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Argentine cement producer Loma Negra announced that it intends to invest US$350mn to install a new production line at its cement plant in Olavarría in Buenos Aires province, which is the company's main facility.
The announcement was made during a meeting between Loma Negra CEO Sergio Faifman and Argentine President Mauricio Macri, as well as local authorities and shareholders of Loma Negra's parent company InterCement, according to a press release from the presidency.
The new production line will include a kiln, two new two vertical grinding mills and a bagging and palletizing unit.
The line will have capacity of 2.7Mt/yr, which would increase the company's production capacity by 40%, the release states.