Cement News tagged under: Cape Verde

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OYAK to invest in Cabo Verde

14 February 2020, Published under Cement News

The Cape Verdean government reported that Turkish cement producer, OYAK is investing in Cabo Verde for the extraction of pozzolan, volcanic rocks used in the cement industry. Pozzolan extraction in Porto Novo dates back to the colonial period, but has been stopped for over six years. Local authorities estimate that there are around 10Mt of pozzolanic deposits in the area. At the end of 2019, the Porto Novo municipality announced that there are at least two investors, of Chinese and European...


01 November 2018, Published under Cement News

The Camargo Correa subsidiary InterCement, formerly trading as Cimpor, has agreed to sell its Portuguese and Cape Verde assets to the Turkish group Oyak. Having previously considered selling a 49 per cent interest in all of its African and European activities, InterCement has now decided to sell the Portuguese and Cape Verde assets in their entirely. These consist of three integrated cement plants with a combined cement capacity of 9.1Mta, two grinding plants, 40 concrete batching plants ...

InterCement sells Portugal operations in further deleveraging

29 October 2018, Published under Cement News

To help reduce its indebtness, InterCement is leaving the European market. Controlled by Mover Participações (current holding company of the Camargo Corrêa group), the company agreed on Friday to sell its cement and concrete operations in Portugal and Cape Verde to Turkish group Oyak, according to Valor International. While the price of the divestment was undisclosed, the deal is believed to have cost a little over US$800m, according to industry analysts. The divestment will see the owner...

Cimpor takes massive provisions in Brazil

02 September 2016, Published under Cement News

Cimpor's first-half turnover dropped by 31.1 per cent to EUR897.3m, while EBITDA declined by 39.1 per cent to EUR170.1m. The amortisation and provision charge jumped from EUR100.6m to EUR527.9m as a result of a EUR433m good-will impairment charge relating to Brazil. This led to the trading result falling from a profit of EUR178.6m to a EUR357.7m loss and after a 9.2 per cent increase in the net financial charge to EUR182.2m there was a pretax loss of EUR539.9m against a profit of EUR11.8m. A...

Cape Verde: Cabocem plant draws interest from Swiss investor

06 August 2014, Published under Cement News

A Swiss investor is said to be in discussions over investing in the Cabocem cement plant Porto Novo, Santo Antão island, in an effort to resume operations. Cape Verdean daily 'ASemana' stated that the investor worked for Portuguese cement producer Secil (which supplied the plant with clinker) and that during his recent stay in Cape Verde he met with the owners of Cabocem and representatives of the national ports administration (Enapor). Cabocem launched operations in 2005 and produced P...