South Cement signed a syndicated loan agreement with China Development Bank on Aug 5th in Shanghai. China Development Bank Shanghai Branch, Guangdong Development Bank Beijing Branch and Bohai Bank Shanghai Branch provided RMB750 million over a total amount of RMB10 billion for waste heat power generation project of South Cement.

As a large scale state-owned enterprise under the administration of State-owned Assets Supervision and Administration Commission of the State Council (SASAC), CNBM has achieved great development through consolidation and restructure in recent years. In 2008, CNBM had an operation income of RMB63 billion with an increase of 88%, which was ranked as Level-A enterprise by SASAC. South Cement is a significant achievement in CNBM`s consolidation and restructure activities.

South Cement is an important company of CNBM cement business. It was founded in Sep 2007 in Shanghai. Through consolidation and restructure, it pushed structure adjustment of cement industry in the southeast economic area, and has now become the largest cement producer in the area. The collaboration agreement between South Cement and China Development Bank is an important accomplishment in overcoming the financial crisis. It will have a positive impact on consolidation and restructure, technology improvement, and energy saving of South Cement.