Lisbon, Portugal, 24 June – Luso-Brazilian company Camargo Corrês Escom Cement Monday signed a partnership agreement Monday in Luanda with Angolan group Gema for construction of a cement factory in Angola, Escom said in a statement issued in Lisbon.
According to Escom, Camargo Corrêa Escom Cement, a joint venture between Portugal’s Escom and Brazil’s Camargo Corrêa, will control 60 percent of the capital of the new factory, “with the Gema group owning the remaining 40 percent.”
Palanca Cimentos represents an investment of 130 million euros and will create 600 jobs.
The factory will be located in the Benguela region and is expected to be finished “in a maximum of 36 months, and it is expected to provide 25 percent of the Angolan market’s needs,” said the press release.
Cement production “should increase from 600,000 tonnes, in the first year, to 800,000 in the second and 1.2 million tonnes in the third,” Escom said.
According to Escom, this project “deepens” the existing relationship between the group and Camargo Corrêa Cimentos, which are currently jointly building a residential building known as Acquaville, in Luanda. (macauhub)