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Ecuador Industry Minister Ramiro Gonzalez announced that Cementos Yura, owned by Peruvian conglomerate Gloria Group, will invest $230 million for the construction of a new clinker production line at Union Cementera Nacional’s Riobamba plant, reported Ecuadorian newspaper, El Telégrafo.

Gonzalez said Cementos Yura and Union Cementera Nacional will enter a strategic partnership. Cementos Yura will be the majority shareholder with 63.5 percent of the shares; Union Cementera Nacional will own 36.5 percent of the shares.

The investment will mainly finance the construction of a 2,400-tpd production line at the Riobamba plant located in the Chimborazo province. Ecuador presently imports more than 1 million tpy of clinker. Manuel Roman, general manager of Union Cementera Nacional, estimates that the expanded plant will allow foreign exchange savings of $75 million annually.

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