Displaying items by tag: GCW223

India: JK Lakshmi Cement has gained approval to establish a 1.5Mt/yr grinding plant with a 1000m³/day 10MW diesel generator (DG) set and autoclaved aerated concrete block unit in Kishanganj, Bihar for US$46.3m.

"Based on the recommendations of the Expert Appraisal Committee, the Environment Ministry has given environmental clearance to JK Lakshmi Cement's proposed project in Bihar," said a senior Environment Ministry official.

The clearance was given with certain conditions. Among the conditions specified, JK Lakshmi Cement has been asked to develop a green belt in at least 33% of the area in and around the cement plant, as per the norms. The company has also been asked to install air monitoring devices, control secondary fugitive emissions and reduce the impact of transport of the raw materials and end products on the surrounding environment, among others.

JK Lakshmi Cement has more than 9Mt/yr of installed cement capacity in India. In the first quarter of its 2015-2016 fiscal year, the company reported a standalone net loss of US$3.62m due to the subdued market and higher costs, compared to a net profit of US$6.25m in the April - June period of the previous fiscal year.

Italy: Italian cement maker Italcementi and Italian trade unions are looking for a solution for the temporary lay-off scheme that will expire in January 2016.

At a meeting on 15 October 2015, the parties determined that it is not possible to extend the current temporary lay-off scheme and consequently they are studying alternatives that would allow wider coverage compared to the initial programmes.

In a statement the trade unions explain that one of the hypotheses could entail the use of the scheme for total cessation of the activities at the plants in Monselice and Scafa, already suspended for years, as well as the partial cessation for the plants in Castrovillari, Sarche di Calavino and Salerno that could be concluded in January 2017.

Besides, a temporary lay-off scheme may be decided for the remaining group's employees that could last until September 2017. The parties will meet again on 2 November 2015.

Uzbekistan: The Higher Economic Court of Uzbekistan has upheld a penalty tax on excess profit of Ahangarancement JSC (a subsidiary of Russian Eurocement Group JSC) from 2009 to 2014 and penalties for its late payment.

Ahagarancement stated that it would appeal the decision because it calculated the excess profit tax in accordance with the laws of the country. It added that the calculation had been confirmed as correct by the ministry of finance and the expert council at the State Tax Committee.

"The decision significantly changes the legal practice on issues of the formation of profits of cement companies, significantly encumbers the plant with an additional tax burden, leads to a reduction of investment opportunities of the enterprise and jeopardises the implementation of the project of modernisation of the enterprise," said the company in a press release.

The tax authorities of Uzbekistan have not commented on the situation.

Brazil: Portugal's Secil plans to upgrade its production capacity in Brazil by 2Mt/yr by the end of 2015. The move results from the addition of a new US$149m plant by its local division, Supremo, in Adrianopolis, Parana. Supremo also runs another plant in Pomerode, Catarina. The new plant will increase Secil's total cement production capacity from 7.65Mt/yr to 9.65Mt/yr, a 26% rise.

Bolivia/Mexico: A civil court in La Paz, Bolivia has ruled to suspend the damages sentence imposed by the Inter-American Commercial Arbitration Commission (CIAC) that obliged Mexican cement company Grupo Cementos de Chihuahua (GCC) to pay Bolivian investment company Compania de Inversiones Mercantiles (Cimsa) compensation. The decision, announced on 9 October 2015, sets the arbitration court to issue a new resolution and cancels the embargo sentence ruled by a court in Colorado, US. This resolution obliged GCC to provide information about its properties in Colorado and to cancel any assets sales in that area.

Oman: Oman Cement's revenue increased by 4% year-on-year to US$31.6m for the third quarter of 2015. On a quarter-by-quarter basis, its revenue grew by 12.4%. Oman Cement's net profit was US$4.02m compared to US$6.03m in the third quarter of 2014.