China National Materials Group Corp Ltd or Sinoma, a large state-owned group, recently inked a cooperative agreement with the local municipal government to spend RMB 3 billion on a series of projects in Xining, Qinghai Province.
These projects will include the development of cement industry, resources survey, new non-metal production exploration and energy conservation.
Yu Shiliang, secretary of the party committee of Sinoma, said the group will increase its dry-process cement output in Qinghai to 10 million tons with new technologies.
At present, Sinoma has three cement production lines, two of which have an annual output of 2 million tons each.
On Apr. 23, Sinoma received approval from the State-owned Assets Supervision and Administration Commission to buy a 51% stake in Gansu Qilianshan Cement Group Co Ltd<600720> through a subsidiary China National Materials Co Ltd<1893>.
