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Friday, May 20, 2022
HomeBusinessLafarge Completes Assessment Of Damaged Milling Plant

Lafarge Completes Assessment Of Damaged Milling Plant

Lafarge Cement Zimbabwe says it has completed investigations and assessment of the damage caused by the collapse of the roof on one of the Company’s mills late last year and warned shareholders of a negative impact it will have on margins.

On October 11, 2021 the roof at its Manresa plant in Harare collapsed over a cement mill affecting operations.

However, the subsidiary of Switzerland-based Holcim could not reveal further details into both the financial and infrastructure damage the incident caused but advised shareholders to exercise caution when dealing in the Company’s securities until a further announcement is made.

“Further to the Cautionary Announcement dated 17 November 2021, shareholders are advised of the completion of the investigations and assessment of the damage caused by the collapse of the roof on one of the Company’s mills on 11 October 2021,”

“The Company is still working diligently on the restorative works necessary so that normal operations may resume as soon as possible. Therefore, shareholders are advised that the disruption of cement production as well as the cost of the ongoing repairs will have a negative effect on the financial results of the Company for Quarter 1, 2022,” said Lafarge.

Prior to the roof collapse at the milling plant, in its yearly update for the period ended May 2021, company secretary Faithful Sithole said there had been a surge in demand for cement in spite of the adverse impact of the COVID-19 pandemic.

“In line with the 2021 strategic agenda, the business achieved volume growth leveraging on the growing market demand in the individual home builder segment as well as the ongoing major infrastructure development projects led by government.”

 

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