A South Korean-led consortium has signed a deal to build a CFA37bn (US$82.68m) cement factory in Cameroon, the Industry Ministry said on Thursday.
The AFKO Cement Production Company, based in the southwestern town of Limbe, will have an annual production capacity of 1Mt of cement and aims to start production from April.
"Our company will produce several qualities of cement including that which can be used in marine construction and the building of bridges at very affordable prices," the company’s chairman, Sang Bong Lee, said in the statement.
Industries, Mines and Technological Development Minister Badel Ndinga Ndanga said the company would alleviate Cameroon’s acute cement shortage.
Cameroon currently has only one cement factory, controlled by France’s Lafarge , and prices have risen in recent months from CFA 4,600 per bag to over 6,000-7,000 in some localities.
Shareholders in the new plant include South Korea’s AFKO, U.S. land development firm Atwell-Hicks, and Indonesia’s PT Petras, ministry officials said.