UltraTech Cement is in talks to acquire a large limestone mine in Mozambique for about Rs1,500 crore. The negotiations between Ultratech and the mine owner which started about two months back
Subsequently result in the group could build a 1-2 million tonne cement plant in the African country where demand for the building material has been growing at the rate of 8-9% annually.
The limestone mine is located in the Magude region in southern Mozambique near the capital city of Maputo and has reserves of more than 700-800 million tonnes of high grade limestone. A spokesperson of Ultratech did not comment on the development.
Looking at the demand supply scenario of the African country, the likely acquisition of limestone mine in Mozambique could be positive for Ultratech. However, the management has not confirmed the development.
....more info
Subsequently result in the group could build a 1-2 million tonne cement plant in the African country where demand for the building material has been growing at the rate of 8-9% annually.
The limestone mine is located in the Magude region in southern Mozambique near the capital city of Maputo and has reserves of more than 700-800 million tonnes of high grade limestone. A spokesperson of Ultratech did not comment on the development.
Looking at the demand supply scenario of the African country, the likely acquisition of limestone mine in Mozambique could be positive for Ultratech. However, the management has not confirmed the development.
....more info