September 2024
Fortera secures new funding for low-carbon cement production 20 August 2024
US: Fortera has raised US$85m in a funding round to increase its production of ‘low to zero-carbon’ cement, Bloomberg reports. New investors include Wollemi Capital, Saint-Gobain venture capital arm NOVA, Presidio Ventures and Alumni Ventures, alongside existing investors Khosla Ventures and Singapore state fund Temasek.
The startup, valued at US$355m, utilises a technology that captures CO₂ emissions from traditional cement production and converts them into a mineral form for low-carbon cement. Fortera's first industrial ‘green’ cement plant operates at CalPortland's facility in Redding, California.
JSW Cement launches US$477m IPO 20 August 2024
India: JSW Cement has filed an offer document with the Securities and Exchange Board of India for an initial public offer (IPO) of US$477m, according to NewsBytes. The IPO includes an equal split of fresh issue and offer-for-sale, each valued at US$239m. The funds will be used partly to finance a new integrated cement plant in Nagaur, Rajasthan, with US$95.5m allocated for this purpose, and US$86m used to reduce its existing debt, which stood at US$696m as of March 2024.
Sinai Cement reports 2024 first half results 20 August 2024
Egypt: Sinai Cement recorded a reversal in consolidated net profits from net losses of US$1.63m in the first half of 2023 to US$13.3m in the first half of 2024. Sales rose from US$48.3m to US$55m in 2024. The company reported an increase in standalone profits, from previous losses of US$1.5m in 2023 to US$659m as of 30 June 2024. However, net sales declined from US$48.3m in 2023 to US$31m in the first six months of 2024. For the quarter ending 31 March 2024, Sinai Cement achieved consolidated net profits of US$6.17m.
Ratanarak Group increases stake in Siam City Cement 20 August 2024
Thailand: The Ratanarak Group, through its subsidiary Sunrise Equity, has increased its stake in Siam City Cement to 71.88% by acquiring a 25.54% share from Singapore-based Jardine Cycle & Carriage for US$354m. This move consolidates the Ratanarak Group's position as the sole major and controlling shareholder.
Malaysia: Borneo Cement Sabah (BCS) is set to commence land works and forest clearance in Tongod district starting early September 2024, following the approval of its site preparation plan by the Sabah Department of Environment on 19 July 2024.
The Borneo Post reports that the cement plant will be fully automated and digitally controlled, with a conveyor used for the 3km stretch between the clinker quarry and the cement processing plant. The project will cost US$274m and will see a new road network spanning 26km from Kampung Matiku, Nabawan to the plant site at Kampung Kayawoi, with additional facilities like a dam and water treatment plant being developed and other facilities for use by local residents.
The first phase of the contract is expected to last a year, with factory operations anticipated to begin as early as January 2026.
Bahamas: Cementos Argos has supplied nearly 10,000t of cement, accounting for 85% of the total required for the construction of Disney Cruise Line's new 700m-long pier at Lighthouse Point on Eleuthera Island. The project cost US$250m and is part of expansion plans to accommodate over one million visitors annually. Cement was sourced through the company’s exports from Puerto Rico between 2022 and 2024.
India: Ambuja Cement has announced the completion of its acquisition of Penna Cement Industries Limited, acquiring a 100% stake in the company. The deal, first approved by Ambuja’s Board of Directors on 13 June 2024, has effectively made PCIL a subsidiary of Ambuja Cement from 17 August 2024. The company did not provide further details on the operational or financial impacts of this acquisition.
Kyrgyzstan to ban road imports of cement 19 August 2024
Kyrgyzstan: Starting on 1 October 2024, Kyrgyzstan will enforce a six-month road import ban on several types of cement including Portland cement, alumina cement and slag cement, according to Trend. The Chairman of the Cabinet of Ministers, Akylbek Japarov, signed the decree affecting both ready and clinker forms of these cements. According to the State Statistical Committee of Kyrgyzstan, a 76% year-on-year increase in cement imports from January - May 2024 has been reported, totalling 125,737t. These imports are predominantly from Iran, Kazakhstan, China and Uzbekistan.
Green Island Cement and hotels in Hong Kong repurpose oyster shells for cement production 19 August 2024
China: Eaton and Langham hotels have collaborated with Green Island Cement to transform 8t of oyster shells into a sustainable cement alternative, sourcing 80% of the required limestone for cement.
Amie Lai Gor, general manager of sustainability at Great Eagle Holdings, parent company of the two hotels, said "We brought together like-minded partners to repurpose oyster shells as a sustainable raw material alternative for cement production. Our goal is to encourage more hotels and restaurants to participate, diverting more discarded oyster shells from landfills through upcycling.”
Raymond Cheung Wai-man, division manager at Green Island Cement, highlighted past challenges of separating the shells from impurities like mud and residual meat, which initially deterred the project.
Lai Gor added that future plans include working with local universities to assess the carbon reduction potential of substituting limestone with oyster shells in cement production. Despite the higher costs—tenfold compared to traditional limestone—Cheung believes that scaling up could significantly lower expenses.
Ukraine: CRH Ukraine has announced plans to purchase a 99.9775% stake in Dyckerhoff Cement Ukraine, which operates two cement plants in the Rivne and Mykolayiv regions, according to Business World Magazine. The notification was made public on 12 August 2024, detailing the acquisition of over 158 million shares. Currently, CRH and its affiliates do not hold any shares in Dyckerhoff Cement Ukraine.