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China Resources enter transfer agreement with Fujian Zijin Hengfa Construction Materials

World Cement,

China Resources Cement has voluntarily announced that it has entered into a property transfer agreement with an independent third party, Fujian Zijin Hengfa Construction Materials. The agreement is to acquire a cement production line under production in Longyan Municipality in Fujian Province, along with all the assets and liabilities related to the construction of the plant, at a consideration of approximately RMB277.2 million.

Local reports suggest that the company asserted that CRC Yanshi will incur further capital expenditure of approximately RMB 520 million to complete construction of a 4500 tpd clinker production line (approximately 1.4 million tpa), as well as two cement grinding lines with a total capacity of 2 million tpa. These are expected to commence production by Q1 2012.

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