China National Materials Group Corp Ltd or Sinoma, a large state-owned group, recently inked a cooperative agreement with the local municipal government to spend CNY3bn on a series of projects in Xining, Qinghai Province.
These projects will include the development of cement industry, resources survey, new non-metal production exploration and energy conservation. Yu Shiliang, secretary of the party committee of Sinoma, said the group will increase its dry-process cement output in Qinghai to 10Mt with new technologies.
At present, Sinoma has three cement production lines, two of which have an annual output of 2Mt each.
On April 23, Sinoma received approval from the State-owned Assets Supervision and Administration Commission to buy a 51% stake in Gansu Qilianshan Cement Group Co Ltd(600720) through a subsidiary China National Materials Co Ltd.