Displaying items by tag: Bank of China
Zambian project back underway
26 November 2018Zambia: BBMG Corporation and Tangshan Jidong Cement have resumed work on the development of a cement plant in Zambia, which requires a total investment of US$290m. The facility will produce 3000t/day of clinker and have a cement capacity of 1.3Mt/yr.
Up to 60% of the funding will be secured from Bank of China (BOC), the International Finance Corporation (IFC) and South Africa-based Nedbank. Aside from the 20% project capital that has been invested by the project owners, Tangshan Jidong Cement will raise the remaining 20% funding from other banks after February 2019.
The original contract was made prior to 2015 between Tangshan Jidong Cement and Zambia-based Suhails International Ltd. and the cement plant was supposed to commence operations by the end of 2017. The IFC also launched due diligence at the beginning of 2015, according to reports published by Hebei government website and Tangshan local media. In April 2015 regulators from China and Zambia approved the project. However it was delayed due to the restructuring of Tangshan Jidong Cement.
Eurocement asks for US$634m loan from Sberbank
22 June 2015Russia: Eurocement Group has asked the country's biggest bank Sberbank for a US$634m of project financing, according to company President Mikhail Skorokhod. "We expect that in the last 10 days of June 2015, we will be able to receive approval on this request from an interdepartmental commission," he said.
Sberbank has already approved US$248m from the total request, which will be spent on construction of its 10,000t/day (~4Mt/yr) Mikhailovsky plant in the Ryazan Region.
Eurocement also plans to attract US$300m of financing from Industrial and Commercial Bank of China and Bank of China to upgrade its plants. The request has been submitted to China's Sinosure, and is currently being reviewed.