Cement News tagged: Corporate
Nigeria: Work commences on Dangote’s Okpella plant
A groundbreaking ceremony for the construction of a new cement plant has been held as part of celebrations to mark Aliko Dangote’s 59 th birthday. The News Agency of Nigeria reports that the new plant, in Okpella in southern Nigeria, is projected to cost US$1bn and will have a capacity of 6Mta. In its 2015 annual report Dangote Cement said that the new plant would be half this size, with a...
Thailand: Italcementi to keep ASEAN base
Thailand will continue to be Italcementi Group's production base in ASEAN and its base for expanding into Myanmar after HeidelbergCement acquires Italmobiliare's 45 per cent stake in Italcementi in July, group Chief Executive Officer, Carlo Pesenti, said in an interview with The Nation. "Since Italmobiliare and HeidelbergCement signed an agreement regarding the sale to HeidelbergCement of...
Chinese to build plant in Chhattisgarh
Jinyuan Cement Co Ltd, a subsidiary of Hong Kong Jinyuan International Development Ltd, is proposing a new cement plant in Chhattisgarh, India. “The company inked a memorandum of understanding (MoU) with the state government in Shenzhen (China) and announced to invest US$1bn to set up a cement plant in Chhattisgarh,” Subodh Kumar Singh, secretary commerce and industries, said. According ...
Qassim Cement profits fall 17% in 1Q16
Saudi Arabia’s Qassim Cement saw its profits drop 16.8 per cent YoY to SAR135.4m (US$36.1m) from SAR162.7m. The fall in profits has been attributed to an increase in cost of sales which was unable to offset the rise in sales value and volume during the first quarter.
Kenya: Savannah Cement's Athi River plant upgrades
Savannah Cement has announced the completion of work to upgrade its 1.5Mta Athi River plant with the addition of a new roller press grinding mill. Kenya's Capital FM quotes Managing Director, Ronald Ndegwa, as saying: “At Savannah Cement, we are excited at the timely and successful completion of the scheduled upgrade which has given our production plant enhanced reliability. “We wish to...
Pakistan: amalgamation of Bestway Cement and Pakcem complete
The Board of Directors of Bestway Cement Ltd (BCL) and Pakcem Ltd (formerly Lafarge Pakistan Cement Ltd) in their meetings held on 7 April 2016 have approved the scheme of amalgamation of Pakcem Ltd with and into Bestway Cement Ltd and its placement before the shareholders in the extraordinary general meeting of the company as special business for their approval as per requirement of Companies...
Ukraine: Volyn Cement posts 2015 rise in net revenue, but loss deepens
Volyn Cement, one of the top-three producers in Ukraine, posted a 23 per cent rise in net revenue from UAH754.892m (US$29.46m) in 2014 to UAH860.352 in 2015. However, the company reported a loss of UAH504.262m in 2015. In 2014 Volyn Cement reported a loss of UAH455.553m, having increased its net revenue by 12.06 per cent or UAH81.253m YoY to UAH754.892m.
Malaysia: Cahya Mata Sarawak to raise MYR1bn for capex
Cahya Mata Sarawak Bhd (CMS) plans to raise MYR1bn (US$255.9m) in syariah-compliant fund for its capital expenditure (capex) requirements and working capital. According to Group Chairman, Tan Sri Syed Anwar Jamalullail, the Sarawak conglomerate expects to undertake a proposed sukuk programme of up to MYR1bn in nominal value for a period of up to 20 years. This proposed sukuk programme wil...
UltraTech is in a better position to control India's cement market
UltraTech Cement has undertaken series of acquisitions and organic expansions over the past year. This will help the country's largest cement manufacturer in enhancing market share, getting greater control on setting prices and achieving higher sales and volumes growth, claims the Economic Times-Bangalore. UltraTech's capacity has increased to 92.3Mta from 63.2Mta in FY15. This includes the...
Pakistan: Kohat Cement WHRP starts operation
Kohat Cement Company Ltd (KCCL) has informed Pakistan Stock Exchange (PSE) that its waste heat recovery project (WHRP) at Kohat, Khyber Pakhtunkhwa province, has been successfully set up and has started generating electricity since 1 April 2016. Khurram Shahzad, company secretary of Kohat Cement Co, stated that the new WHR plant was imported from China and its construction represents an esti...
USA: Ash Grove announces more award winners
Ash Grove Cement Company’s Durkee plant in Oregon has won an internal award for excellence in safety. Commenting on the win, Steve Minshall, Ash Grove corporate health and safety director, said: “Earning the Safety Excellence Award takes focussed effort, teamwork, accountability and truly valuing the well-being of every person in the plant, and we congratulate the Durkee employees on their...
CNBM to issue CNY1.5bn 365-day bills
China National Building Material Co Ltd (CNBM) has announced that it will issue CNY1.50bn(US$232m) unsecured super-short-term bills with a maturity of 365 days on the interbank market on 11 April. The corporation said in a statement that the bills will be issued at the face value, and the coupon rate determined in the process of bookbuilding. Both value date and payment due date is set on 1...
Ethiopia: Dangote keen on further expansion
Speaking to Ethiopian news portal, 2Merkato, Aliko Dangote, announced the Nigeria-based cement group would expand its investment in Ethiopia. Aliko Dangote, the Nigerian billionaire and chairman of Dangote Industries established a US$600m plant in Ethiopia in June 2015, but plans are on the table to expand the 2.5Mta factory. Commenting on the development, Mesfin Abera, the company’s sales ...
Cote d'Ivoire: Work starts on second CIMAF plant
Plans to bring Société Ciment d'Afrique's (CIMAF) production capacity in Côte d'Ivoire to 2Mta by 2017 were outlined in a meeting yesterday between Moroccan investors and the country's president. StarAfrica reports that Anas Sefrioui, president of CIMAF’s parent Addoha Group, used his meeting with Ivoirian President, Alassane Ouattara, to announce that work would begin this week on the con...
CRH outlook improves with construction activity
Strong American and European construction activity has prompted JP Morgan Cazenove to hike its rating on cement maker CRH. The investment bank upgraded the London-listed group's rating from 'neutral' to 'overweight', as it believes the company's valuation is 'relatively attractive'. A respectable performance from the FY15 results together with a better-than-expected outlook commentary across...
India: UltraTech receives state pollution control board OK for Nagpur
UltraTech Cement Ltd has received approval by the Maharashtra Pollution Control Board to build a 2Mta grinding facility at Nagpur in Maharashtra, India. The clearance, which is valid until October 2020, includes strict conditions relating to the disposal of solid and liquid waste as well as prevention and control of air pollution. The new plant, which is expected to be constructed on a ...