According to the Himalaya newspaper, Huaxin Cement has signed an investment agreement with the Investment Board of Nepal (IBN) to invest $140 million for a cement plant with an annual output of 1 million tons. The agreement has the CEO of the Investment Board of Nepal, Mahaprasad. Adhikari (Maha Prasad Adhikari) and Liu Jianguo, Director of Overseas Development of Huaxin Cement. The agreement has yet to be ratified by Nepal Neutral, which chairs the Nepal Investment Commission.
Huaxin Cement has won the limestone mining license through competitive bidding and paid a fee of US $5.82 million for the mining area in Panikharka, Dhading District, Nepal.
Huaxin Cement has submitted a production plan of 3000t/d, which will make Huaxin Cement one of the largest cement producers in Nepal. Previously, the Nepal Investment Commission approved the project of establishing a joint venture to produce cement between China's Red Lion Holdings and Nepal's cement producer Simai Cement, with an investment of 360 million US dollars, which is expected to be put into operation in 2018.
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