Displaying items by tag: funding

Tunisia: Carthage Cement recorded a 48% year-on-year drop in its sales in the first half of 2022, to US$52.1m from US$101m. The producer’s net income for the half was US$4.73m, down by 51% from US$9.74m. It carries forward accumulated losses of US$315m.

Carthage Cement attributed its continued losses to delays to its commissioning of its upcoming new cement plant, as well as additional costs on top of the initial investment. It relied on short-term credits for part of the project’s funding. The company has restructured its bank loans and increased its capital to US$52.9m, in addition to an issue premium of US$10.8m.

US: Argos USA has obtained a US$750m loan for the financing of its working capital and capital expenditure and refinancing of its debt. The loan is linked to environmental, social and governance (ESG) metrics. Bank of Nova Scotia, BNP Paribas, JP Morgan Chase Bank, SMBC and Bank of New York Mellon lent the funds, assisted by Cuatrecasas.

Parent company Cementos Argos said "With this credit agreement, around 44% of Cementos Argos' consolidated debt will be linked to ESG indicators, bringing it closer to the 50% target for 2022 previously announced to the market, and thus reaffirming the company's commitment to meeting ambitious goals in terms of sustainable growth."

Europe: RHI Magnesita is heading a European Union Horizon project called ReSoURCE. The project seeks to develop a sensor-based refractory waste sorting and powder handling system. It involves academic partners in Austria, Germany, Ireland, Norway and the UK. The European Health and Digital Executive Agency (HADEA) supplied Euro6m in funding for the study, while the UK government supplied Euro1m. Global refractory waste generation is currently 28Mt/yr.

RHI Magnesita chief executive officer Stefan Borgas said “On average, 60% of all spent refractories generated by refractory-consuming industries go to landfill, while only 30% are recycled. With the ReSoURCE project, we aim to increase it up to 75%. This means we can achieve significant savings of CO₂ emissions per annum. With this research project, we have the chance to make a difference in the world.”

US: Lehigh Hanson has secured US$3.7m-worth of funding from the US department of energy for its planned front-end engineering design (FEED) installation of a carbon capture system at its Mitchell cement plant in Indiana. The funding was part of a total US$31m pot awarded to 10 different carbon capture projects across multiple industries. All of the projects have the capacity to capture over 95% of emissions from their respective plants.

Mitsubishi Heavy Industries America is supplying its carbon capture system for use at the Mitchell cement plant, at a total project cost of US$4.8m.

UAE: Lafarge Emirates Cement plans to install an organic Rankine cycle (ORC) waste heat recovery (WHR) plant at its Fujairah cement plant. Gulf News has reported that the producer will fund the upgrade through a transition trade facility provided by UK-based bank Standard Chartered. The facility is part of the bank’s planned US$300bn-worth of green finance funding up to 2030.

Lafarge Emirates Cement general manager Olivier Milhaud said “This is one of the major milestones in our journey towards sustainability. The WHR project encourages the use of clean and environmentally friendly energy in our operations and also supports our global mission to build a Net Zero world.”

Thailand: Siam Cement Group has received approval to issue a new lot of debenture worth US$426m on 3 October 2022. The group says that the debenture replaces its existing lot, which will retire for redemption on 1 October 2022. The new lot has an interest rate of 3.25% and matures on 1 October 2026.

India: UltraTech Cement has received US$94.6m-worth in commitments on a planned sale of its commercial papers. Reuters News has reported that the papers will reach maturity in November 2022.

China: Anhui Conch Cement and Xinjiang Tianshan Cement plan to launch a joint venture. Reuters News has reported that the companies will inject the joint venture with registered capital of US$297m.

India: Kesoram Industries plans to raise fund through high-cost fixed deposits at an annual coupon rate of 12%. The Business Standard newspaper has reported that the producer will use the funds to support its 10.8Mt/yr cement plant network’s working capital requirements.

Germany: Holcim Deutschland announced a planned upgrade to its Lägerdorf cement plant’s kiln on 14 July 2022. The producer will install a second generation oxyfuel kiln, which uses an air separation unit to supply oxygen directly, emitting CO₂-rich flue gas. A new carbon capture system will supply captured CO₂ to a synthetic hydrocarbons plant, which will produce methanol for other industrial applications. The upgrade will result in the capture of 1.2Mt/yr
of CO₂ emissions and make Lägerdorf one of the world’s first carbon neutral cement plants, according to Holcim Deutschland.

The project, called Carbon2Business, was among four cement plant projects and 13 other EU-wide projects to win a share of a US$1.81bn EU Innovation Fund funding pot. CEO Thorsten Hahn acknowledged that the awarding of funds was ‘good news for Holcim and all partners working with us to decarbonise cement.’ He said “Climate change means cement change.”