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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Lanka Cement Company PLC Ltd - Any new developments

Lanka Cement Company PLC Ltd - Any new developments

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bandulawee


Manager - Equity Analytics
Manager - Equity Analytics

I came across a news item on revival of Lanka Cement in the Global Cement which is produced below. It is time some positive action is taken by the authorities at a time the construction industry is booming. Anybody has any idea of new developments?

Sri Lankan plant to be restarted
Written by  Global Cement staff
Monday 29 July 2013

Sri Lanka: The State Resources and Enterprise Development Ministry of Sri Lanka will re-establish a currently closed cement plant in Kankesanthurai, Northern Province, in the extreme north of the country. The plant will be restarted by Sri Lanka Cement. The ministry estimates that, with an investment of US$11.4m, the plant can become operational again within 12 months.

Project proposals to re-establish the factory were presented to State Resources and Enterprise Development Minister Dayasritha Tissera by Sri Lanka Cement Corporation Chairman N S M Samsudeen on 26 July 2013.

According to the project proposal, funds will be sought from the Bank of Ceylon and a copy of the project proposal was also presented to the Bank of Ceylon by Samsudeen. The project aims to produce a minimum of 12,000 x 50kg cement bags per day, which is 600t/day, or 0.2Mt/yr.

Sri Lanka Cement said that it could cover the project cost if it is selected as the main cement supplier for the Northern Highway project initiated by the government. "The project can save US$13m/yr in foreign exchange spent to import cement to the country and it will also generate 300 direct employment and 400 indirect employment opportunities for people in Kankesanthurai," said Samsudeen. Sri Lanka is in the process of building a series of new highways and toll-roads.

The announcement regarding Sri Lankan Cement comes shortly after a series of announcements regarding capacity expansion in Sri Lanka despite a decrease in demand for cement in the first half of 2013. Tokyo Cement plans a 1M/yr plant and Pakistan's D. G. Khan Cement and Thatta Cement have both announced plans for grinding capacity on the island.

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