CEMEX invest in Peruvian cement plant
CEMEX have confirmed that investment company Blue Rock Cement Holdings, S.A. (Blue Rock) is to invest in a cement project in Peru.
CEMEX, who have agreed to participate as a minority investor in Blue Rock, will assist in the development, building and operation of the plant.
Fernando Gonzalez, CEMEX executive vice-president of planning and finance, said the company’s participation in the project would allow CEMEX to enhance its footprint in the attractive Peruvian market, and would complement the company’s existing business portfolio in the region.’
Blue Rock’s project consists of the construction of a new cement plant with an initial production capacity of 1 million tonnes per annum. The plant is expected to be completed in early 2013 with a total investment of around US$230 million.
According to CEMEX, the construction industry in Peru has seen sustained annual growth of over 10% in the past years, which makes the country an attractive market.
CEMEX agreed to contribute an investment of up to US$100 million into the share capital of Blue Rock, for a minority stake. The investment falls under permitted terms under CEMEX’s debt financing agreements.