Tuesday June 24, 01:57 PM
Escom sets up JV in Angola to build 130 million euro cement plant
LISBON (Thomson Financial) - Grupo Espirito Santo's Angolan holding company Escom (Xetra: 600720 - news) has set up a joint venture with Brazilian company Camargo Correa to build a 130 million euro cement plant in partnership with local Grupo Gema.
The JV owns 60 percent of Palanca Cimentos, while Gema owns the remaining 40 percent.
The plant, to be located in the Benguela region, is expected to be built in the next three years and supply about 25 percent of the cement to the Angolan market.
The plant will produce 600,000 tonnes of cement in the first year, 800,000 tonnes in the second and about 1.2 million tonnes in its third year.
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