Displaying items by tag: CARICOM
Guyana’s first integrated cement plant commissioned in Berbice
16 December 2014Guyana: Caricom Cement Company has commissioned its new US$53.1m cement plant at Everton, Region Six (East Berbice-Corentyne). The new plant will produce 500,000t/yr of cement, double Guyana's current consumption. The plant, which is the first integrated cement plant in Guyana, employs in excess of 250 persons from Berbice, Georgetown, Essequibo and Suriname.
"Caricom Cement Company has been in operation for the past four years and during that period we were bagging cement under the brand names West Indies Cement and Titan Cement," said Caricom. "The main purpose of the cement plant is to make cement affordable to all Guyanese, taking into consideration the construction boom that our country is undergoing at this time."
The plant was built in three phases and started in August 2010 at the old bauxite plant (Bermine), which was developed in phase one. The first part of the current operations saw a bagging system installed at the Everton plant. Phase two saw a Portland cement plant being added to the system while the machinery was being built for phase three, which commenced in December 2013 with the installation of the new plant. The plant was then upgraded with a kiln and cooling system and its grinding capacity was increased by 50%.
Barbados: Some 18 major shareholders of Trinidad Cement Limited's (TCL) Arawak cement plant are manoeuvring to force out the current board of directors and install its own directors.
The shareholders pushing to get rid of the board include Republic Bank Limited, the Trinidad National Insurance Board, Trinidad and Tobago Unit Trust and a Barbados' Bourne Investment Inc. Holding 54.7% of the shares of TCL, the aggrieved shareholders are not happy with the way TCL has been managed in recent years.
The Caribbean's only cement producer has faced deep financial problems, despite the favourable competitive position it holds in most Caribbean Community Secretariat (CARICOM) countries. In Barbados the Arawak cement plant is the sole cement provider. TCL also operates Caribbean Cement Ltd in Jamaica, while its biggest operation is in Trinidad and Tobago.
The board members that the upset shareholders want removed include TCL's CEO Rollin Bertrand, who once ran the Arawak Plant, Leonard Nurse, Andy Bhajan, Bevon Francis and Brian Young. In addition to seeking a compulsory meeting of the shareholders of TCL to remove the board forthwith, the group provided their own list of directors to immediately take control of TCL until the close of the first annual meeting following their election.