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Displaying items by tag: Legal

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Swedish supreme court rejects application by Cementa to renew mining permit for Slite cement plant

07 July 2021

Sweden: Cementa says that the decision by the Supreme Land and Environmental Court to reject its renewal application to continue mining limestone at its quarries in Gotland will create a ‘crisis’ for consumers in the autumn of 2021. The quarries supply its integrated Slite cement plant. The producer said that the ‘majority’ of Swedish cement production could cease in November 2021 following the expiry of the current licence in October 2021.

“We are seriously concerned but also surprised by the court's ruling today,” said Magnus Ohlsson, the chief executive officer of Cementa. “Limestone has been mined in Slite for over 100 years, which has built up a huge knowledge bank about how the business affects the surrounding environment. Our application is solid and clearly shows that it is possible to conduct a continued sustainable limestone mining in the area. We must go through the decision carefully and then set up the strategy for how we will handle the situation,” He added, “For Sweden, our customers and for us and our employees, it is important that political decision-makers and authorities quickly draw up new guidelines for how the supply of critical building materials such as cement and concrete should work.”

The subsidiary of Germany-based HeidebergCement originally received clearance in 2020 to renew its mining operations at the site until 2041. However, this was subsequently challenged. The current decision by the Supreme Land and Environmental Court was reached as they said they had insufficient evidence to assess the environmental impact of the application.

Published in Global Cement News
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Update on Cemex, June 2021

30 June 2021

Fernando A González and Cemex took to the virtual airways this week with Cemex Day 2021. The investors’ update comprised the usual greatest hits package explaining how well everything is going: earnings growth and leverage levels about to hit desired targets, selective investments and divestments on the way, new production capacity round the corner and punchy sustainability goals turning up earlier than expected. Or at least that’s the way that chief executive officer González and the team told it.

To be fair to Cemex, it seems to be in a good place right now. It weathered 2020 well and now its first quarter results in 2021 compared to the same period in 2019, before coronavirus hit, are looking rosy with cement sales volumes growth of 9%. How much of that is attributable to pent up demand from 2020 remains to be seen though. Its strategy of focusing on markets in North America and Europe appears to have paid off in recent years with its competitors copying it as they have retreated from riskier climes and concentrated on core territories. Its obsession with righting the ratio between its debts and earnings is closer than ever to being realised, with a 4.07x net leverage ratio in 2020 and a target of 3x or lower planned for 2023. That last target is crucial both materially and psychologically for the company as it starts to put it back in the same financial field as its Western multinational competitors and opens up new investment opportunities.

From a production angle, the big news from the event was a 10Mt/yr cement production expansion project between now and 2023. This wasn’t quite as promising as it sounded, as just under half of this was attributed to legacy projects in Mexico, Colombia and the Philippines and some of the new projects had already been announced, but it does bookmark a move from divesting plants to upgrading and building new ones.

The new projects comprise an additional 5.7Mt/yr capacity from on-going debottlenecking, new integrated plants, new grinding plants and reopening idle or mothballed plants. During the event José Antonio González, the Executive Vice President of Strategic Planning & Business Development broke it down into 3.5Mt in Mexico, consisting of 1.5Mt additional grinding capacity at the integrated Tepeaca plant, a 0.5Mt/yr expansion at the integrated Huichapan plant and 1.5Mt/yr from bringing both idled lines back into production at the CPN Hermosilla plant in Senora to support the US market. That last one notably was partly announced in February 2021. In Europe and the US the group plans to add 1.2Mt/yr including expanding grinding capacity at two plants in Europe with details to be announced later. Finally, the company plans to add 1Mt/yr of additional capacity in South American including restarting an idled 0.5Mt/yr kiln at a plant in the Dominican Republic and building a new 0.5Mt/yr grinding mill in Guatemala.

Cemex has also stepped up its target reduction in CO2 emissions to below 475kg CO2/t of cementitious material, an approximately 40% reduction in CO2 emissions compared to 1990 levels, by 2030. The previous target for 2030 of 520 kg CO2 has been brought forward to 2025. This compares to LafargeHolcim’s similar target of 475kg CO2/t by 2030, HeidelbergCement’s target of 500kg CO2/t by 2030 and CRH’s target of 530kg CO2/t by 2030. The group is planning to spend US$60m/yr on its decarbonisation projects. This compares to a spend of around US$140m/yr on its 10Mt/yr cement production capacity expansion drive over the next three years. Or to put it another way, the group is spending more on growing than sustainability.

Unfortunately, it wasn’t all good public relations for Cemex this week with the news in the Colombian press that one of its former executives is set to be investigated by the authorities over his alleged involvement in the ongoing Maceo cement plant corruption case. The background to this one is that in 2016 Cemex fired several senior staff members, and the local subsidiary’s chief executive resigned, in relation to the building of a new integrated plant at Maceo. This followed an internal audit and investigation into payments worth around US$20m made to a non-governmental third party in connection with the acquisition of the land, mining rights and benefits of the tax free zone for the project. Legal proceedings followed in Colombia and the US. Many large companies have legacy problems to deal with. Just take LafargeHolcim’s continued connection to Lafarge Syria’s conduct in the early 2010s. At the time of writing the Maceo plant is still yet to start operation and is likely to be one of the ongoing projects mentioned above.

Cemex’s second quarter results are due to arrive towards the end of July 2021 but the group is presenting an upbeat image. Sales are up, debts are down, divestments are out and expansions are in. Confidence is important for a multinational trying to convince the rating agencies to give it back its investment grade, so whether this is strictly true or not it certainly knows how to talk the talk. One question going forward at least is how strictly Cemex will want to stick to its core markets if the good times really have returned?

