Cemex Investing in Peru Project

Mexican cement company Cemex is investing up to $100m in a cement project in Peru with Luxembourg-based investment company Blue Rock Cement Holdings, in exchange for a minority stake. The project is estimated to require a total investment of $230m, according to Blue Rock. A Cemex spokesman declines to say how the company will finance its investment, but explains that the investment will fall under terms permitted by Cemex’s recent debt financing arrangements. The project includes construction of a new cement plant with an initial production capacity of 1m metric tons per year. Cemex will assist in the development, construction, and operation of the new cement plant. The plant is expected to be finished in early 2013.