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News GCW170

Displaying items by tag: GCW170

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All the coal board’s men…

01 October 2014

Energy costs for cement producers in India are set for volatility following the Supreme Court's decision this week to cancel the vast majority of allocated coal blocks. After ruling that the allocation process by the Indian government was illegal and arbitrary the court stopped 214 out of 218 coal blocks. The affected operators working on the blocks have six months until 31 March 2015 to wind down production. At this point the government intends to auction off the blocks.

The background to this decision lies in the so-called coal allocation scam or 'Coalgate.' Over 80% of coal in India is produced by the state owned company Coal India. Since 1993 though the Indian government has been allocating coal blocks or leases to mine coal for captive use by industries such as cement, steel and power generation.

However, the allocation process was accused of lacking transparency compared to an open bidding process. The Comptroller and Auditor General of India estimated the loss to the government was an incredible US$30bn. The allocation process received further scrutiny as Indian coal imports rose leading to accusations of inefficiency on the Coal India side and corruption on the coal block side. Meanwhile, major power cuts such as those in the summer of 2012 focused both domestic and industrial users' minds on the state of the country's coal industry.

Following the power cuts in 2012, an inter-ministerial panel recommended the de-allocation of two coal blocks held by five companies, including Gujarat Ambuja Cement, Grasim Industries and Lafarge India.

India's coal imports started to increase rapidly around 2009 with an annual growth rate of around 5% and a demand growth of 25% from 2009 – 2014. The majority of its imported coal comes from Indonesia, Australia and South Africa. In 2012 its coal imports were over 150Mt.

With Indian cement producers facing production overcapacity and falling profit margins in recent years, any disruption to input costs such as power is bad news. The growing import rates point to an increasing supply-demand mismatch. A more open process for the allocation of India's vast coal reserves should be good news for industrial users in the medium to long term. However, in the meantime they may face a jolt.

Published in Analysis
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Eagle Materials promotes Richard Beckwitt to board of directors

01 October 2014

US: Eagle Materials has appointed Richard Beckwitt to its board of directors. Beckwitt is President of Lennar Corporation, where he has worked for eight years. Prior to his work with Lennar, Beckwitt held various executive officer positions at DR Horton, including President. He also worked in the Mergers and Acquisitions and Corporate Finance Departments at Lehman Brothers.

"Rick brings a wealth of experience in the homebuilding business to the Eagle Board along with superb operational and financial talents," said Eagle's Chairman Larry Hirsch. "We are confident that Rick will provide valuable input as Eagle continues on its dynamic growth path."

Published in People
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Cementos Argos assesses US$1bn of LafargeHolcim assets

01 October 2014

Colombia/Brazil: Colombia's Cementos Argos, part of Grupo Argos, is reportedly assessing assets worth US$1bn that Lafarge and Holcim will be forced to sell in Brazil as part of their planned merger.

Argos, which is working closely with Banco Itau BBA in terms of potential Lafarge-Holcim acquisition deals in Brazil, aims to grow organically and via acquisitions across the Americas. The firm wants to have a presence in markets where there is potential for cement consumption per capita to grow. Cementos Argos already operates nine cement plants in Colombia, three in the United States and one in Honduras.

Published in Global Cement News
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Wonder Cement plans expansion

01 October 2014

India: Wonder Cement Limited is planning to expand the capacity of its cement plant at Tehsil Nimbahera in Chittorgarh district of Rajasthan. The company has placed an order with Gebr. Pfeiffer for raw meals and coal mills.

Published in Global Cement News
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Sagar to acquire BMM Cements

01 October 2014

India: Sagar Cements is planning to acquire BMM Cements, which has a 1Mt/yr cement factory and a 25MW captive power plant in Andhra Pradesh. Sagar intends to use the US$70.5m it has raised by selling a 47% stake in France's Vicat for the acquisition.

Published in Global Cement News
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Cemex to lower financing costs by up to US$165m with new plan

01 October 2014

Mexico: Cemex has announced that it will lower its annual financing costs by up to US$165m following the adoption of a new refinancing plan. The plan will also allow the firm to raise its annual investment limit to US$1bn from US$800m, according to Chief Finance Officer Jose Antonio Gonzalez.

Gonzalez also said that Cemex will continue looking to refinance debt that expires in 2015 and it expects that conversion of 2016 bonds to shares will further lower its debt. The company also announced that it had signed a new credit agreement with nine banks worth US$1.35bn, the proceeds of which will be used to refinance debt.

Published in Global Cement News
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Teja Cement is planning a limestone mining project in Kadapa Andhra Pradesh

01 October 2014

India: Teja Cement is planning a 3Mt/yr limestone mining project in Kadapa, Andhra Pradesh. The limestone will be used for its integrated cement plant, which will be built in the same location. Environmental clearance has been received. The mining project is expected to commence after completion of the civil works of the cement and clinker projects.

Published in Global Cement News
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Chinese companies to build cement plant in Indonesia

01 October 2014

Indonesia: Two Chinese companies signed an agreement on 25 September 2014 to invest in an Indonesian cement plant as part of investment cooperation measures that were agreed by China and Indonesia in 2013.

State Development and Investment Corp (SDIC) and Anhui Conch Cement Company will fund the project for the plant located in West Papua Province. After the construction is completed, the plant will have 3Mt/yr of production capacity, serving Indonesia and neighbouring countries, including Papua New Guinea. SDIC and Anhui Conch will have stakes of 51% and 49% respectively.

Published in Global Cement News
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Semen Indonesia seeks loan for Papua plant construction

01 October 2014

Indonesia: Semen Indonesia is seeking US$50 - 70m in bank loans to help finance the construction of a new cement plant in Jayapura, Papua. The company has recently announced its intention to construct the first cement plant in the country's most eastern Province, in order to meet the region's demand potential and to reduce distribution and logistics costs.

"For the Papua plant, we will seek external funds like from loans on top of equity injection," said Semen Indonesia's finance director, Ahyanizzaman.

He said that Semen Indonesia is still looking for suitable land and bank loans are expected to be secured in 2015. Semen Indonesia is completing the feasibility study for the project, which is slated to have a capacity of 0.6 - 1Mt/yr. Construction is anticipated to start in 2015.

Published in Global Cement News
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Tamil Nadu government announces 'Amma Cement Scheme'

26 September 2014

India: The Tamil Nadu government has announced the 'Amma Cement Scheme,' under which it will procure cement from private manufacturers with the intention of re-selling at a set price in the event of a possible future price increase.

J Jayalalithaa, Tamil Nadu's chief minister, said that she had recently discussed the situation regarding production of cement from the state and supply from outside with officials. Tamil Nadu consumes 1.7 – 1.8Mt/month of cement. Some 400,000 – 450,000t is supplied by Andhra Pradesh, where prices have recently risen substantially. As such, Tamil Nadu has reduced its purchases from Andhra Pradesh to 150,000 – 300,000t/month. However, Tamil Nadu's cement producers have risen their own prices as demand grows.

The Amma Cement Scheme was created in response. The Tamil Nadu government will purchase 200,000t/month of cement from private manufacturers and re-sell it through local distributors. Beneficiaries are eligible for a maximum of 750 bags and the cement could be bought by submitting a government-approved building plan or aroad plan. Those who want to buy cement for repair and renovation are eligible for 10 - 100 bags. Tamil Nadu Cement Corporation will be the nodal agency and the scheme will be implemented by Tamil Nadu Civil Supplies Corporation and Rural Development Department.

Published in Global Cement News
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