Mexico City, Aug 14 (EFE).- Mexico's Cemex, a global leader in the production and sale of cement, concrete and aggregates, said Thursday it will begin construction of a $340 million cement plant in Colombia.
The first phase of the project includes construction of a new grinding mill that will begin to produce cement in the second quarter of 2015, Cemex said in a statement, adding that the rest of the plant will be completed in the second half of 2016.
"We are proud to contribute to the development of Colombia and wish to continue to be a long-term partner on its path to a prosperous, sustainable future," Cemex CEO Fernando Gonzalez was quoted as saying.
The investment by Cemex Latam Holdings is expected to boost that unit's annual production capacity in Colombia from 4.5 million tons to nearly 5.5 million tons, the statement added.
The mill, to be built in the northwestern Colombian province of Antioquia, a region with high economic-growth levels, will create some 1,000 direct jobs in the construction phase and around 300 jobs once operations begin.
"The plant will operate using modern and efficient technology to comply with high quality and environmental standards," Cemex said.
Founded in 1906 in the northern Mexican city of Monterrey, Cemex is a global building materials company that provides services to customers in more than 50 countries.