ASEC Mining To Invest in Ethiopia

ASEC Company for Mining (ASCOM) said on Monday it was taking a 20 % stake in a new company that will produce cement in Ethiopia.

In a statement released through the Egyptian stock exchange, it said the Ethiopian venture, in conjunction with ASEC Cement, would be the company's first investment in cement production.

It said the unnamed Ethiopian company would have a capital of $100,000 and would build and run cement plants, own limestone quarries, and export clinker and other products.

About ASCOM

ASCOM is an Egypt-based company engaged in geology, mining and manufacturing within Egypt and abroad. The Company provides services and solutions in the field of geology and mining for cement, precious metals and other building material industry. It is also a manufacturer of ground Calcium Carbonate, gravel for aggregates, gypsum and rock and glass wool.