Angolan group GEMA invests US$400 million in construction of cement factory in Lobito

25 September 2009

Lobito, Angola, 25 Sept – Angolan business group GEMA (Sociedade de Gestão de Partticipações Financeiras e Gestão de Empreendimentos) annouced, Thursday, that it would build a cement factory in the city of Lobito, in Angola’s Benguela province at na estimaed investment of US$400 million.

Victor João, responsible for the GEMA group, said that he project known as “Palanca Cimentos” is expected to produce 1.6 million tons of cement per year and provide over 500 direct jobs.

The project is expected to begin in the first quarter and conclude within 36 months.

Brazilian company Camargo Correa Cimento is also involved in the project.

The project is in the phase of assessing environmental impact particularly on the waters of the Cubal river which crosses the region, and the destruction of flora and fauna.

The area where the cement factory will be set up has around 4,000 inhabitants. (macauhub)

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