Displaying items by tag: Investment

Australia: Construction company SIMPEC, a subsidiary of WestStar, has won a new US$68m contract to work on the on-going expansion of Cockburn Cement’s Kwinana grinding plant. The work involves the construction of two 100t/hr grinding units, a 110,000t raw materials store and a reclamation system. Business News has reported that the total value of the Kwinana grinding plant expansion is US$249 - 272m. Cockburn Cement has committed total investments of US$129m to the project, of which US$7.44m consists of an existing contract with SIMPEC.

SIMPEC managing director Mark Dimasi said "This new contract demonstrates the company's track record of delivering for its clients. We are very pleased to secure this work and are committed to maintaining a long-standing relationship with Cockburn Cement and Adbri. I would like to thank Cockburn Cement for this opportunity to deliver such a high-profile local project and would also like to thank our team for their commitment in helping secure this contract.”

Mark Irwin, CEO of Cockburn Cement’s parent company Adbri said "The balance of work for the agreed scope remains consistent with Adbri's previously announced cost estimate and project schedule for the Kwinana Upgrade Project."

India: Grasim Industries raised its sales during the first quarter of the 2024 financial year by 11% year-on-year, to US$3.57bn from US$3.39bn. Its net profit was US$311m, down by 7% from US$333m. During the quarter, Grasim Industries launched its Birla Pivot building materials e-commerce platform in Maharashtra, Madhya Pradesh and the National Capital Territory. The Hindu BusinessLine newspaper has reported that the company has a capital expenditure (CAPEX) budget of US$699m for the 2024 financial year.

Mexico: Cooperativa La Cruz Azul has inaugurated the new Kiln 5 at its Oaxaca cement plant in Lagunas. Local press has reported that the new kiln will increase the plant's clinker capacity by 3700t/day. Additionally, the producer has inaugurated a new weighbridge at the plant. The equipment is capable of weighing trucks of up to 100t in mass. Cooperativa La Cruz Azul's investments in the latest upgrades to the Lagunas cement plant totalled US$301m.

Cooperativa La Cruz Azul said "With these projects, multiple benefits are generated for the community, and the cooperative reaffirms its commitment to the progress and development of the region."

Rwanda: West China Cement subsidiary Anjia Cement has inaugurated its Muhanga grinding plant at the Muhanga Industrial Park in Gitarama. Xinhua News Agency has reported that West China Cement invested US$50m in the plant's construction. It subsequently aims to raise its total investments in Rwanda to US$100m.

Rwanda Development Board chief executive officer Clare Akamanzi said "Over the past five years, we have registered investments from China worth close to US$1bn, which will collectively generate up to 25,000 jobs for Rwandans."

Kenya: East African Portland Cement Company (EAPCC) says that it is ready to resume full-scale cement production at its 600,000t/yr Athi River cement plant. The Standard newspaper has reported that the plant is currently operating at 50% capacity, following refurbishment. EAPCC replaced a 16m-long section of kiln shell in the plant's clinker line, at a cost of US$3.5m. Managing director Oliver Kirubai said that the company raised the funds through the sale of land located in Athi River.

Kirubai said "Our employees have cut back a lot, in a situation where we have been struggling even to pay their salaries. We are now back on our feet." He added "A number of companies owed us millions of Shillings. They have been ordered to pay us by the government. If they honour the agreement, the problem we are facing will be a thing of the past.”

EAPCC says that it expects the scale-up of production at the Athi River plant to help lower the cost of cement for its customers.

Ukraine: CRH subsidiary Cemark completed the 'main stage' of construction of a US$37.3m, 450,000t/yr cement shipping complex in Ukraine in July 2023. The Sunday Independent newspaper has reported that complex will be equipped with an automated packing and palletising line. When operational, the site will provide 80 jobs.

Ireland-based CRH agreed to acquire Italy-based Buzzi's Ukrainian business in June 2023, for US$109m.

Canada/UK: Carbon Upcycling has raised US$26m in a Series A funding round. The clean tech company says that the funding will support its construction of planned carbon capture systems at CRH's Mississauga cement plant in Canada and Cemex UK's Rugby cement plant in the UK. Carbon Upcycling’s technology injects captured CO₂ into industrial byproducts and minerals to produce supplementary cementitious materials. BDC Capital and Climate Investment led the funding round, with strategic investments from Cemex Ventures, CRH and Oxy Low Carbon Ventures.

Carbon Upcycling chief executive officer Apoorv Sinha said "Closing this round is a major milestone on the road to becoming the most impactful carbon tech company of this decade.” He continued “Over the next year, our mission is to demonstrate our technology's versatility, scalability and operational elegance. Significant, cost-effective decarbonisation potential in the cement industry is possible without a green premium.”

Mexico-based Cemex first invested in Carbon Upcycling via its venture capital unit Cemex Ventures in February 2022. Its said “Cemex is committed to supporting decarbonisation for the built environment, and our follow-on investment in Carbon Upcycling demonstrates such ambition. Carbon Upcycling provides a scalable solution that effectively reduces the carbon footprint of cement. Increasing the supply and use of cementitious materials aligns with Cemex’s goals of reducing CO₂ emissions and becoming fully net-zero by 2050”

The collaboration between Carbon Upcycling and Cemex dates to early 2020, and work towards a commercial-scale plant at the Rugby cement plant commenced in June 2022. The project will target a capture capacity of 1600t/yr, and has secured US$2.96m in government funding from UK Research and Innovation. Cemex says that it will subsequently roll out further CO₂ mitigation projects in partnership with Carbon Upcycling at cement plants across Europe, the Middle East and Africa, Mexico and the US.

Thailand: Siam Cement Group (SCG) says that it expects to invest US$1.17 - 1.47bn in capital expenditure across its operations throughout 2023, Reuters has reported. SCG's activities span cement and other building materials, packaging, chemicals and batteries.

UK: Private equity firm BGF has invested US$4.39m in carbon capture specialist Nuada. Nuada, formerly called MOF Technologies, is currently supplying its technology for a project at Buzzi’s Monselice cement plant in Italy. The system applies metal-organic framework (MOF) filters and vacuum swing absorption. Other partners on the project include Cementir Holding and Heidelberg Materials.

Nuada’s co-chief executive officer Conor Hamill said “There is no net zero without carbon capture. However, incumbent solutions are notoriously costly and energy intensive. Investment from BGF will further catalyse the scale-up and deployment of our technology, ensuring we are primed to efficiently decarbonise heavy industries.”

BGF’s investment is an extension to Nuada’s US$5.81m Series A funding round, which was co-led by the Clean Growth Fund and Barclays’ Sustainable Impact Capital portfolio.

Peru: Grupo Gloria subsidiary Cemento Yura plans to transition its Yura cement plant from using coal to alternative fuels (AF) in its cement production. Additionally, the producer will build a 30MW solar power plant at the site. The Gestión newspaper has reported the total value of the upgrades as US$50m. Both projects are scheduled for commissioning in mid-2025.

In the 2023 financial year, which ended on 30 June 2023, Peruvian cement despatches fell by 8% to 12.6Mt.