09 September 2014
Three Chinese cement companies fined US$18.6m for price monopoly 09 September 2014
China: The NDRC, China's price regulator, has fined three Chinese cement companies a combined amount of US$18.6m for engaging in a price monopoly. The three companies are Jilin Yatai Cement Sales Co, Northern Cement Co and Jidong Cement Jilin Co.
Dubai’s ICD buys US$300m stake in Nigeria’s Dangote Cement 09 September 2014
Nigeria/Dubai: The Investment Corp of Dubai (ICD) has bought a 1.4% stake in Nigeria's Dangote Cement for US$300m. Dangote Cement spokesman, Carl Franklin, confirmed the sale, but provided no further details.
UNACEM to invest US$58m in Atocongo and Condorcocha plants over 2015 09 September 2014
Ecuador: Peru's UNACEM plans to invest US$58m in Condorcocha, Junin and Atocongo, San Juan de Miraflores in 2015, following US545m of investments in 2014. The sum will primarily be allocated to the acquisition of Lafarge's cement plant in Ecuador.
A total of US$374m will be invested in the Atocongo and Condorcocha plants between 2014 and 2018, with a focus on the cement mill, the development of the Carpapata III hydroelectricity project and the construction of bagging facilities in Condorcocha. UNACEM will invest US$939m over the next five years, while it anticipates sales of US$190m in 2014. The company expects its revenues to exceed US$200m form 2016 and projects a turnover of US$256m in 2020.