PPC Zimbabwe secures funding for new project

PPC Zimbabwe has secured US$200m to build a second plant, according to local press reports.

Chief executive, Zak Limbada, said: “We have secured US$200m for the projects but I cannot disclose the source at the moment,” All Africa press quoted him as saying.

“Drilling is ongoing and we hope to have sample results (of limestone) in the next two months. With the permission of various regulators, we are hoping to commence the project soon after.”

In November last year, PPC announced that its Zimbabwe subsidiary Portland Holdings Ltd (PHL), plans to set up its second plant which will have a cement capacity of about 1Mta and will coincide with the construction of a separate grinding facility in the neighbouring territory of Tete in Mozambique. The new facility will serve the Harare and central Mozambique markets.

The move is in line with PPC’s strategy of growing its non-South African revenue from the current 21 per cent to at least 40 per cent by 2016.