Nedbank Capital and the Bank of China in Johannesburg have announced the raising of debt capital to fund Mamba Cement, a new entrant on the South African cement scene. The Mamba Cement plant will be located by an established limestone deposit close to Northam in Limpopo Province. The 1 million tpa capacity plant will have the advantage of being in close proximity to the cement markets in Johannesburg, Pretoria, Mpumalanga, Rustenburg and Brits.
Jidong Development Group (the majority shareholder), the China-Africa Development Fund and WIPHOLD provided the equity required for the project.
The new facility, both in the construction and operation phase, will help to boost socio-economic development in the region in terms of infrastructure and employment, while the project backers have committed to supporting local schools.
“A new entrant will not only help to instil competition into the market, but also serve to stimulate economic growth and job creation in line with the country’s established development plans. The Bank of China is pleased to have been a key part of such an economically relevant initiative,” said Zhikun Qiu, Chief Executive Officer at Bank of China Johannesburg.
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/africa-middle-east/14052014/debt_capital_raised_to_fund_mamba_cement_in_south_africa_186/