Portuguese cement company Cimentos de Portugal (Cimpor) will invest US$125mn in the construction of a cement plant in southwestern Peruvian department Arequipa, Cimpor reported in a release.
The initiative will be carried out through the company's Peruvian subsidiary, Cimpor Inversiones, which has purchased 80% of the company Cementos Otorongo for 57mn soles (US$18.8mn).
It was Cementos Otorongo that, at the time, was developing the cement project. The company has enough raw material to produce cement and clinker, and has all the permits needed to build and operate a plant of this kind in Arequipa.
The plant's capacity will reach 650,000t annually, being able to cover 10% of Peru's cement consumption. It will initially sell only to the domestic market, but plans on exporting in the future.
The facility is expected to become operative in two years.
Besides Portugal, Cimpor also has operations in Spain, Turkey, China, Egypt, Mozambique, Morocco, Brazil and South Africa.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: November 23, 2007
11/23/07
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