By Alfred Koroma
In addition to the existing cement factories in the country, the Minister of Trade and Industry, Dr. Edward Hinga Sandy has on Thursday 5 January further signed investment and trade agreements with four companies of which three are cement factories.
The companies will invest over 90 million dollars to develop cement manufacturing industries in the country and creates hundreds of job facilities for citizens.
One of the Companies, SOL CO, an affiliate of WENPENG GROUP in China has a plan investment of forty million dollars ($40,000,000) to develop and operate a cement manufacturing industry in Freetown for 36 months.
The other company, RANDCEM Industry (SL) Ltd, an affiliate of FAWAZ Building Materials will invest thirty million dollars ($30,000,000) to establish cement manufacturing grinding ball mill plant with a capacity to produce annual 350,000 metric tones of cement within a period of 36 months.
While ROCKCEM SL Ltd, also an affiliate of Mega Cola Company intends to invest about Twenty-five million dollars with a capacity to process up to 500,000 metric tons per year. ROCKCEM will operate in two phase. It will start by importing large bags of cement and repackage it locally into 50kg bags and eventually construct a Cement Processing (grinding) plant in Freetown.
But having more cement factories operating in Sierra Leone will not immediately influence decrease in the price of a bag of cement. The cost of production determines the price in the market. And as it stands, the cost f producing cement is growing globally.
Signing the agreements during the weekly press Briefing at the Ministry of Information and Communication, the Trade and Industry Minister said the price at which consumers buy a bag of cement is determined by the cost of production. But competition in an open market will help in the cost for consumers, he added.
The other agreement signed was for an oil palm company, GOLDTREE SL Ltd to starting operating in Daru, Jawei Chiefdom, Kailahun District. The company has a capital investment of Twenty million dollars to produce, package and distribute organic palm oil in the country. GOLDTREE will employ about 40,000 Sierra Leoneans.
