Cement Newsline

The Local Planning Appeal Tribunal (LPAT) case involving a proposed Colacem Canada cement plant in eastern Ontario will be heard beginning on November 2 for four weeks, reported NCPR.
More inLatest  

Features

Cement Consumption Is Directly Related to the Distribution of the Country’s Population, With the Buenos Aires Region Representing 42% of the Total. By...
More inFeatures  

Latest Digital Edition

Cement Products

In a move designed to bring versatility to its lineup of dust suppression equipment, BossTek introduced an optional Variable Frequency Drive (VFD) system that allows users to adjust air flow to suit a broader range of applications and working environments. Driven by customer input from a number of...
More inProducts  

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.

Let's stay in touch!

All of the latest news and our digital edition sent to your inbox once a week.

We'll never share your email address, and you can opt out at any time, we promise.

Resource Center