International Cement Korday plans new 1.5Mta project

Kazakhstan’s International Cement Korday (International Cement Group Ltd) has entered into a joint venture agreement with Nurzhan Shakirov for the construction of a cement plant in Jambyl, Kazakhstan.

The new project, Korcem LLP, is expected to have a new 3500tpd dry process cement clinker production line and represents an investment of approximately US$150m from internal sources and third-party financing.

The new plant will increase the group's current annual cement production capacity by 1.5Mta to a total of 5.5Mta. Construction is expected to begin by the end of this year and be completed within 18-24 months.

As part of the agreement, International Cement Korday will purchase 87.5 per cent of the shareholdings in Korcem LLP from Mr Shakirov. Following this, it will become an indirect subsidiary of the company.