Cement Newsline

The World Cement Association announced the topics for this year’s WCA World Cement Conference, in association with Intercem. The focus will be on the “Future for Cement Industry,” following a reshaping of the industry caused by digitalization, new regulations and barriers of entry as well as...
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Consistent with its Strategy 2022, LafargeHolcim announced that it will close its head offices in Paris and Zurich by the end of the year,...
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BinMaster brings a sense of simplicity to customers seeking basic operation and single-point particulate monitoring with the new DD-3000 Dust Alert sensor.
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Holcim Receives Overdue Payment from Venezuela

Venezuela paid Holcim Ltd. the final installment of a total $650 million agreed compensation for seizing the Swiss company’s cement plants in 2008, reported Bloomberg. The $97.5 million was due almost three months ago.

 

Former Venezuela President Hugo Chavez nationalized Venezuela’s cement industry in 2008 citing failures to sufficiently supply the local market. He also seized assets from Cemex SAB and Lafarge SA.

Investors have become increasingly concerned that Venezuela is running out of cash to pay its debt as its foreign reserves fall and its economy heads for its biggest contraction since 2009, according to data from the International Monetary Fund. Venezuela, which imports three-quarters of the goods it consumes, has seen export revenue slump as oil prices tumble.

The country ranks among the biggest losers from the recent decision by the Organization of Petroleum Exporting Countries to let the force of the market determine the price of oil, noted Bloomberg.

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