Maxcem Ltd. has been awarded the lease to run the Dockyard Cement Facility for the next ten years by landlord West End Development Company (Wedco).

The company, which is headed by Dennis Correia, has been operating the silos for the past two-and-a-half years since taking over from Jim Butterfield and his company Bermuda Cement Company (BCC).

Maxcem will continue running the facility under the condition that it looks at moving the plant in the future, and offers an additional 20 percent of its shares to the public.

The company will also be required to outline immediate upgrades to the existing plant, including a new bagging system and other improvements to the aesthetics of the site.

The announcement was made at a press conference called by Wedco chairman Walter Lister this morning.

In December 2007, Mr. Butterfield, who had been operating the facility at Dockyard for 40 years, decided along with six other shareholders to sell up the business. He thought it was too expensive to meet Wedco’s original demands to demolish the silos and rebuild the plant at a new site.

Wedco’s board said its decision not to stipulate the immediate relocation of the plant in the new contract was as a direct result of the 30 percent drop in demand for cement over the past year.

For the full story see tomorrow’s Royal Gazette.