China Sinoma halts, cuts Nigeria cement projects
China’s Sinoma International said on Friday it had reached agreement with a Nigerian partner to suspend a cement project worth $1.45 billion and cut the size of another by nearly two-thirds – both in the African country.
Sinoma and Nigeria’s Dangote Group had agreed to suspend one project involving six cement assembly lines, and cut the size of another project involving seven lines to $689.54 million equivalent from $1.81 billion, it said in a statement.
Sinoma said the adjustments would not have a big impact on its 2008 earnings as Dangote agreed to pay some compensation.
Sinoma, a subsidiary of China National Materials Co, said in mid-November that Dangote would alter the Nigerian cement projects but gave no details at that time.
Published under Cement News
