Displaying items by tag: Calizas y Minerales

Colombia: Cemex Colombia has reached a deal with the Attorney General allowing it to operate its Maceo cement plant in Antioquia. Under the terms of the government-brokered agreement Cemex will lease the land from CI Calizas y Minerales for around US$15,000/yr, according to the El Espectador newspaper. The lease has a duration of 21 years and this can be extended by another 10 years.

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$20.5m 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. The US Department of Justice is also investigating the project.

Colombia: The broker named in an internal probe by Cemex Latam has defended his involvement with relation to the purchase of land and mining rights for a cement plant project in Maceo, Antioquia in comments to the La Republica newspaper. Eugenio Correa, representing Calizas y Minerales, says that he has only received US$6.85m from Cemex despite claims by Cemex that he is holding US$20.5m in funds for the project. He adds that Cemex conducted at least 25 visits from its engineers, lawyers and accountants at the Maceo site between July 2011 and December 2015 keeping it up to date on the project’s progress.

Correa says that he originally signed a memorandum of understanding with Cemex for the sale of 340 hectares, economic free zone and the mining rights for US$22.20m in August 2012. He adds that the contract was extended in April 2016 to June 2019. In late September 2016 Cemex dismissed several senior staff members in relation to the project and the subsidiary’s chief executive resigned.