LOS ANGELES, Sept. 06, 2016 (GLOBE NEWSWIRE) -- WGE Holdings Corp., (OTC:WGEE), to be renamed Consolidated Gold Holdings, today announced it has entered into a preliminary agreement with a major Asian industrial and mining group to establish a joint venture to supply and distribute cement and building products throughout the Philippines and Northern Sulawesi Province of Indonesia.
The proposed joint venture includes the acquisition of an existing cement facility in the Philippines with a capacity of one million tons per year, which will be initially utilized to grind and process clinker (raw cement) imported from China and Vietnam. Finished product will be shipped to Northern Sulawesi Province in Indonesia to be packaged and distributed locally. The joint venture is targeting initial production of 50,000 tons per month, with commencement expected by the first quarter of 2017.
Management noted that Indonesia and the Philippines are undergoing a building boom, as governments are adding significantly to the inventory of subsidized and low-income housing to address the rapid expansion of regional cities and economic development zones. Economists report Indonesia and the Philippines are experiencing annual economic growth rates in excess of seven percent, with overcrowding in major metropolises, such as Jakarta and Manila, driving rapid development in other secondary cities.
About Consolidated Gold Holdings, Inc.
Consolidated Gold Holdings is a company with a strategic, high growth investment platform targeting countries in South East Asia, one of the world’s best performing economic regions, with a specific focus on mining and production of gold. The company has operating gold mines in Indonesia and is in the process of acquiring additional capacity through acquisition of additional reserves and production capacity both in Indonesia and the Philippines. The company’s gold production costs are amongst the lowest in the industry. As part of its operating platform, the company is also targeting investments in the rapidly expanding building products industry – an industry expected to benefit from economic growth and industrialization in the region.
Some of the statements contained in this news release discuss future expectations, contain projections of results of operations or financial condition or state other "forward-looking" information. These statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on various factors and is derived using numerous assumptions that may cause actual results to differ from projections. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.