Cement News tagged under: Jidong Cement

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Jidong Cement to acquire 49% stake in Beijing BBMG Mangrove

09 October 2019, Published under Cement News

China’s BBMG Corp is set to sell its entire 49 per cent stake in Beijing BBMG Mangrove to Jidong Cement for CNY1.72bn (US$241m). Jidong Cement is expected to fund the acquisition of the waste management company in an all-cash deal, according to a statement by BBMG. The proceeds from the divestment will be used to meet BBMG’s working capital requirements.

BBMG to sell 7 cement companies to Jidong Cement

10 January 2019, Published under Cement News

BBMG Corp has announced that it will sell the entire equity interests in seven cement companies to China’s Jidong Cement for a total consideration of CNY1.54bn (US$227.06m). BBMG and Jidong have also agreed to contribute CNY1bn to the registered capital of their joint venture, BBMG Jidong Cement (Tangshan) Co Ltd. According to a statement, the agreements are to resolve issues of competition between the two companies.

Jidong renews coal contract with Mechel

20 December 2018, Published under Cement News

Jidong Cement has renewed its coal contract with Mechel, according to the Russian metals and mining company. Mechel will supply Jidong Cement with up to 2Mt of thermal coal mined at the company’s South Yakutia facilities, Elgaugol and Yakutugol Holding Co. Monthly supplies will range between 100,000-150,000t of coal products and prices will be adjusted on a monthly basis following negotiations and on the basis of index rates. "This is a third major contract signed by Mechel and Jidong Ce...

Jidong Cement awards Mechel coal contract

21 December 2017, Published under Cement News

Chinese cement producer Jidong Cement has awarded a 3Mt coal supply contract to Russian mining company Mechel. "Over the year Mechel will supply up to 3Mt of steam coal mined at LLC Elgaugol's Elga Open Pit Mine and JSC Yakutugol's Neryungrinsky Open Pit Mine,” said the Russian mining company in a statement. The Elga coal complex is one of the world’s largest untapped deposits with coal reserves of around 2.2bnt in Yakutia. The Neryungrinsky mine is one of three in the company’s 197.5Mt Y...

China: order and growth

06 March 2017, Published under Cement News

Following a drop in apparent cement consumption in 2015, China’s cement industry has been destocking ever since. As a result, the country’s cement market has started 2017 on a positive note with cement inventories reported to be decreasing. This resilience is supported by improved producer discipline, increased cooperation between top players and robust government investment in infrastructure and housing. By Addison Dai, DBS Vickers, Hong Kong. China’s cement plants, such as Heidelber...

China: BBMG sells stakes to Jidong Cement

30 June 2016, Published under Cement News

Chinese building materials supplier, BBMG Corp has plans to sell its stakes in 31 cement-related companies to Jidong Cement. The stakes on offer are valued at CNY15.5bn (US$2.3bn). Tangshan Jidong Cement Co Ltd will eventually become a part of BBMG as part of an overall company restructuring. This move comes as the Chinese government tries to get rid of smaller or inefficient players in sectors such as glass, steel and cement. In May 2016 the government stated that it intends would give c...

Mechel signs memorandum with Jidong Cement

10 June 2015, Published under Cement News

Russian mining and metals company Mechel ОАО signed a  coal supply memorandum with Chinese cement producer Jidong Cement. According to the signed memorandum, Mechel is due to supply 1Mt of steam coal produced at Neryungrinsky and Elga open pits to Jidong Cement between April 2015 and March 2016. The price and exact volume of the supplies will be determined on a monthly basis. The sides also agreed to consider expanding further their cooperation into supplies of metallurgical coals to Jidon...

China: three cement firms fined for price fixing

23 October 2014, Published under Cement News

Jilin Yatai Group Cement Sales Co Ltd (Yatai), North Cement Co Ltd and (North) and Jidong Cement Jilin LLC (Jidong) were handed out fines for price fixing after China's National Development and Reform Commission (NDRC) instructed the Jilin Province Price Bureau to impose financial penalties totalling CNY114m (US$19m) following alleged breaches of the Anti-Monopoly Law (AML) by the companies involved. The NDRC found that in April 2011, the three cement producers met and agreed to coordinate ...

Jidong sees strong rise in 2013 net profit

20 January 2014, Published under Cement News

Tangshan Jidong Cement Co Ltd expects net profit to be between CNY306m and CNY360m (US$50.6m-59.48m) in 2013, a YoY increase of 70 per cent to 100 per cent, the company said. The Hebei Province-based cement manufacturer attributes the profit growth to an improved reduction in production costs and increasing sales volume.

South Africa: Chinese investment for Mamba Cement in place

21 November 2013, Published under Cement News

The Mamba Cement project, jointly funded by China's Jidong Development Group, the China-Africa Development Fund and a South African cement company, signed the financing agreement in Johannesburg for work to begin on the project. The greenfield plant will cost US$220m to build and will be situated in Limpopo Province, South Africa. The capital fund of the project is US$100m, 51 per cent of which is held by Chinese shareholders. Unlike traditional overseas investment financing, Mamba receiv...