Displaying items by tag: Plant
Bad loans written off at ARM Cement further devalue company
06 November 2018Kenya/Tanzania: The administrators of ARM Cement have written off loans worth around US$210m to Maweni Limestone, a subsidiary in Tanzania. The decision by the PricewaterhouseCoopers (PWC) administrators has significantly reduced the cement producer’s assets to US$140m from US$362m, according to the Business Daily newspaper. In a report PWC alleges that ARM Cement had treated its debt to Maweni Limestone as a performing loan, despite the fact that the subsidiary had repeatedly defaulted on it, effectively misleading investors as to the value of the company. The write-off has left ARM Cement’s creditors, including the UK government-backed CDC Group, in negative equity to a value of around US$24m.
Other irregularities that have been discovered amount to US$1.5m. These issues include alleged outstanding director pay, payments to mystery customers and a payment of US$0.4m for ‘fixtures and fittings.’
ARM Cement owns an integrated cement plant at Tanga and a grinding plant in Dar es Salaam that is currently not in operation. It is also building a grinding plant in Tanga that remains unfinished. The cement producer was placed into administration in late August 2018.
Shareholders approve white cement plant sale by Helwan Cement
06 November 2018Egypt: The shareholders of Helwan Cement have approved the sale of its white cement plant in Minya Governorate to Emmar Industries. Helwan Cement, a 99.5% subsidiary owned by HeidelbergCement and Suez Cement, previously said that the sale was part of its plan to restructure the business and improve its financial position.
Worker dies at UltraTech Cement’s Reddipalayam plant
06 November 2018India: A welder has died at UltraTech Cement’s Reddipalayam plant in Tamil Nadu. The contract worker died following a fall from a height of 8m, according to the New Indian Express newspaper. Relatives and local residents staged a protest following the incident.
Kyrgyz president opens cement plant in Aravan
05 November 2018Kyrgyzstan: President Sooronbai Jeenbekov has opened a cement plant in Aravan as part of a trip to the Osh region, according to the 24 Kg News Agency. The US$88m project was previously reported as having a cement production capacity of 2500t/day.
Jordan Cement Company in legal dispute over land
05 November 2018Jordan: Jordan Cement Company is in a legal dispute with local landowners over land ‘illegally’ acquired near its Fuheis plant. The plaintiffs argue that forgery was used by the company in acquiring land, according to Roya TV. The subsidiary of Switzerland’s LafargeHolcim operates two integrated plants, at Fuheis and Rashadiyah.
Construction works starts on Angren cement plant in Uzbekistan
02 November 2018Uzbekistan: An event marking the laying of the foundation stone at the Angren cement plant has taken place. Construction work is scheduled to be completed by November 2019. The project is a joint venture between Russia’s Eurocement Group and UzQurilishMateriallari.
Myanmar ministry seeks investors for cement plant in Chin State
02 November 2018Myanmar: The Ministry of Natural Resources and Environmental Conservation (MNREC) is seeking expressions of interest from foreign and local investors to run a feasibility project ahead of building a new cement plant at Hakha Township in Chin State. Early studies suggest that the area has sufficient limestone reserves to support a 5000t/day plant, according to the Myanmar Times newspaper. A new unit in the region is expected to boost the local economy as Chin State has no cement plants.
Spain: The Ministry of Industry and two unions have asked Cemex to keep the Gádor cement plant in Almería open. However, the Mexican cement company has rejected the pleas although it has said it will make a ‘definitive’ decision shortly, according to the Expansión newspaper. The company is due to start mandatory consultations with the unions in early November 2018. Cemex announced in mid-October 2018 that it was closing two of its seven cement plants in the country.
Russia: Eurocement has appointed Sergey Lobov as the manager of its Voronezh subsidiary and Vadim Shablitsky as the general director of its Neviansky cement plant. Yaroslav Stoupa, Vice-President of Eurocement Group for production and technical development, introduced the new appointments at a visit to each plant.
Lobov graduated from the Belgorod State Technological Academy of Building Materials with a degree in mechanical engineering. He has been working in the cement industry for 17 years, of which 14 have has been based at the Oskolcement enterprise, where he has advanced from being an equipment repairman to a deputy general director and technical director. From 2015, he worked as the general director of Neviansky Cementnik.
Shablitsky graduated from Belgorod State University of Technology with a degree in chemical engineering and an engineering qualification. He has been working in the cement industry for over 14 years. At the Belgorodsky Cement he worked in various positions from assistant cement mill driver to plant general director, and then he was deputy general director for production at Mordovcement.
Jindal Steel & Power to build 2Mt/yr slag cement plant at Angul
31 October 2018India: Jindal Steel & Power (JSP) plans to build a 2Mt/yr slag cement plant at Angul in Odisha. The US$68m unit will use ground granulated blast furnace slag sourced from a nearby steel plant operated by JSP, according to the Business Standard newspaper. A recent expansion at the steel plant to 6Mt/yr has allowed it to support a cement plant of this size. Land for the project has been acquired and the company hopes to obtain it from the state government by early 2019.