This picturesque place is in the proximities of Santa Maria de Redondo (La Pernía) in the Montaña Palentina. 

The reddish colors are due to the oxidation of minerals of iron present in the sandstones. The blacks to the high organic content of the lutites. 

More details in the excelent leaflet of routes of the Sociedad Geológica de España,

http://www.sociedadgeologica.es/archivos_pdf/gdia11_trip_palencia.pdf,

and more wide information in the report 

http://geopage.unileon.es/wp-content/uploads/2010/07/apuntes-Geolodia.pdf