North Holdings Investment Inc., U.S. based Ethiopian-American company is to build a cement factory with US$ 800 million investment near Dejen town, in Amhara Regional State, according to The Reporter.

Temesgen M. Bitew, president of North Holdings Investment Inc., told The Reporter that his company is planning to build the factory in east Gojam, Dejen wereda, Menda locality. Temesgen said with two production lines the plant will have the capacity to produce 8.4 million tons of cement.

According to Temesgen, the feasibility study is completed and the company is to hire FLS, a Danish contractor, to supply and install the machinery and build the factory.

Temesgen said the company will finance the project which includes, cement bag factory, a transport company and a coal manufacturing plant, through a loan from a London based investment bank.

The Ministry of Mines granted limestone mining license to North Holdings, covering 24, 513 sq. km plot for 20 years. Tolosa Shagi, state Minister of Mines, and Temesgen signed the mining agreement on Thursday at the Ministry of Mines, according to The Reporter.

Source: The Reporter