CR Cement to invest RMB 5 bln in Shanxi

Byswb

Updated Tue, 17 Aug 2010 00:00:00 GMT

China Resources Cement Holdings Ltd<1313> has inked a strategic agreement with Shanxi Guoneng Group Co Ltd to inject nearly RMB 5 billion into a large cement project in Shanxi Province, sources reported.

The entire project, which will cost RMB 6.8 billion and will have an annual cement output of 12 million tons, will be 72% held by China Resources Cement.

At present, the Hong Kong-listed firm's cement output capacity, including plants under construction, totals around 6 million tons in Shanxi Province.

China Resources Cement recently accelerated its expansion in Shanxi Province, including to acquire a cement producer that have an annual output of 4 million tons of cement and 3.1 million tons of clinker, and teamed up with Shanxi Yaohua Cement to jointly start a production line with a daily cement output of 2,500 tons.