Dangote starts $115 mln cement project in Cameroon
Category: Investors NewsBeat
September 20, 2011
Nigerian cement manufacturer Dangote began construction of a $115 million cement plant in Cameroon, and is eyeing another $585 million in investments in the central African country, state radio reported on Tuesday.
The plant will be built in Cameroon's economic capital and port city of Douala and will produce some 1.5 million tonnes of cement per year, according to state radio, which added it was part of a long-term series of investments by Dangote that will eventually total $700 million.
Cameroon's Minister of Industry, Badel Ndanga Ndinga, laid the foundation stone for the plant on Monday, according to the state radio broadcast.
Cameroon's government and Dangote had agreed earlier this year on a $100 million cement plant, but the project's terms had since been expanded. Cameroon currently has only one cement producing company, CIMENCAM, with output of about 1 million tonnes from two plants.
Source: Reuters/Reporting by Tansa Musa; Writing by Richard Valdmanis; Editing by Jon Loades-Carter)