Displaying items by tag: Argentina

Argentina: Loma Negra, a subsidiary of Camargo Correa of Brazil, has reported that its profits fell by half to US$43.9m in 2012 from US$96m in 2011. Sales dropped to US$688m from US$704m following the official currency quotation in December 2012. Cement and lime production fell by 9% to 5.7Mt from 6Mt.

Loma Negra's performance follows a general reduction in the construction sector in Argentina, where the construction index (ISAC) fell by 3.2% in 2012. Loma Negra has confirmed that its results were affected by the acquisition of a 35% stake in Paraguay's Cementos Yguazu at cost of US$19m. Camargo Correa holds a 70% stake in Yguazu, with 30% belonging to Concret Mix.

Spain: Cementos Molins has sold 10.61% in its Argentina-based unit Cementos Avellaneda to Votorantim Europe for Euro45.2m. Following the deal Cementos Molins retains 51% in the company and Votorantim Europe, part of Brazilian group Votorantim, is holds 49%. The Spanish firm also transferred a 12.61% stake in its Uruguayan-based unit Cementos Artigas to Votorantim Europe for Euro19m, keeping 49% in the subsidiary and its partner raised its stake to 51%.

Argentina: Loesche, the German producer of vertical roller mills for the cement industry, has been awarded a contract by InterCement in Argentina for the supply of a solid fuel mill for its cement plant in Barker, Argentina.

The Loesche LM 35.3 D mill will be used for InterCement's Barker Coal project and will be used to replace natural gas in the kiln. The solid fuel dry-grinding plant will be designed for the grinding of coal and petcoke with product rates of 45t/hr for coal and 30t/hr for petcoke respectively. The mill's main drive power rating will be 960kW.

Besides the mill, the order comprises the complete machinery of the grinding plant in between the raw coal storage and the pulverised fuel dosification area. Electrical equipment and automation systems as well as the steel structures for buildings will be delivered by Loesche. Complete delivery is scheduled for the second half of 2012.

Argentina: Cementos Avellaneda has dedicated a new 2.5Mt/yr cement plant at Olavarria, where it has invested US$85m, with the aim of meeting growing demand in Argentina. Cement sales increased to 11.6Mt in 2011, an 11% rise compared to sales in 2010. Demand in 2003 was just 6.5Mt.

Argentina: Cement maker Loma Negra, controlled by Brazil's Grupo Camargo Correa, will invest USD404m in Argentina between 2012 and 2014, President Cristina Fernandez has announced.

Camargo Correa officials met with the Argentine president Fernandez and presented an investment plan that includes a new cement plant. "They told me about investments... for USD404m with a cement plant that will allow them to produce 900,000t more," Fernandez, who is seeking re-election in October 2011, said in a speech.

The investments, aimed at increasing output, also include a coal stockpile yard, said Ricardo Lima, vice president of operations at Camargo Correa. Loma Negra has nine cement plants and six concrete plants.