Cement News tagged under: corporate
China: Anhui Conch profits down 29% for 1H201623 August 2016, Published under Cement NewsIn its trading statement for the first six months of 2016, Anhui Conch has reported that its net revenues fell one per cent YoY to CNY24bn (US$3.6bn), while profits slipped further, falling by 28.8 per cent to CNY3.4bn (US$506m). The company noted that while Chinese demand for cement continued to grow in the first half of 2016, intense competition and overcapacity had had a negative effect on profits. However, a 13.7 per cent fall in costs - driven by lower prices for raw material, power,... |
Peru: Cementos Pacasmayo to split operations23 August 2016, Published under Cement NewsCementos Pacasmayo SAA and subsidiaries announced that its Board of Directors have approved the separation of its phosphate operations Fosfatos del Pacifico (FOSPAC) from its cement operations. Ownership of FOSPAC will be transferred to separate entity FOSSAL, which will hold 70 per cent ownership whilst 30 per cent remains with MCA Phosphates PTE, a division of Mitsubishi Corp. Chairman of FOSPAC, Roberto Dañino said, “FOSPAC is an attractive project, with substantial phosphate reserves ... |
Birla completes acquisition of Reliance Cement23 August 2016, Published under Cement NewsBirla Corporation announced that is has completed the acquisition of Reliance Infrastructure subsidiary, Reliance Cement. The deal was valued at about INR48bn (US$715.6m). Reliance Cement becomes a wholly-owned subsidiary of Birla, whose production capacity now reaches 15.4Mta, up from 9.8Mta, as a result of the deal. Reliance Cement operates a 5.08Mta integrated capacity at Maihar (Madhya Pradesh) and Kundanganj (Uttar Pradesh) as well as a 0.5Mta grinding unit at Butiburi (Maharashtra).... |
Cementos Avellaneda to invest in Canuelas logistics centre23 August 2016, Published under Cement NewsArgentina’s Cementos Avellaneda will invest in a logistics centre in Canuelas. The company, which is a joint venture between Votorantim Cimentos and Cementos Molins, acquired a 9000m 2 plot in an industrial complex alongside Route 6. Initial plans are to build a 1500m 2 warehouse, an office and a truck parking area. During a second stage, the company has the option to build a concrete plant. |
Peru: Votorantim to buy assets of Cementos Orotongo22 August 2016, Published under Cement NewsVotorantim Cimentos has made an agreement with Concesur (Consorcio Cementero del Sur) to purchase the cement assets of Cementos Orotongo acquired by Votorantim in 2012 from Cimpor. The deal is worth US$4m and includes a project to set up a US$125m cement plant at La Joya with a capacity for 650,000tpa of cement and 1500tpd of clinker. This plant project was originally planned in 2011. Votorantim is also setting up a cement plant at Pachacamac, southern Lima, in alliance in Cementos Bio B... |
Sri Lanka: Tokyo Cement increases profits by 38%22 August 2016, Published under Cement NewsTokyo Cement Plc saw its April-June quarter net profit increase 38 per cent YoY to LKR643.8m (US$4.42m) amid strong top-line gains and better cost management. Group turnover for the quarter rose nine per cent YoY to LKR7.5bn, while cost of sales rose at six per cent, allowing the group to post a gross profit of LKR1.8bn, up 20 per cent YoY. The group was able to keep its operational costs in check as distribution and administrative costs increased only two and four per cent YoY, ... |
Pakistan: Gharibwal Cement to increase its capacity22 August 2016, Published under Cement NewsGharibwal Cement (GWLC) has announced plans to expand its clinker capacity by 8000tpd, translating into 2.4Mta. Along with the brown field expansion, the company will also install a waste heat recovery system and a new cement mill for this purpose. Work on this project will start during the current fiscal year. GWLC has also announced a contract to install vertical grinding mill with a capacity of 250tph, which will increase cement grinding capacity substantially a as well as raise effic... |
Uganda: residents decry lack of consultation over mining licence award22 August 2016, Published under Cement NewsResidents of Moroto district have accused Uganda’s Ministry of Energy and Mineral Development of acting illegally in awarding a mining licence to Tororo Cement without first consulting local communities, the Daily Monitor reports. Local people have protested against Tororo’s limestone mining operations in Kosiroi by blocking trucks from entering or leaving the site. They accuse the company of having operated for 15 years without signing a memorandum of understanding (MoU) with their commu... |
Fujairah Cement approves Sohar Cement venture22 August 2016, Published under Cement NewsThe Board of Directors of Fujairah Cement Industries has given the go-ahead to establish Sohar Cement Co in Oman. The new company investment cost amounts to OMR1.42m (US$3.69m), representing 20 per cent of the paid-up capital. |
Kenya: dispute over stalled cement plant22 August 2016, Published under Cement NewsLocal politicians in Kenya’s West Pokot county have clashed over delays which have seen the construction of a proposed cement plant make little progress for years, the Daily Nation reports. Despite being announced a decade ago, building has yet to begin and local politicians appear split over whether to invite in new investors. The originators of the project, India’s Sanghi Group, retain the support of the local governor, while the county’s senator, John Lonyangapuo, has approached Desk G... |