Displaying items by tag: Dispute
Tamil Nadu Cements to expand Pudupalayam limestone mine
13 February 2024India: Tamil Nadu Cements plans to expand its limestone mining operations at the Pudupalayam quarry in Tamil Nadu. The New Indian Express newspaper has reported that local residents have protested against the planned expansion. Some local landowners claim that Tamil Nadu Cements did not pay them for the 121 hectares of land it originally acquired in Pudupalayam.
Bolivian Attorney General ready to negotiate over historic nationalisation of Fábrica Nacional de Cementos stake
30 November 2023Bolivia: The Bolivian Attorney General’s Office says that is open to meeting representatives of Sociedad Boliviana de Cemento (SOBOCE) in order to negotiate a ‘better arrangement’ following Bolivia’s nationalisation of a stake in SOBOCE subsidiary Fábrica Nacional de Cementos (FANCESA) by supreme decree in 2010. SOBOCE owes FANCESA US$108m in damages for unfair competition since that time.
SOBOCE said "SOBOCE, together with its shareholders of Grupo Gloria del Peru, will continue to resort to judicial and/or arbitration channels (national or international) for the recognition of their rights. We believe in justice and in the legitimate right that we have, since the Bolivian Constitution guarantees the payment of compensation in case of expropriation."
Mexican parliament urges Hidalgo government to retake Tula cement plant for Cooperativa La Cruz Azul
16 November 2023Mexico: The Chamber of Deputies of the Mexican parliament has approved a resolution exhorting the state government of Hidalgo to take ‘urgent action’ to help restore the Tula cement plant to its owner, Cooperativa La Cruz Azul. Local press has reported that the chamber determined that the situation had arrived a critical point, as those illegally occupying the plant were looting and dismantling the plant.
Mexican government may declare Vulcan Materials’ Sac Tun quarry a Protected Natural Area
23 October 2023Mexico: The government says that if US-based Vulcan Materials continues to reject offers for land in Quintana Roo on which its Calica-Sac-Tun quarry is situated, then it will designate the land Protected Natural Area status. Reuters has reported that the government has previously offered US$328 – 383m for the property. Vulcan Materials has mounted on-going legal challenges worth US$1.9bn against the Mexican government over the previous closure of its operations.
India: Dalmia Bharat says that it will complete its acquisition of Jaiprakash Associates’ cement business, Jaypee Cement, towards the end of the 2024 financial year on 31 March 2024. Informist EquityWire News has reported that the deal is ‘taking more time’ than expected to conclude.
Jaypee Cement’s Madhya Pradesh-based subsidiary Jaybee Bhilai Cement is subject to an on-going shareholder dispute, due to which a court has frozen the company’s 74% shareholding in the unit.
Kenya: East African Portland Cement Company (EAPCC) has won a legal dispute for the right to evict squatters from 1740 hectares of limestone-bearing land in Machakos County. Nation News has reported that the court struck out the case after claimants failed to produce requested documents. It also ordered the claimants to pay EAPCC’s legal costs.
Associated Pan Malaysia Cement secures right to evict monks from Gunung Kanthan caves monastery
18 September 2023Malaysia: A court has granted Associated Pan Malaysia Cement (APMC) the right to evict Buddhist monks from the Gunung Kanthan caves monastery in Hulu Kinta, Perak. The land is part of a site where APMC has leased 146 hectares of land for limestone extraction. New Straits Times News has reported that the producer operates quarries in Zones A and B of the site, but has yet to commence extraction from Zones C and D. Local authorities had previously given assurance that mining operations ‘would not disturb’ the monastery.
Monks from the Thudong tradition established the Gunung Kanthan caves monastery across two caves in Gunung Kanthan hill in the early 20th century. Today, it contains numerous artefacts and works of art.
Shareholder dispute at Jaypee Bhilai Cement threatens Dalmia Cement (Bharat)’s Jaiprakash Associates cement acquisition
14 September 2023India: Dalmia Cement (Bharat) faces a potential stumbling block to its planned acquisition of Jaiprakash Associates’ cement business for US$683m due to an on-going shareholder dispute at subsidiary Jaypee Bhilai Cement. The Economic Times newspaper has reported that a court has frozen Jaiprakash Associates’ 74% shareholding in the company, and ordered it not to create new third party rights. State-owned Steel Authority of India Limited holds the remaining 26% stake in the cement producer, which operates the 2.2Mt/yr Bhilai Jaypee grinding plant in Durg, Chhattisgarh.
Dalmia Cement (Bharat) and Jaiprakash Associates concluded multiple separate agreements for the transfer of ownership of Jaiprakash Associates’ cement subsidiaries on 26 April 2023. Besides Jaypee Bhilai Cement, these include cement plant and limestone mine operator JP Super and grinding plant operator Jaiprakash Power Ventures.
Kenya: A court has authorised an auction of East Africa Portland Cement Company (EAPCC)'s moveable property to proceed, in order to pay former staff. The Nation newspaper has reported that EAPCC owes the employees US$10m in unpaid wages. The court allowed the auction in favour of 60 claimants. It instructed a further 150 claimants to seek redress by other means, due to insufficient available proceeds from the sale.
Kenya: A court has prevented the takeover of a US$47.8m parcel of land belonging to East African Portland Cement Company (EAPCC) by the government. The court found that the government had not followed proper consultation processes. The East African newspaper has reported that the government had already concluded a deal with China and Oman-based investors for affordable property developments on the land.
EAPCC says that it now plans to use the site to build its own green smart city. The cement producer says that this will help to diversify its income streams.