In the building materials sector, ASCOM has gone from a service provider to holding concessions for mining aggregates, silica sand, gravel and other basic raw materials. The aim has been to expand beyond the domain of the cement industry. Today, the company operates a number of small quarries in Egypt and has a fully specialized company operating in the aggregate market in Algeria.
ASCOM established ASCOM Precious Metals Mining (APM) as a logical progression to consolidate all exploration operations of precious metal mining under one entity. The company currently has two concessions in Ethiopia (Asosa – 402 km2 and Awero Godere – 1,000 km2) and one concession in Sudan (Blue Nile – 3,000 km2) which has been placed under force majeure since 2011 due to security concerns in the region.
Industrial Minerals Manufacturing
ASCOM’s first manufacturing plant — ASCOM Carbonate and Chemical Manufacturing (ACCM) — was commissioned in 2009. The plant specializes in the production of calcium carbonate, a material with vast applications in the fields of plastics, paper, paint and chemicals. ASCOM holds a number of concessions for high-quality calcium carbonate in Upper Egypt within close proximity to the plant. ACCM exports its products to Asia, the Arabian Gulf, Africa and South America.
ASCOM subsidiary GlassRock Insulation Company began producing rockwool at its USD 70 million greenfield facility in May 2012 and is targeting both domestic sales and exports to key markets in Europe, North Africa, the Gulf Cooperation Council countries and Turkey. The company — the first of its kind in Egypt — began production of glasswool in November 2012, with total production capacity split at 30,000 metric tons of rockwool and 20,000 metric tons of glasswool per annum.
ASCOM has grown to be the largest specialized company in the quarry management sector in the Middle East and North Africa. Over the past decade, the company has developed unique expertise in the field, particularly within the cement industry, and manages the bulk of the large cement quarries in Egypt, mining over 40 million tons per annum.
Citadel Capital Reports 3Q13 Results: Aggregate Revenues at Operational Core and Non-Core Platforms Surges 15.5% y-o-y to EGP 1.5 billion; statutory consolidated net loss narrows 38.3%
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Citadel Capital Reports 1Q13 Results: Standalone Net Profit of EGP 5.3 million, a 20.6% Narrowing Consolidated Loss, and Aggregate Revenues Stable at Operational Core Platforms in 1Q13
As the firm's transition into an investment company positioned to create long-term shareholder value continues, Citadel Capital posts standalone net profit in 1Q13 (against a loss in 1Q12), a substantial narrowing of consolidated losses and stable performance at operational core platforms in the firm's five core industries: energy, transportation, agrifoods, mining and cement
Citadel Capital Reports Improvement in FY12 Results With Aggregate EBITDA at Core Operational Platforms Rising to EGP 111.4 mn from Minus EGP 0.1mn in FY11 on the Back of Strong Performance of Underlying Businesses, Cost Control
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GlassRock Insulation Co. Launches Energy-Saving Locally Produced Glasswool Bringing Total Production Capacity up to 50,000 Metric Tons
New production line will produce 20,000 metric tons per year of glasswool, bringing the GlassRock plant's total production capacity up to 50,000 metric tons. The company has the potential to become a key Egyptian exporter while playing an important role in introducing energy-efficient, environmentally friendly solutions to the local market.
FAYEZ GRESSASCOM - CEO & Executive Chair
FAYEZ GRESSASCOM - CEO & Executive Chair
Fayez Gress took on the role of Managing Director at ASEC Company for Mining (ASCOM), Qalaa Holdings' platform in the regional mining industry, in 2001. After the company was acquired by Qalaa Holdings (then known as Citadel Capital) in 2004, he became Chairman and Managing Director. Gress has been instrumental in developing ASCOM from a local player that provides services to the cement and building materials sector in Egypt to a group of companies with operations throughout the Middle East and Africa. He has helped introduce new lines of business including gold exploration, an aggregates division and calcium carbonate production. Gress, a geologist by training, began his career with ASEC Group in 1980 as a field geologist.