Chinese firm to build Vassiliko clinker plan

Vassiliko Cement Works Pcl (VCW.CY) has signed a letter of intent with the Chinese company ‘CBMI Constructions Co Ltd’ (CBMI), for the construction of a new modern clinker production unit of 2m tons capacity per year. The new clinker production line has an estimated cost of EUR 83.8 mln and is expected to be completed by end of 2010.
The total cost of investment, which in addition to the above includes the investment for the new cement mill is expected to reach EUR 135m and will be financed by VCW’s own funds and partly by debt.

The new production line will extend the life of VCW’s production plant for the next 50 years, whilst the total annual cement production will increase from 1.8 mln to 2.4 mln tons per year. This development is expected to bring numerous economic (contain fuel consumption by c. 30%), qualitative and environmental benefits to the Company.