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US: Martin Martietta Materials has announced that it expects to enter an agreement with the US Department of Justice that will resolve all antitrust concerns over its planned US$2.7bn acquisition of Texas Industries.
Martin Marietta said that it believes the agreement will be finalised by 27 June 2014. It anticipates that the agreement will require it to divest its North Troy quarry in Mill Creek, Oklahoma and two rail yards in Dallas and Frisco, Texas. Martin Marietta has also announced that it plans to restructure Texas Industries' debt, offering US$700m in notes due in 2017 and 2024.
Martin Marietta and Texas Industries are both scheduled to hold special shareholder meetings on 30 June 2014 to vote on proposals. With the addition of Texas Industries, Martin Marietta will operate a network of more than 400 quarries, distribution yards and plants in 36 states, Canada, the Bahamas and the Caribbean.
Shree Cement gets extension for mega cement plant 24 June 2014
India: The Karnataka State government has granted an extension of two years to Shree Cement to establish its mega-cement plant at Kodla-Benakanalli village, Karnataka State.
Shree Cement was given permission to establish a 3Mt/yr cement plant at an investment of US$241m in January 2010, apart from establishing a captive 150MW power plant. It purchased 5.26km2 of land directly from farmers to set up the plant and mine limestone.
While Shree Cement was able to get environmental clearance from the Ministry of Environment and Forests in September 2012, its application with the Karnataka State Pollution Control Board was pending. The company had also applied for permission from the Water Resources Department to draw 1500kL/day of water from the Kagina River.
UK: The bulk handling company Flexicon has announced a new Ultra-Heavy-Duty Bulk Bag Filling System, which palletises and fills bulk bags with filter cake, aggregates, metal powders, abrasive minerals, dry chemical additives and other difficult-to-handle bulk materials like cement and gypsum.
The system integrates a Swing-Down® Bulk Bag Filler with a Flexicon Pallet Dispenser and Powered Chain Conveyor, allowing safe, high-capacity filling of bulk bags of all popular sizes, including bags with wide-diameter spouts for the passage of irregular materials. The system is offered with Flexicon's steel-tube flexible screw conveyor integrated with the user's upstream process equipment or other material source.
China: China's state auditor said that it has found irregularities in the operations of China Resources, including the misuse of funds, the use of an improper bidding procedure and failure to seek government approval for a merger. The audit results came after the government started investigating the activities of several former executives of the group.
An audit of China Resources' 2012 financial statements showed that China Resources Power Holdings Co didn't conduct public bidding for 586 projects it awarded that were valued at US$1.9bn. Instead, it had invited specific bidders to decide on contractors and service providers, according to the National Audit Office. Moreover, five power-generating facilities of China Resources Power were allegedly constructed or put into operation in 2012 without government approval. The facilities had power sales of US$45.4m in 2012.
Similarly, a US$28.1m merger involving China Resources Cement Holdings was made in 2012 without government assessment or approval. The audit also found that US$209m raised by two trust products that was intended to boost liquidity at the trust company was instead invested in property development by the borrowers. In 2012, the group and its affiliated units allegedly spent US$338,863 playing golf.
Boral to axe 28 jobs from Maldon cement works 23 June 2014
Australia: Boral will cease clinker production at its Maldon cement plant in New South Wales on 31 December 2014, axing up to 28 jobs in the process. Boral Cement's executive general manager, Ross Harper, said that a decline in demand for off-white clinker, which forms the basis of a range of specialty cement products, was behind the decision.
"Unfortunately, demand has declined sharply as consumers switch to products made from imported white clinker," said Harper. "This decline has coincided with a downturn in demand, rising costs of production, the availability of cheap imported clinker and the slow recovery of the building and construction industry." He said that the combination of these factors, plus the Maldon kiln's high cost and sub-scale output, rendered off-white clinker production unsustainable at Maldon. Harper added that Boral would maintain its Maldon grinding mill, packaging and associated logistics on site.