Summary of Proposed Investment
Project Number
8942
Company Name
MINETTI JUAN GUSTAVO
Date SPI Disclosed
Jul 27, 1998
Country
Argentina
Industry
Manufacturing
Status
Completed
Sector
Cement
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : Sep 8, 1998
Signed : Apr 7, 1999
Invested : Apr 13, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Argentina-Andino Project |
| Region | Latin America and Caribbean |
| Sector |
Projected Board DateAugust 28, 1998
Company NameJuan Minetti, S.A.
Technical Partner and/or Major Shareholders
Suma Huaico S.A.
Project Cost Including proposed IFC investment
US$114 million consisting of: (i) an “A” Loan of US$30 million for IFC’s own account; (ii) a “B” Loan of US$70 million for the account of participant banks; and (iii) a “C” Loan of US$14 million for IFC’s own account.
Location of project and Description of site
Mendoza, Argentina; and Los Andes, Chile
Description of Company and Purpose of Project
Minetti is the second largest cement producer in Argentina and the largest cement distributor outside the Buenos Aires province. The Project consists of: (i) the replacement of the clinker production capacity at Minetti’s oldest plant, Panqueua, located in Mendoza, Argentina; and (ii) the construction of a clinker grinding plant in the province of Valparaiso, Chile.
Environmental Category and Issues
This is a category B project according to IFC’s environmental review procedure. Potential environmental, health and safety impacts include: site location and land use; environmental performance of existing operations; air emissions; quarry reclamation; employee exposure to noise and dust; and contingency and emergency response plans. Minetti has presented plans to address these issues and demonstrate the proposed project will comply with applicable local regulations and World Bank policies and guidelines. The plant to be modernized and the new milling facility are both located in a rural area. An old cement kiln will be shut down by March 1999, two older kilns will comply with previous World Bank guidelines, whereas the two main operating capacities will comply with the latest World Bank guidelines of July 1998. Therefore, all Minetti’s operations will be in compliance with the relevant World Bank guidelines and policies. Sanitary sewage will be treated to comply with local regulations and World Bank guidelines. Minetti will continue rehabilitating old quarry areas. Minetti will ensure that the environmental, health and safety measures are up to date and that the employees are properly trained. Minetti has also developed a contingency plan for fires etc. and an emergency response plan for seismic occurrences. IFC will monitor Minetti’s ongoing compliance with World Bank policies and guidelines.
The is from the InfoShop.
| Host country location of environmental documents | Argentina Chile |
Date SPI sent to InfoShop July 27, 1998
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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