Argentine cement producer Loma Negra will invest US$80m this year to expand its local production capacity, local paper El Cronista reported.
Representatives of the firm, which is controlled by Brazil’s Camargo Correa group, met with Argentine president Cristina Fernandez on 24 November to discuss their plans.
The company will invest US$40m to increase productivity at its Catamarca plant by 45 per cent. Also included is the construction of a new US$28m mill at the firm’s L’Amali plant in Buenos Aires province, increasing capacity by 1Mta starting August.
Camargo Correa has carried out a US$300m investment plan since its purchase of Loma Negra in 2005.
Loma Negra expects to reach 10.2Mt of cement shipments this year, surpassing the 9.8Mt it shipped in 2009, according to the report.
The company has nine plants in total, of which six are located in Buenos Aires province, while the other are in provinces Neuquen, Catamarca and San Juan. The cement firm has a 45 per cent market share in Argentina.