Tangshan Jidong Cement Co., Ltd. is a
Chinese
Chinese may refer to:
* Something related to China
* Chinese people, people identified with China, through nationality, citizenship, and/or ethnicity
**Han Chinese, East Asian ethnic group native to China.
**'' Zhonghua minzu'', the supra-ethnic ...
cement manufacturing company, ranked the 6th largest manufacturer of cement in the world by Global Cement Magazine based on 2011 data. The cement maker is part of the Jidong Development Group, a holding company with interests in machinery, real estate, and production of other construction materials.
Jidong expanded outside of China for the first time in 2010 when it entered into a deal to build a new cement plant in
Limpopo
Limpopo () is the northernmost Provinces of South Africa, province of South Africa. It is named after the Limpopo River, which forms the province's western and northern borders. The term Limpopo is derived from Rivombo (Livombo/Lebombo), a ...
,
South Africa
South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. Its Provinces of South Africa, nine provinces are bounded to the south by of coastline that stretches along the Atlantic O ...
. The US$221 million investment was funded by a consortium that included the
China Africa Development Fund, Chinese commercial banks, and
Nedbank
Nedbank Group is a financial services group in South Africa offering wholesale and retail banking services as well as insurance, asset management, and wealth management. Nedbank Limited is a wholly owned subsidiary of Nedbank Group.
Headquarter ...
, along with equity stakes by Continental Cement and Women Investment Portfolio Holdings.
In an interview with ''The Financial Times'', Chen Ying, an executive of Jidong Development Group, explained that the investment was driven by his belief that Africa would progress and grow as fast as China.
Before the investment, in 2007 Jidong and Women Investment Portfolio Holdings, a black women empowerment themed fund, had already partnered up to deliver Dunshi branded cement in South Africa. The new plant was enthusiastically welcomed by South African publication ''Moneyweb'' which predicted the new facility would "shake
heindustry to its foundations" because it would shatter the "old cement cartel".
References
{{Construction and civil engineering companies of China
Cement companies of China
Companies based in Hebei
Chinese companies established in 1994
Chinese brands