The Brazilian cement company Camargo Corrêa announced that in 2010, investments will total US$100m in Argentina, during a meeting between its executives and President Cristina Kirchner, said the government site.
Ricardo Lima and Paul Terradas, general managers of Loma Negra and Ferrosur Roca, respectively, both companies of the Camargo Corrêa Group, announced the mandatory investment of US$50m in addition to another 50m in projects already implemented during 2010.
Kirchner met with entrepreneurs in Casa Rosada (government), along with the Federal Planning Minister Julio de Vido, and Industry Minister, Debora Giorgi. The new investment is divided by US$35m in Loma Negra and US$15m in its subsidiary Ferrosur to expand transport, production and stock capacity.
Since the 2005 acquisition of the Loma Negra cement company in Argentina, Camargo Corrêa Group has developed an investment plan in Argentina for about US$300m, according to information published in the official government site. The company has nine plants in Argentina, six in the province of Buenos Aires (central-east) and the other in Neuquén (southwest), Catamarca (northwest) and San Juan (west).
Argentina believes it will achieve a new cement production record this year, with ten million tonnes, above the 9.8Mt in 2008, when it surpassed the previous record of 1980 from 9.5Mt.
The Brazilian Camargo Correa is also associated with Paraguayan capital under the name Cement Yguazú with an investment of US$100m to produce 30,000 bags of cement per day from 2011. The plant is built in the department of Villa Hayes and the groundbreaking was held on the occasion of the visit of President Luiz Inacio "Lula" da Silva to Paraguay in late July.
Cement production Yguazú points to cover the shortfall that exists in the Paraguayan market monopolized by the National Cement Industry, and export the surplus, according to general manager of the firm, Cléber Ceroni.