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KARACHI:
Gharibwal Cement Limited has said that the Mines and Mineral Department of Khyber-Pakhtunkhwa (K-P) has approved a new prospecting mining licence for limestone and shale clay in Haripur district for setting up a cement plant.
“This will help future expansion plans for the company in coming years as decided by the board of directors,” said a company notice sent to the Pakistan Stock Exchange on Wednesday.
Pakistan ‘next big place’ for investment: Sindh governor
“The development is important, but it is not big enough to create problems for big cement players in the north of the country,” Sherman Securities analyst Sadiq Samin told The Express Tribune.
Analysts say the news has brought cement stocks under pressure.
K-P Chief Minister Pervez Khattak on Tuesday awarded prospecting licences to 14 firms, which would invest in the cement industry in the province.
This comes at a time when cement demand is increasing due to construction activities associated with the China-Pakistan Economic Corridor (CPEC).
Khattak expressed hope that the distribution of mineral titles would bring an investment of $2.5 billion to the province and create new jobs.
According to the All Pakistan Cement Manufacturers’ Association, Gharibwal Cement has production capacity of 2.1 million tons, about 5% of total installed capacity of the cement industry in Pakistan.
Headquartered in Lahore, the company has its plant in Ismailwal, Pind Dadan Khan tehsil, Chakwal district, Punjab.
Owing to CPEC projects, industry players believe the overall production capacity is expected to increase by 20 million tons, taking total output to over 65 million tons from the current level of 45.6 million.
British firm to pour $400m in Pakistan for cement plant
The cement industry is currently investing close to $1.5 billion in expansion and most of these plants will be operational in the next two years.
Published in The Express Tribune, March 30th, 2017.
Gharibwal Cement Limited has said that the Mines and Mineral Department of Khyber-Pakhtunkhwa (K-P) has approved a new prospecting mining licence for limestone and shale clay in Haripur district for setting up a cement plant.
“This will help future expansion plans for the company in coming years as decided by the board of directors,” said a company notice sent to the Pakistan Stock Exchange on Wednesday.
Pakistan ‘next big place’ for investment: Sindh governor
“The development is important, but it is not big enough to create problems for big cement players in the north of the country,” Sherman Securities analyst Sadiq Samin told The Express Tribune.
Analysts say the news has brought cement stocks under pressure.
K-P Chief Minister Pervez Khattak on Tuesday awarded prospecting licences to 14 firms, which would invest in the cement industry in the province.
This comes at a time when cement demand is increasing due to construction activities associated with the China-Pakistan Economic Corridor (CPEC).
Khattak expressed hope that the distribution of mineral titles would bring an investment of $2.5 billion to the province and create new jobs.
According to the All Pakistan Cement Manufacturers’ Association, Gharibwal Cement has production capacity of 2.1 million tons, about 5% of total installed capacity of the cement industry in Pakistan.
Headquartered in Lahore, the company has its plant in Ismailwal, Pind Dadan Khan tehsil, Chakwal district, Punjab.
Owing to CPEC projects, industry players believe the overall production capacity is expected to increase by 20 million tons, taking total output to over 65 million tons from the current level of 45.6 million.
British firm to pour $400m in Pakistan for cement plant
The cement industry is currently investing close to $1.5 billion in expansion and most of these plants will be operational in the next two years.
Published in The Express Tribune, March 30th, 2017.