Published in Analysis
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Former Cemex Colombia head Carlos Jacks to face corruption charges

29 June 2021

Colombia: The Colombian prosecution service intends to summon former Cemex Colombia chief executive officer (CEO) Carlos Jacks to face charges in relation to the Maceo cement plant corruption case. Jacks was CEO of the company for 24 years and previously headed Cemex operations in Costa Rica, the Dominican Republic and Puerto Rico, according to the Noticias Caracol television channel. A statement made by Camilo González Téllez, the former Legal Vice President, has been used by the prosecutor’s office to press charges against Jacks. So far González is the only senior Cemex executive to have received a custodial sentence in relation to the affair.

In 2016 Cemex fired several senior staff members in relation to the Maceo project and its subsidiary’s chief executive resigned. This followed an internal audit and investigation into payments worth around US$20m made to a non-governmental third party in connection with the acquisition of the land, mining rights and benefits of the tax free zone for the project. Legal proceedings followed in Colombia and the US.

Published in Global Cement News
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Appeal result in Lafarge Cement Syria case expected in mid-July 2021

09 June 2021

France/Syria: The Court of Cassation, a court of last resort, is considering whether a charge of crimes against humanity should be upheld against Lafarge. However, charges of financing terrorism, endangering life and violating an embargo seem set to stay. The legal case is investigating the company’s conduct in Syria between 2011 and 2014. It has been accused of financing terrorism through indirect payments to extremist groups to keep its Jalabiya cement plant operational after the outbreak of war in Syria. The Court of Cassation is expected to deliver its verdict on 15 July 2021.

Published in Global Cement News
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LafargeHolcim to settle Cuban confiscated property lawsuit

03 June 2021

Cuba: Switzerland-based LafargeHolcim has agreed in principle to settle a US court case regarding alleged trafficking in private property previously confiscated by the Cuban government. The Miami Herald newspaper has reported that the group is preparing to pay the claimant compensation. In the complaint, the plaintiffs had claimed the current market value of the property was an estimated US$270m, plus legal fees, interest and other costs could be involved. An agreement is expected to be reached by late June 2021.

In late 2020 a court in Florida, US accepted a request for damages from LafargeHolcim to over 20 parties from Cuba whose land was nationalised and subsequently had a cement plant built on it. The claim alleged that Switzerland-based Holderbank had held a stake in the partly-state owned Carlos Marx cement plant near Cienfuegos since 2001. Holderbank later became Holcim and then LafargeHolcim. The plaintiffs have been aided by a change in US law allowing Cubans to claim damages in US courts for expropriated property from private companies which profited from them.

Published in Global Cement News
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Kenyan court dismisses appointment of directors of Savannah Cement

26 May 2021

Kenya: The Court of Appeal has dismissed the appointment of directors of Savannah Cement by a High Court Judge. Judge Farah Amin appointed an interim board in response to a legal battle over the ownership of the cement producer, according to the Business Daily newspaper. However, the Court of Appeal ruled that the judge’s actions overruled the power of the company’s shareholders.

The current legal proceedings were triggered when Kenyan-based investor Peter Ndeta acquired a majority stake in Savannah Cement in 2015 from Chinese investors and transferred the ownership to a Mauritian company called Seruji. Donald Mwaura and John Gachanga, who previously held a minority share in the company along with Ndeta, have disputed the process.

Published in People
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Court upholds cement producers’ right to use trademarked words on cement bags

18 May 2021

India: A high court has ruled that all cement producers have the right to use common words on their cement bags, even where those words are trademarked by another producer. The Times of India newspaper has reported that the Bureau of Indian Standards (BIS) has until mid-July 2021 to respond to the ruling. JK Cement previously launched the legal action against the BIS’s blanket ban on trademarked words including ‘super,’ ‘strong,’ 'damp-proof,' 'corrosion-proof' and 'weather shield.'

Published in Global Cement News
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Court orders release of mutual fund units to Dalmia Bharat

17 March 2021

India: The Supreme Court has ruled that depository and clearing agent IL&FS Securities Services (ISSL) release US$52.4m to Dalmia Cement owner Dalmia Bharat. The money was alleged stolen by Allied Financial Services in 2019, according to the Economic Times newspaper. The trial concerning the alleged theft of mutual fund units continues.

Published in Global Cement News
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Lehigh Cement to sue planning director over planning delays at site in California

04 March 2021

US: Germany-based HeidelbergCement subsidiary Lehigh Cement has taken legal action against the Santa Clara county planning and development director over processing delays to the company’s planning applications. The Los Altos Town Crier newspaper has reported that the producer plans to fill in an open-pit aggregates mine, to open a second mine and to cut through a natural ridge near to its integrated Permanente cement plant near Cupertino in California. The plans constitute an amendment to a plan previously approved in 2012 .

The company says that it has ‘exhausted available administrative remedies’ against the local government office. It said that the rights it seeks to exercise are not subject to permits. It added that the director deemed the application complete in 2019, before requiring additional processing steps.

Published in Global Cement News
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Arab Swiss Engineering Company takes legal action against Misr Beni Suef Cement

25 February 2021

Egypt: Arab Swiss Engineering Company (ASEC) has launched legal action against Misr Beni Suef Cement. The latter terminated the supplier’s technical management contract in mid-February 2021. Arab Finance has reported that the producer alleges that ASEC breached its commitments regarding its Beni Suef cement plant’s production capacity.

Published in Global Cement News
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