Displaying items by tag: GCW637

Colombia: Grupo Argos launched a buyback of US$10.1m-worth of its shares on 4 December 2023. Local press has reported that the offer covers US$8.33m-worth of common shares and US$1.73m worth of preferred shares. The offer will remain open until 7 December 2023.

India: Kesoram Industries says that it will repay US$180m-worth of loans from Cerberus Capital Services, Edelweiss and Goldman Sachs ahead of maturity. The Economic Times newspaper has reported that the company is repaying the debt in anticipation of refinancing following a merger deal with UltraTech Cement. Kesoram Industries expects the deal to lower its cost of borrowing.

Mexico: Cemex has reached 1000 reduced-CO₂ trucks in operation across its global cement business. This includes trucks fuelled by renewable diesel and natural gas. These efforts have reduced its global transport CO₂ emissions by 5% since 2020, in line with the group’s commitment to a 30% reduction by 2030.

Chief executive officer Fernando González said “Our net-zero transition is supported by proven and readily-available lower-carbon technologies that guarantee that we meet our short and medium-term decarbonisation commitments. At the same time, we remain at the forefront of innovation and emerging transportation technologies so we can achieve our ultimate goal of becoming a net-zero CO₂ company by 2050.”

Tanzania: Tanzania Railways Corporation has announced plans to build a 1000km railway across the south of the country, between Lake Nyasa and the Indian Ocean. Business News Africa has reported that the railway will serve Dangote Cement’s local operations, as well as businesses in other industries. The project will cost US$5.6bn, of which Tanzania Railways Corporation has already secured US$2.2bn in potential private investments.

India: UltraTech Cement’s acquisition of Kesoram Cement will raise its share of capacity in the Southern Indian cement market to 21% from 11%, according to BusinessLine Online News. Market researcher Emkay Global said that it expects the acquisition and UltraTech Cement’s current expansion plans to raise the group’s total share of cement capacity in Southern India and Western India by 7 – 8%.

Kenya: East African Portland Cement Company (EAPCC) has announced plans to build a new clinker plant in Kajaido. The Nation newspaper has reported that it will cost US$200m to build. EAPCC plans to use local pozzolana, along with limestone and coral transported from Kenya’s Coast Province, in cement production at the plant. The producer says that it will clarify the timeframes of the project in 2024.

UAE: Germany-based ThyssenKrupp Decarbon Technologies says that it has won a new contract with Fujairah Cement Industries. Under the contract, the supplier will carry out an upgrade at the Dibba cement plant to reduce its CO₂ emissions.

UAE: Holcim has launched and become a founding member of the SMI Circularity Task Force in collaboration with the Sustainable Markets Initiative (SMI) and others. The SMI Circularity Taskforce aims to accelerate the development of the global circular economy, in complement to Holcim’s goal of recycling 10Mt of construction-demolition materials (CDM) by 2025, and 20Mt in Europe alone by 2030. Holcim and its partners launched the task force at the COP28 climate conference in the UAE on 4 December 2023.

Holcim chair and chief executive officer Jan Jenisch said "With our world’s rising population and urbanisation, we need to build better with less to raise living standards for all while preserving nature. Circularity is a gamechanger to make this happen at scale. At Holcim we are driving circular construction across all metropolitan areas where we operate to build cities from cities, recycling CDM into new building solutions. I am excited to be joining like-minded organisations to accelerate the shift to a more circular future together."

World: The Global Cement and Concrete Association (GCCA) has published its Cement Industry Net Progress Report 2023. The report highlights the work of the GCCA and its members to lower their CO₂ emissions since signing the 2050 Net Zero Roadmap in October 2021. Initiatives include carbon capture and storage, renewables and alternative materials. These strategies have contributed to a 23% decline in cement and concrete’s CO₂ emissions between 1990 and 2023.

GCCA president and Cemex chief executive officer Fernando González said “We are pleased to present this report, which captures the progress our industry is making towards net zero. But it will take the combined efforts of industry, governments and societies around the world to deliver on this commitment.” He added “This is the decade to deliver, and my number one priority is to facilitate the GCCA roadmap levers, designed to make full decarbonisation of our industry possible.”

The Cement Industry Net Progress Report 2023 is available here on the GCCA’s website.

India: Sanghi Industries plans to begin marketing its cement with ACC branded packaging. Informist EquityWire News has reported that the shift follows the acquisition of a majority stake in the company by ACC’s fellow Adani Group subsidiary Ambuja Cements in August 2023.