With an investment of $450 million, Argos will increase its installed capacity in Colombia by 24 percent –9.5 to 11.8 million tpy – through a new production line at its Sogamoso, Boyacá, plant. Confidence in Colombia's growth, proximity to Bogota and the majority of the infrastructure plan projects, as well as access to abundant sources of raw materials and fuels, are some of the main elements that drove the company to initiate the project.
“This investment reflects our confidence and commitment to the development of Colombia. Factors such as institutional and regulatory strengthening for infrastructure development; the important 4G projects for more than $25 billion, and greater resources for housing development, will drive the growth in cement consumption in the next few years, and as a Colombian company, we are committed to assisting the country in its development,” said Jorge Mario Velásquez, Argos CEO.
The construction of the new 2.3-million-tpy production line will make operations highly efficient, and the implementation of cutting-edge technology will result in environmental benefits: up to 40 percent of fossil fuels could be replaced with alternative fuels. Compared to standard plants, this one will consume 24 percent less water and 18 percent less fuel, noted the company. It will emit 67 percent less particulate matter compared to the limits defined in national regulation. Moreover, the project's execution includes a social investment line in the area where it will be located, focusing on the communities' educational infrastructure.
"The intensive infrastructure programs carried out in neighboring countries such as Panama, Peru and Ecuador, have propelled the simultaneous decrease in unemployment rates and upsurge in home construction, creating a virtuous cycle to improve people's quality of life, which we wish to see in Colombia," said Jorge Mario Velásquez.