OYAK to invest in Cabo Verde

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 origin, interested in the former Cabocem cement plant.

The acquisition by OYAK of the entire capital of Cimpor in Portugal was completed on 4 January 2019. At the time, OYAK and Cimpor stated that the Turkish fund "will integrate in its portfolio the three factories and two cement mills, 20 quarries and 46 concrete plants located in Portugal and Cabo Verde," keeping the Cimpor brand intact.