Dangote Group, the largest cement producer in Nigeria, is due to invest a further R779 million in Sephaku Cement – a subsidiary of Dangote. This investment will increase Dangote’s stake in Sephaku Cement from 19.76% to 64%, as well as completing the equity requirements for projects that are already underway.
Dangote’s equity investment will be used to fund Sephaku Cement’s Aganang and Delmas projects in South Africa. The Aganang project consists of a limestone mine and 900 000 tpa cement plant, which is scheduled for completion by 2012.
The Delmas venture involves a 1.25 million tpa milling plant in Mpumalanga, which should be completed by the end of 2012.
Alhaji Aliko, CEO at Dangote, commented on the benefits of the investment and the company’s ambitions: “we are looking forward to producing cement by the end of 2012, as we seek to become the largest cement producer in Africa by 2014”. According to scheduled construction, Dangote will have a production capacity of 16 million t by 1Q 2011.
Read the article online at: https://www.worldcement.com/africa-middle-east/26082010/dangote_invests_further_in_sephaku_cement/