Maputo — The Portuguese cement giant CIMPOR announced on Friday that it has concluded the purchase of 51 per cent of CINAC, a cement plant in the northern Mozambican port of Nacala.
The cost of the shares was 6.4 million US dollars, and CIMPOR purchased them from the Brazilian company Camargo Correia, which purchased CINAC from the Mozambican Insitec Group in 2010. Insitec remains a minority shareholder.
The purchase of CINAC was negotiated via the existing CIMPOR Mozambican subsidiary, Cimentos de Mocambique.
Cimentos de Mocambique, in partnership with Insitec, will manage CINAC, which has an installed capacity for producing 350,000 tonnes of cement a year.
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