African ce­ment gi­ant in US$4 bil. deal with main­land China builder

The China Post - - BUSINESS INDEX & -

Nige­ria’s Dan­gote Ce­ment has an­nounced a US$ 4.34 bil­lion deal with Chi­nese con­struc­tion com­pany Si­noma In­ter­na­tional En­gi­neer­ing to build plants across Africa.

The pro­ject is ex­pected to add 25 mil­lion tonnes of ca­pac­ity across 11 African coun­tries and Nepal, Dan­gote said in a state­ment on Wed­nes­day, ac­cord­ing to Bloomberg News.

Dan­gote Ce­ment, con­trolled by Africa’s rich­est man, Aliko Dan­gote, has been ex­pand­ing out­side of Nige­ria in re­cent years, sig­nal­ing the com­pany’s in­creas­ingly in­ter­na­tional am­bi­tions.

The new plants will in­crease ca­pac­ity to around 71 mil­lion tonnes and Dan­gote is tar­get­ing fur­ther gains to about 100 mil­lion tonnes by 2020, Dan­gote said in a speech in La­gos, ac­cord­ing to Bloomberg.

“We are pro­gress­ing very ag­gres­sively. Africa will not lack ce­ment,” it quoted the bil­lion­aire as say­ing.

Speak­ing at a cer­e­mony to in­au­gu­rate a US$400 mil­lion plant in Zam­bia ear­lier this month, Dan­gote said ce­ment pro­duc­tion was a “sym­bol of African de­vel­op­ment.”

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