Moroccan and French firms to invest $120 million in cement plant

The Moroccan holding "ONA" and French cement firm "Lafarge" have decided to jointly invest $120 million (1.2 billion DH) to build a cement plant in the northern Moroccan city of Tetuan.

With an estimated annual production capacity of 960,000 tons, the plant to be operational in 2003 will help meet Moroccan needs, expected to grow from 7 to 15 million tons in 2015. The growing cement needs will require a new cement plant each three years.

Fifteen percent of the initial investment will go to environment protection programs.

The Moroccan branch of "Lafarge," which holds 40% of the Moroccan cement market, is planning to cater for 40% of the investments needed to meet growing demand.