Displaying items by tag: land lease

China: Jiangxi Wannianqing Cement’s net profit in 2019 was US$197m, representing a 20% year-on-year increase from US$164m. Reuters has reported that on 15 November 2019 Jiangxi Wannianqing Cement paid US$82.6m for a lease and limestone exploration rights for land in De’an County, Jiangxi Province, previously held by Fushan Cement. On 25 June 2019 the company received US$23.3m in government compensation for the relocation of its Wannian cement plant.

India: The state government of Odisha has leased an area of limestone-rich land that includes the Asura Vihara Gumphas, a first century BC cult centre for the Jain religion that remains steeped in local mythology to the present day. The Blink newspaper reported that the site, consisting of three caves, is ‘covered by thick vegetation’ and in need of ‘proper conservation and preservation.’ Indian National Trust for Art and Cultural Heritage (INTACH) Odisha state curator Anil Tripathy said, ‘the caves should be retrieved from the company and the allotment of the site cancelled.’ Toshali Cements is reportedly carrying out limestone surveys on an area, including the caves.

INTACH is in the process of conducting a comprehensive survey of the Mahandi Valley, in which the land lies, and has identified over 1000 monuments of ‘tangible heritage.’

UK/Ireland: Sean Quinn has bought ‘substantial’ tracts of limestone-rich land in Cavan and Fermanagh on 99-year leases, giving him sole extraction rights, over the past three and half years since his final severance with Quinn Industrial Holdings in mid-2016, according to the Sunday Times. The purchases may have been aimed at strengthening his position in his campaign to re-attain control over the company. It has stated that it has succeeded in supplementing its on-site limestone supply with material from further afield. “These materials are of a higher quality,” said a Quinn Industrial Holding spokesperson.

Oman: Raysut Cement, Oman’s leading cement producer, has taken a step forward in the implementation of its 1Mt/yr Duqm grinding plant plans by securing a land lease and port of terminal services agreement from the Port of Duqm. Raysut chief executive Joey Ghose has said that the Duqm unit will help to secure Raysut’s presence ‘in Oman and the neighbouring Gulf markets,’ as well as support strategic investments oversees. Raysut’s 6.4Mt/yr integrated capacity extends from East Africa to the Caucasus. The company has India as its next phase expansion target.