Gold prices near 3-week lows as stronger dollar, trade progress weigh
LOME, Nov 8 (Reuters) - Nigerian industrial conglomerate
Dangote Group has signed deals to make phosphate into fertiliser
and build a cement factory in Togo, the small West African
country said on Friday.
Togo's vast phosphate resources are mostly exported in their
raw form, and Dangote's project would process some of that
phosphate to make fertiliser in-country, aiming to export it to
the region.
The cost of the project is around $2 billion, a statement
from Togo's government said, without specifying how much of that
would come from Dangote.
Dangote also signed a deal to build a cement factory at a
cost of around $60 million. Construction of the factory is set
to start in the first quarter of 2020 and it will begin
producing by the end of next year, the statement said.
The cement would serve the Togolese market as well as export
to neighbouring countries.
The deal marks Dangote's first push into Togo, setting
billionaire Aliko Dangote's firm up for competition against
Germany's HeidelbergCement HEIG.DE , which operates three
companies there, and Fortia Cement.