Peru’s leading cement producer, Cementos Lima, said it will double planned investments for the period 2010 to 2013.
In a report to Peru’s securities regulator late Monday, the company said it would increase its investment levels to US$610m from the US$307m it announced in May.
Demand for cement in Peru has been rising in line with a booming economy and increased spending on basic needs such as houses and electricity, as well as a series of public works projects.
Cement production in the first seven months of the year rose by almost 18% to 4.6Mt, compared to the same period last year, said Peru’s private-sector National Association of Cement Producers.
Peru’s gross domestic product rose by 11.92% in June, compared to the same month a year earlier, while the forecast for full year 2010 GDP growth is about 8%.