Libya Cement Co launches EUR200m investment programme

Libya Cement Co launches EUR200m investment programme
18 March 2019

Libya Cement Co (CC) has announced an investment programme of EUR200m to be carried out over the next five years to increase its cement capacity.

The investment will cover a mixture of new and upgraded facilities that will raise the company's production capacity by more than 50 per cent from around 2Mta to over 3Mta of cement. Financing for the project is close to being in place, the LCC says, with the Central Bank of Libya (CBL), major banks and funds, and other interested parties having been briefed about the plans during the past six months.

Chairman and CEO, Robert Solomon, said, "Kilns are turning, mills are grinding, and trucks are rolling out the gates bringing cement to the people of Benghazi for the first time in five years.

"It has been a long hard road to get to this point. And we must be clear, there is still a long, long way to go. But it’s a great feeling to be back.

"In February the LCC recalled another 150 employees back to work. We now have over 1000 workers back in full-time employment. More will be progressively called in months to come."

The Benghazi factory restarted producing cement on 7 March, and both bagged and bulk trucks are going out of the factories’ gates, he added.

Mr Solomon said, "these plans will turn the company’s vision to produce 3Mta of cement into a reality. We are the leading manufacturer and supplier of cement in eastern Libya, and our mission is to maintain that position."

Al Fataiah factory at Derna is being repaired already with work on kiln B underway. All production lines in Al Fataiah will be opened in the second half of 2019, he added.

Published under Cement News