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Camargo Correa branches out again

World Cement,

Expanding construction and engineering company Camargo Correa Cimentos has reportedly purchased a 51% stake in a cement plant in Mozambique. This follows the announcement in February that the Brazilian conglomerate had acquired a US$ 1.3 billion stake in Portuguese cement group Cimpor.

The company at the forefront of this latest acquisition is Cimentos de Nacala (Cinac), which belongs to the Insitec group, a Mozambican company operating largely in the heavy construction industry. The plant is located in Nacala and has an installed capacity of 350 000 tpa. Camargo Correa Cimentos has also acquired limestone reserves near the plant. More details about the deal, including the financials, have not been released. Insitec will retain a 49% share in the plant.

Just last month it was announced that a China Development Bank/China-Africa Development Fund project could begin very shortly, which will see the construction of a 1 million tpa cement plant in Mozambique. At the time of the announcement it was said that this new project was one of four set to begin across the country, illustrating the perception of the island nation as a growth market.

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