Uruguay’s Ancap Board of Directors has approved a memorandum of understanding with Cimsa to explore over the next 90 days the potential of an alliance that will help Ancap export cement.

Ancap’s cement division suffered losses of US$30m in 2015 with a similar amount expected this year. While the company has reported losses for a considerable time, these have increased in recent years. The company operates a cement plant in Lavalleja and Paysandú and has invested US$80m in a new oven, but requires a further US$100m to complete the project.

Cimsa has a clinker plant in Treinta y Tres which has not yet entered service.