Cheetah Cement signed an agreement with a Chinese state-owned company for the construction of the cement plant at Otjiwarongo, at a cost of nearly N$70m.
Whale Rock Cement Managing Director, Zedekias Gowaseb, and Sino-Hydro Limited Managing Director, Ji Xiaoyong, signed the agreement on January 14 in China.
“All necessary agreements and contracts have now been finalised and signed, which indicates significant progress towards the establishment of the factory under the brand name ‘Cheetah Cement’,” said Gowaseb.
Cheetah Cement has been trying to set up a cement factory at Cleveland farm outside Otjiwarongo and has gone through two partnership changes since 2005.
In 2007, Cheetah Cement ditched its founding Brazilian shareholders CP Cemento for a Chinese concern, Beijing Vibroflotation Engineering. They also roped in as partners the Otjiwarongo Town Council.
Whale Rock has carried out two environmental assessment studies and presented the findings to the Ministry of Trade and Industry as well as the Ministry of Environment and Tourism.
All construction materials and equipment would come from China.