Global Cement News

Kenya: The Supreme Court of Kenya has ordered lenders Absa Bank and KCB Group to not seize Savannah Cement's assets or appoint administrators or receivers for it after the producer defaulted on its debts. The producer's debts include US$2.41m in interest and US$110,000 in penalties. The temporary block will stand until the court issues further directions. Business Daily News has reported that the court has ordered Savannah Cement to pay US$81,200 to Absa Bank by 28 December 2022.

Savannah Cement director Benson Sande Ndete alleged that lenders coerced the company into repaying US$40.6m-worth of debt. The law forbids interest payments greater than the principal sum of a loan.

Ndete said, "The firm is working to complete the funding of its Kitui clinker plant project, which will allow it to get all the funds necessary to clear the debts."

India: Gujarat Sidhee Cement has temporarily shut down the kiln of its Sidheegram cement plant in Gujarat's Junagadh District for maintenance work. Reuters has reported that the closure will last from 19 December 2022 until 27 December 2022 at the earliest, during which time cement grinding and despatch operations will run as normal.

Spain: FCC subsidiary Cementos Portland Valderrivas has completed its acquisition of global investment company KKR's Andalusian business, including its subsidiary Surgyps. Surgyps operates an 800,000t/yr grinding plant in Jerez de la Frontera, Cádiz. The business filed for bankruptcy in 2010, but continued to operate the plant under a government concession, lasting until 2031.

The El Economista newspaper has reported that Cementos Portland Valderrivas said "With this operation, the group complements its position in Andalusia by taking a decisive step in our commitment to reduce the carbon footprint of cement."

The group controls six integrated cement plants across Spain, with a total capacity of 9.9Mt/yr.

Italy: Buzzi Unicem's board of directors has elected to exercise an option of early repayment on a Euro500m bond loan. Italian Collection News has reported that the producer will make the payment on 28 January 2023. The bonds have a coupon of 2.1% and will mature on 28 April 2023.

India: Visaka Industries plans to invest US$15.7m in the construction of a new cement boards plant in West Midnapore, West Bengal. United News of India has reported that the plant will produce the company's Vnext fibre cement board product. When commissioned in August 2023, it will increase Visaka Industries' Vnext boards production capacity to 72,000t/yr. The producer will equip the plant with an ATUM Solar Roof integrated solar power unit, eliminating 840,000t/yr of Scope 2 CO₂ emissions. Visaka Industries plans to employ 500 people at the plant, and additionally support its host community in Shalbani Dakhinshole through its corporate social responsibility (CSR) initiatives.