Cement News tagged under: Nigeria

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Dangote Cement applies for two-year free float extension, Nigeria

31 July 2012, Published under Cement News

Dangote Cement Plc  is seeking an extension of the free-float waiver it secured from the when it merged with Benue Cement Company Plc two years ago, reports from the Nigerian Stock Exchange (NSE) indicated. The 24-month waiver extension is to enable the company remain listed on the stock exchange despite maintaining a free-float that is below 25 per cent, a violation of the NSE requirement for listed companies. Out of the companies listed on the Nigerian bourse, Dangote Cement is one o...

Lagos state agrees deal with Lafarge and Dangote

24 July 2012, Published under Cement News

The Lagos State Government has signed a new deal with Dangote Cement Plc and Lafarge Cement WAPCO Plc to ensure undisrupted cement supplies to construction firms contracted to handle various infrastructure project which the state government is set to embark upon. Commissioner for Works and Infrastructure, Dr. Obafemi Hamzat revealed the details at a media briefing where he said the state government had started looking into cement mix as an alternative method in road construction. Ha...

Cement Co of Northern Nigeria reports 48% drop in quarterly profit

11 July 2012, Published under Cement News

Cement Company of Northern Nigeria Plc has reported a 48 per cent drop in first-quarter profit.  Net income for the three months through March declined to NGN268m (US$1.7m) from NGN511.4m a year earlier, the Sokoto, northern Nigeria-based company said in a statement yesterday. Revenue was relatively flat at NGN3.1bn.

Dangote to be issued with Zambian mining licence, Zambia

10 July 2012, Published under Cement News

An advisory committee set up by the Zambian government is to meet within the next two weeks and issue a mining licence to Dangote Cement of Nigeria. The delay to the issuance has resulted in delays to construction of Dangote’s 1.5Mta cement plant in Zambia’s Masaiti District on the Copperbelt. However, the Mines, Energy and Water Supply Permanent Secretary Victor Mutambo has now said the advisory committee would be sitting in the next two weeks and would issue Dangote Industries with the ...

Dangote Cement to improve distribution network, Nigeria

25 June 2012, Published under Cement News

The management of Dangote Cement said it was reviewing its distribution network to ensure availability of the product by creating wider access for its customers. The company said that this would not only ensure price stability but also guarantee availability of product at the most reasonable price. Devakumar Edwin, Group Managing Director of Dangote Cement, said that at the height of skyrocketing cement prices, the company had acquired 5000 trucks to boost its logistics and pave the way f...

Lebanon demand falls, brighter times anticipated

22 June 2012, Published under Cement News

Despite a slowdown in current market activity, a bright future lies ahead for Lebanon’s cement industry, according to the chief of one the country's leading producers. Speaking, to The Daily Star, Pierre Doumet, CEO of Cimenterie National, admitted that domestic consumption has been falling as well as demand from export markets due to regional instability and eurozone economic concerns. “We expect the demand on the local market to recede by at least 15 per cent,” he said, noting that e...

New Nigerian plant to begin production soon

18 June 2012, Published under Cement News

Cement production at the Igumale Cement Factory in Nigeria is to commence this month, according to local press reports. The 600,000tpa cement factory situated in Benue State, is a joint venture between the state government and a Chinese partner Zhengzhou Cangxi and Commerce Development Company Ltd. The project, was initiated in 2001, is to be completed in “due course” according to Commissioner for Commerce and Industries, Hon. Terfa Atoza Ihindan. (Source: The Leadership).

Dangote targets US$35bn-40bn London listing, Nigeria

14 June 2012, Published under Cement News

Nigerian billionaire Aliko Dangote is targeting a market capitalisation of US$35-$40bn for his cement company when he lists it in London next year, he told Reuters on Wednesday. "It depends on the market, but it should be something like US$35 to $40bn. We are targeting something like that," Dangote said of the secondary listing in London that is planned for late next year. Africa's richest man with a cement empire stretching from Senegal to South Africa, Dangote said in an interview at his...

Dangote commissions Obajana Line 3, Nigeria

12 June 2012, Published under Cement News

Aliko Dangote has commissioned the expansion of his Obajana cement plant, raising capacity to 10.5Mta. The additional 5.25Mta line is part of the company’s efforts to make it a powerhouse of African production as it aims to reach 50Mt of capacity across the continent by 2015. Dangote said that this recent investment in this new Line No 3 at the Obajana plant situated in Kogi state, raises the company’s domestic capacity in Nigeria to 28Mt. Nigerian president Goodluck Johnson preside...

Nigeria comes of age

30 May 2012, Published under Cement News

Few countries in sub-Saharan Africa can hope to see their cement industry growth change so dramatically as in Nigeria, where cement capacity has been rising at a staggering rate. With a huge population estimated at 167m and a low cement per capita, the country has been somewhat groomed for such a rampant development phase and the signs are that by the end of this year or next, it will have a cement surplus to export. By Oluwatosin Ojo, Vetiva Capital Management, Nigeria. Ibese Cement ...